The Value Of Your Home

The most you can borrow is £900,000. And some companies will lend you only 95% of the value of your home.

In addition, your benefit from the scheme will depend on your other financial circumstances:

Income Support If you receive income support, the extra income from your home income plan will mean that your income support will be reduced or lost altogether. So a home income plan will not normally be worthwhile.

Housing Benefit If you get your rates reduced through housing benefit, this will be reduced by 80p for every £1 of your extra net income from the plan.

In Mrs Brown's case that would reduce her housing benefit by 80% of £99.68, which works out at £9.86 a week. That may mean that a home income plan is not worthwhile.


Next Page - Age Allowance

or Receiving Your Pension

Age Allowance

/retirement/pensions/income/advice/age-allowance.php... see: Age Allowance