The age at which people can retire and claim Sate Pension is rising again.
19.01.2022 - 23:45 / manchestereveningnews.co.uk
Brits on Universal Credit and State Pension have been warned about payment bans brought in by some banks.
Half of lenders are refusing to give people on benefits a mortgage, because they won't allow them to use money from their Universal Credit or State Pension pots.
This means they face limited choice and can make it harder to get on the housing ladder.
The issue is that for borrowers to get a mortgage, lenders look at all their sources of income to see if they can afford the loan.
That includes salary, but also things like benefits and pension payments.
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Many only take some sorts of income into account and not others, which can come as a huge shock.
Lenders also do not agree on what they count as proper income and what they don't, which trips many people up.
David Hollingworth, from L&C Mortgages, said: "I think people can be under the misapprehension that lenders will take their whole income into account.
"They total everything up and expect their lender will accept everything.
"But each type of income can be treated differently, and it can be treated differently by each lender.
With Universal Credit, for example, some may only take a proportion into account and some may not allow it at all."
For example, if you get a company or private pension, all of the 71 mortgage lenders doing standard homeloans class this as income.
That is according to mortgage broker software Criteria Brain, which lists what lenders do and don't look for.
If you get a state pension, three lenders don't allow it - but 68 still do.
But things are a bit different if you get Pension Credit, a benefit that tops up the incomes of retirees and helps them
The age at which people can retire and claim Sate Pension is rising again.
Personal Independence Payment (PIP) is a tax-free, non-means tested benefit for people over the age of 16 who have a physical or mental disability and need help taking part in everyday life, or have difficulty getting around outside the home.
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The UK Government has confirmed that State Pension and benefits delivered by the Department for Work and Pensions (DWP) including Universal Credit, Personal Independence Payment (PIP) and Jobseeker's Allowance (JSA) will increase by 3.1 per cent next year.
Millions of people in the UK claim benefits which include Universal Credit, PIP, Housing Benefit, State Pension and Employment and Support Allowance.
State Pension is set to rise for millions of women this year.
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State Pension provides essential financial support every four weeks for around 12.4 million people across the UK, including 981,399 Scots.
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Planning for your retirement can never start too early, especially after the UK workforce experienced an unprecedented period of uncertainty during 18-months of lockdown which saw 11.7 million employees out on furlough leave, at a cost of £70 billion.