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TOPIC: Mortgage repayment quandary

Mortgage repayment quandary 8 years 7 months ago #28400

  • hollywoolly Woollison
I wonder if anyone has experience that could guide us..
We have enough savings to totally repay interest only mortgage. These savings prevent us from claiming pension credit.
I am told that if I repay mortgage prior to its end in 2 years I will not got full benefit as I have intentionally reduced my savings.
We fear that our savings will drip away and then we'll have to move house when mortgage ends.
Where do the DWP reckon I could earn such a high return on our savings?

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Re:Mortgage repayment quandary 8 years 7 months ago #28543

  • pete17971
hollywoolly
Woollison wrote:

I wonder if anyone has experience that could guide us..
We have enough savings to totally repay interest only mortgage. These savings prevent us from claiming pension credit.
I am told that if I repay mortgage prior to its end in 2 years I will not got full benefit as I have intentionally reduced my savings.
We fear that our savings will drip away and then we'll have to move house when mortgage ends.
Where do the DWP reckon I could earn such a high return on our savings?




As Moderators our area of expertise is in relation to disability living allowance, attendance allowance, the personal capability assessment used in connection with incapacity benefits and the work capability assessment used in connection with employment and support allowance. So those are the only subjects on which we can provide reliable information.

Unfortunately, you also need to bear in mind that boards like this can never provide advice to individual claimants about their specific circumstances, all we can offer is general information about how the system works.

This is because there are huge range of factors which could affect your eligibility and it’s not possible or advisable for you to disclose that information on a public forum or for us to ask you the kind of questions that would be required.

We understand that this can be frustrating and that it’s sometimes a question of judgement about the degree to which a question is specific to your claim or more general in nature. But, for our sake and your own it is important that we do our best to stick to giving information rather than advice.

So, for advice about a specific problem you need to contact an advice agency if at all possible. You can find out more about how to do so from this link:

www.benefitsandwork.co.uk/faq/general#help

Pete

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