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PURCHASING A 2ND PROPERTY
- DC
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3 years 7 months ago #263975 by DC
PURCHASING A 2ND PROPERTY was created by DC
Hi, berfore i became unable to work & had to claim ESA & PIP, i worked so hard and managed to pay off my mortgage on my house that i live in. A friend is a property investor & has 2 properties for sale at £22000 each, total £440000. I am considering remortgaging my house to raise capital to buy these and then rent them out. Would this affect my ESA or pip? the rents would only be £300 per property or £600 in total. Would this affect my ES & PIP and also what if i just purchased one at £22000 with £300 rent per month being received.???? i would still have to repay the RE-Mortagage on my current home so it would not be any income that makes me a profit?????
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- Gary
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3 years 7 months ago #263989 by Gary
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by Gary on topic PURCHASING A 2ND PROPERTY
Hi DC
Your question is outside the remit of the forum, we cannot give you an accurate answer as more information is required.
You will be asked as to what type of ESA you are receiving, if you are in receipt of income related ESA then you would be affected, your PIP is not affected.
You need to seek specialist advice from a Welfare Rights Organisation; you can find your local Welfare Rights Organisation to help you with advice by clicking on the link below and putting in your post code, it will then come up with a MAP with a list of agencies. advicelocal.uk
Gary
Your question is outside the remit of the forum, we cannot give you an accurate answer as more information is required.
You will be asked as to what type of ESA you are receiving, if you are in receipt of income related ESA then you would be affected, your PIP is not affected.
You need to seek specialist advice from a Welfare Rights Organisation; you can find your local Welfare Rights Organisation to help you with advice by clicking on the link below and putting in your post code, it will then come up with a MAP with a list of agencies. advicelocal.uk
Gary
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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- DC
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3 years 7 months ago #264247 by DC
Replied by DC on topic PURCHASING A 2ND PROPERTY
I Was initially on contributions based ESA as i had worked since i was 19 after college but was then switched to income related, so really usure where is stand
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- BIS
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3 years 7 months ago #264251 by BIS
Nothing on this board constitutes legal advice - always consult a professional about specific problems
Replied by BIS on topic PURCHASING A 2ND PROPERTY
Hi DC
As Gary said your question is outside the remit of this forum. I hope that you can find someone who specialises in this area.
BIS
As Gary said your question is outside the remit of this forum. I hope that you can find someone who specialises in this area.
BIS
Nothing on this board constitutes legal advice - always consult a professional about specific problems
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