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Loans for Mortgage Interest, UC and unearned income
I think I might be going mad.
Loans for Mortgage Interest Regs 2017 reg 11 gives a formula for working out how unearned income affects LMI entitlement.
If unearned income exceeds applicable amount, it is deducted from LMI entitlement.
For UC, the regs define applicable amount as maximum UC.
However, if unearned income exceeds UC maximum amount, UC entitlement = 0, which means no entitlement to UC.
The rules for having entitlement to LMI when qualifying benefit is not in payment only apply to legacy benefits (per the definitions in the regs of Single Claimant / Joint Claimant)
Therefore there’s no entitlement to LMI and thus no LMI to calculate.
Is this bit of regs on calculating effects of unearned income totally redundant? Or have I got the wrong end of the stick?
New LMI regs don’t impact any of these sections of the 2017 regs.
[ Edited: 21 Mar 2023 at 05:17 pm by Anna S ]Are you looking at step 4?
yes, reg 11 step 4