Bewildered (pension and property after retirement)
I am 66 and was made redundant in January in receive a basic pension of £96.00 per week.
About 7 years ago I purchased a small flat on buy to rent premise as a boost for my eventual retirement, on a interest only mortgage. Since retiring I have been trying to sell the flat but have been Unable to, I applied to get housing benefit, but have been told that the equity in the flat (15,000) is regarded as savings.
But unless I can sell the property I can not see any funds. After mortgage payments and insurance, I receive about £20. Per week. Which plus pension makes £116.00 per week, my rent is £110.00 per week plus £16.00 council tax.
Any advice ?.