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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11419
Experience:  30 years as a practising solicitor.
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I a a pensioner on benefits . I am taking equity out on my

Customer Question

I a a pensioner on benefits . I am taking equity out on my house to the value of 25,000 to gift to my nephew to help with the purchase of a first time home .When I receive it it will go straight to him and I will not benefit from this money in any way.Would this affect my benefits e.g. pension credit and warm home discounts?
Submitted: 3 years ago.
Category: Scots Law
Expert:  JGM replied 3 years ago.
Thank you for your question.

No it won't as long as the money doesn't go to you. It's just like taking a bank loan so borrowing isn't the same as having money in the bank.

Happy to discuss further.

I hope this helps. Please leave a positive response so that I am credited for my time.