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Would Mortgage/owning house disqualify Medical Card & Low Income Supplement

  • 07-04-2015 8:47pm
    #1
    roofi
    Registered Users, Registered Users 2 Posts: 32 ✭


    Hi there,

    I'm only planning to buy medium size house if circumstances goes well regarding budget.
    I need your advices if I'm going anywhere right or wrong.

    Bank is only offering me 30% of what I'm looking for as I'm single earner in family with dependent wife & three children. I have 30% (hard saved money) of total budget which I saved for rainy days. I'm hopeful that I can get 40% loan from family although its very tight decision. My monthly mortgage payment will be less than my current rent.

    Scenario one: Since I'm on threshold of some benefit as Low income supplement (Being more dependent) and I have medical card as well, would that mean I will loose low income supplement and full medical card entitlement because I'm on mortgage lower than my current rent?

    I would really appreciate if you know or suggest by going to above scenario, I won't loose medical card and low income supplement as this really help me support whole family on single income.

    Scenario two: what would happen if my wife go to work (part time) in couple of months and this could increase percentage of loan up to 50% which bring the monthly mortgage nearly equal to current rent I'm paying now. In this case, I don't have to borrow more money from family if I get 50%.

    Please comment what is best way to go so I won't loose much either in form of medical card and low income supplement. Should I go for Scenario one or two?

    Best regards.


Comments

  • #2
    Mrs OBumble
    Registered Users, Registered Users 2 Posts: 26,434 ✭✭✭✭Mrs OBumble


    OP, you might get better answers about Scenario One in the state benefits forum; Many poster here in A&P won't be so familiar with the Medical card and FIS rules.

    This is one of those scenarios where it's very hard to tell which is best. If no one gets sick, then the medical card isn't worth that much to you. But if they do, it can be enormously valuable. One the other hand, having the 2nd income coming in is always good, and the first 7k (or so) of it is tax-free. And if it lets you pay back the mortgage faster, you are better off in the long run.


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