Equity release

Sarah69

Hi, I’m not sure if this is the correct forum to post this but how many times can you claim equity release from your home? 

Brie

According to the bumpf I've read you can get it a number of times.  In fact I recently was reading something that suggested you should get as little as possible and as late as possible and then if you find you need more a couple of years later you could do it again.  Obviously each of these would be a different slice of the house.

Edi81

Claim? You don’t claim anything. 

Do you mean release equity in the property by way of a remortgage?
better to post on the mortgages board. 

johntugwell

Hi,
You can take equity release as a lump sum only, or plus a reserve facility to draw on as and when you wish.
If you've exhausted your facility, you can go back to your lender who will assess if there is equity remaining to release. Making voluntary payments towards the interest charge helps to maintain the loan as originally taken.
You cannot get a second or secured loan from any other lender without remortgaging, it is the first and only charge allowed. 
As Brie said, taking only what you need and leaving it as late in life as possible can help to preserve your estate for your beneficiaries, especially if you don't make any voluntary payments.