× Members

Univeral Credit and gifting money

More
22 hours 32 minutes ago #313919 by Jane52
Univeral Credit and gifting money was created by Jane52
Hello
I would like to gift some money to reduce someone's mortgage payment. Is there any guidance on rules on gifting money to reduce mortgage payment if someone in receipt of universal credit. Wanting to ensure this is something I can do.

Please Log in or Create an account to join the conversation.

More
18 hours 1 minute ago #313920 by David
Replied by David on topic Univeral Credit and gifting money
Hi Jane52

If the claimant's total savings goes over the £6k threshold then they will have tariff deductions to their UC.
It is possible though to make a direct payment to the mortgagor's account. But you will need professional financial advice first.

David

Nothing on this board constitutes legal advice - always consult a professional about specific problems

Please Log in or Create an account to join the conversation.

More
12 hours 10 minutes ago #313928 by Jane52
Replied by Jane52 on topic Univeral Credit and gifting money
Thank you David. So are you saying if money given direct to mortgage lender together with a letter saying this is a non re-payable gift, and that person has no right to receive the cash personally, that would be less likely to be seen as capital by UC. Just chatted with a legal helpline so far and this is what they are saying. Would like to help person but not if it affects their UC. What sort of person would give me the professional financial advice I need?
Thank you
Jane

Please Log in or Create an account to join the conversation.

More
58 minutes ago #313929 by David
Replied by David on topic Univeral Credit and gifting money
Hi Jane52

You could try your local Citizens Advice office for the name of a qualified financial adviser.

David

Nothing on this board constitutes legal advice - always consult a professional about specific problems

Please Log in or Create an account to join the conversation.

Moderators: latetrainBISCatherine12345ChrisDavidForum Moderator