ESA and equity Release

elliott34
elliott34 Online Community Member Posts: 1 Listener
in Employment and Support Allowance (ESA)
Hi hi my name is elliott34 I was wondering if you can give me some advice I won’t to release some equity from my house to buy a caravan so me and my wife can enjoy a break more often I been on to the DWP about this they tell me my ESA is made up of contribution based and income based and if I take out equity it will count as savings and I will loose the income based part of my ESA is this right

Comments

  • poppy123456
    poppy123456 Online Community Member Posts: 64,463 Championing
    You will lose the Income Related ESA if your savings are more than £16,000. If you're claiming council tax reduction then all local Authorities have their own rules for savings and some have a maximum savings limit of £6,000. You should be able to find details on their website.
  • Cher_Alumni
    Cher_Alumni Scope alumni Posts: 5,714 Championing
    Hi @elliott34 and a warm welcome to our online community, how's your day going?

    I just wanted to check and see if you better understood the impact of releasing equity on your ESA following Poppy's helpful advice? I hope so, but if anything remains unclear then please do let us know.

    Here's hoping you get to enjoy some lovely breaks away with your wife soon. Take care.

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