Closing company, doing postgrad, then benefits?

[DTexas]

deleted

[SarahL2012]

overpay on mortgage?

I can overpay on my mortgage and get the money out again in the future if I need it back - is that an option?

Worth checking any small print with your mortgage provider though because you don't want to try and get the money back when you need it and then find out you can't!

[northernladuk]

I do believe the savings includes equity in your house so the mortgage route is a waste of time. Hiding your money is cheating benefits. Not advising them of a change of situation is also against the rules. If you suddenly clawed back where ever you hid your money would put you back over and you would be obliged to tell them.

I am sure people have tried to varying levels of success to cheat the benefits system but you sure as hell won't get that advice from this forum. www.chavuk.com or something should be able to help.

[formant]

Unfortunately the benefit system in this country isn't a safety net for all, it only really benefits those at the very bottom with no prospects of going anywhere. That's not you. So even if you do hide your savings, you'll get 71 quid a week. Initially you'll be on contributions based Jobseeker's Allowance for six months, during that time you won't get any support for mortgage interest payments. You may get those thereafter, but really, after 6 months on 71 quid a week you'll have drained your savings quite considerably anyway and if your new life hasn't worked out by then you probably will have no choice but to return to the old contracting one.

So really, rather than wasting your energy on trying to make sure you get (very very little in) benefits - you might just want to consider going back to contracting again for a bit while you try and establish your new career.

[SueEllen]

I do believe the savings includes equity in your house so the mortgage route is a waste of time.

It doesn't but depending on when you got rid of your savings and when you sign on the DWP will want to know what happened to your money i.e .did you deliberately get rid of your assets. (In other words you need to get rid of all the money before the new tax year.)

Plus as DTexas has computer skills and there are no shortage of technology jobs even if the pay is p*ss poor then you will be forced to take one of those.