Universal Credit - Help to Buy ISA

Hi everyone,

Just need some advice, I am British Citizen with 3 kids all British and my spouse is on ILR now.
We are on universal credit as a joint claimant.

I was thinking of opening and Help to Buy ISA account for future planning to buy a property. It just come into my mind that if the saving increase more than £6000 after few years then does it effect my universal credit?

I mean I do not have that much saving at the moment but gradually at some point of time it will build up if i open this account and start saving.I remember while filling the details on Universal Credits ...there was a question: do you have a saving more than £6000...

So do wee need to inform UC department once we reached the saving of £6000 (say after couple of years) or will they reduce your UC payment if you reach this saving limit?

Please share some advice

Thank you

urprince wrote: ↑

Sat Sep 14, 2019 10:28 pm

I was thinking of opening and Help to Buy ISA account for future planning to buy a property. It just come into my mind that if the saving increase more than £6000 after few years then does it effect my universal credit?

Universal Credit is nothing like the old, short lived, benefit called Tax Credits, which parents could claim once a year, year after year, with no requirement for them to work more and where one parent might not even work.

Under UC, both parents are required to work.
UC is also based on a minimum income you and your wife are both required to earn each week, based on the national hourly minimum wage (which rises every year). Whereas with the low income legacy benefits that Universal Credit replaces, there was no such requirement. You might not qualify for UC in a few years.

urprince wrote: ↑

Sat Sep 14, 2019 10:28 pm

So do wee need to inform UC department once we reached the saving of £6000 (say after couple of years)

You are required to tell the benefit agencies of any changes, for every benefit you claim.