is it wise to pay off my mortgage (£10,000) and use up my savings so i can claim more benefits? i am the sole carer to my partener who has brain tumour?
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Hello Mick
I’m sorry to hear about your partners diagnosis – I hope we’ll be able to help.
It does sound like you would benefit from speaking to our Welfare Rights advisers who unfortunately are not available on Ask an Expert at the moment. To enquire about any support from the state, you can contact the team on 0808 808 0000, then select Option 1, Option 2, finally Option 2. You might prefer to speak to them on webchat instead – select ‘Welfare Benefits and Grants’ when you’re asked to pick a topic.
When you’ve spoken to a Welfare Rights Adviser you can then make an informed decision on whether you’d like to use your savings to pay off your mortgage.
Before you decide, it’s worth considering that having some savings can be helpful in the event of an emergency.
It’s also important to remember that there may be an early repayment fee charged for partial repayment, or early settlement of a mortgage, so it’s always best to check with the lender if this would apply. The lender may consider waiving the fees so explain the situation in full to see if this is possible.
Just to clarify, the Financial Guidance Service can provide information and guidance on all aspects of your personal finances to help you make informed decisions in the following areas:
Pensions and retirement options
Questions about insurance policies
Mortgages and money management
Arranging wills and trusts to protect your family
General financial planning questions
If there is anything from the above list that you would like to discuss, please reply to this message, or speak to us directly on the same number. To reach the Financial Guidance team just select options 1 then 2 then 1 again. Our team are available Monday to Friday 8am – 6pm
I hope this helps,
Kindest regards,
Sheena
Financial Guide
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