Hi,
I need a 4 bed property suitable for DS's needs. The Grants officer has been out and we're looking at whether it's worth adapting the house I live in or moving to rented if a suitable house can be found. Currently I share ownership of the house with my ex, and the mortgage company. At the moment I need £100 a month to cover the interest payments (the equivelent of rent) which I get from IS. If I move to rented and sell this I'll have the equity to live off for a short while, but it won't last that long. I'm concerned that I'm then going to need a lot more money in the form of housing benefit to be able to survive. Is there anyway to invest the money I get from the house so that I get some money back over the long term, and then only need a smaller amount of help in the form of housing benefit? Is it possible to do this or will I have to spend all the equity before getting any help?
It just doesn't sit right that I'll be moving into a situation where I need more long term help financially and will cost tax payers more. I was hoping to get into a situation where I could meet my own living costs (rent/mortgage equivelent being only £100 a month), with a rented property I can't see me ever being able to earn enough to pay the rent with DS to look after.
I'm not bothered about keeping this house or moving, just getting into a situation where all the children are safe. But I was hoping to be independent financially off benefits. I'm not sure how housing benefit works with regards to any capital you have or investments in businesses as a source of income? Can you get housing benefit help if you have financial investments helping provide a source of income over the long term?