Deposit Boost

In order to be eligible for a Deposit Boost, you need to own your own home and have enough equity in the property to meet lenders’ requirements.

Typically, lenders will want you to own at least 50% of your home, although some lenders may accept Boosters who own a smaller percentage of your home in comparison to the loan (also known as your Loan-to-value ratio, LTV). You’ll need to pass the lender’s affordability assessments. Plus, you will need a good credit rating.

No, you and your loved one do not need to get mortgages with the same lender. Your mortgages will be completely separate from one another, so can be from entirely different lenders. The expert team at Saga Mortgages can help you and your loved one find the right mortgage deal for you from thousands of products across the market*.

No, you and your loved one do not need to use the same mortgage broker, although this can help to keep things organised. There is a lot of admin involved in setting up a mortgage, and having the same team dealing with both your mortgage applications can help to keep things streamlined.

At Saga Mortgages, one of the expert mortgage advisors will be allocated to your case, so you’ll be in safe hands from the get go.

When you use a Deposit Boost, you release funds from your current property. This means the amount of equity you hold in the property is reduced. But it is still possible for you to move houses with a Deposit Boost mortgage, for example to downsize to a smaller home.

The mortgage debt would be repaid through the house sale. Note that this would mean you will have less equity to use in the purchase of your next home. 

Yes, there are various ways you can support your loved one’s home purchase. For example, if you do have cash savings, another way you could help them buy is through Savings as Security mortgage or even downsize.

To discover all the ways you could support, create a recommendation by completing a fact find. 

A Deposit Boost essentially uses a small mortgage to raise capital from your property, which you pay back through monthly repayments. Whereas with equity release, you’ll release funds from your property as a lump sum or in small instalments.

Once you’ve accessed your money (after any mortgage balance has been settled), you can spend the rest as you wish. With equity release, you won’t have to make any monthly repayments, unless you choose a product that comes with the option of making regular payments to reduce the total cost of borrowing. 

Saga Mortgages is a service provided by Tembo, available exclusively to Saga. You’ll benefit from their award-winning advice from a friendly, experienced team of mortgage professionals, who are available 7 days a week.

They’ll search all the available options to find the best option and mortgage rate for you, including specialist products bespoke to Saga Mortgages.

The Saga Mortgage service enables you to book an appointment with Tembo's award-winning mortgage advisors. Simply complete our online fact find and, if you’re eligible, you’ll be directed to book an appointment.

The team is available 7 days a week, ready to answer any questions you may have.

With Saga Mortgages, you will have access to mortgage advice through our partner Tembo. Their award-winning mortgage advisors will search over 20,000 mortgage products and over 100 lenders to find the most suitable and best priced deal for you.

This includes all the high-street lenders you’ll be familiar with, like Nationwide, Halifax, Lloyds, Barclays and HSBC, as well as smaller, specialist lenders like Livemore and Generation Home.

All mortgage advice through Saga Mortgages is provided by Tembo Money Limited, who are regulated by the Financial Conduct Authority (FCA) under the registration number 952652. Their team of award-winning mortgage advisors are experienced in providing mortgage advice, including guidance on remortgaging, family supported mortgages and later life lending.