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Two smiling older people sitting on a sofa looking the Saga Equity Release guide


Saga Equity Release can help explain how equity release works.

What is equity release?

A way of unlocking some of the value of your home and turning it into tax-free cash.

The most common way to do that is with a lifetime mortgage. You can also release equity through a home reversion plan – but this isn’t something Saga Equity Release offer.

How do lifetime mortgages work?

They’re similar to normal mortgages except you don’t pay back any money while you’re still living in your home. (Although you can choose to pay off some or all of the interest.) A lifetime mortgage is a loan secured against your home.

You still own your home. The money you borrow (and interest) is usually paid back from the sale of your property after you die, or if you move permanently into long-term care. If you have a joint lifetime mortgage with someone else it’ll stay in place until the last borrower dies or moves into permanent long-term care.

Most lifetime mortgages have a ‘no negative equity’ guarantee. That means you, or your estate or beneficiaries, will never have to pay back more than the amount the property sells for – even if it’s less than the mortgage amount owed.

Equity release could be a good way to get some extra cash. But because of the way it works, it will reduce the value of the estate you leave your loved ones. And it could affect any means-tested state benefits you get.

So you should think carefully about whether it’s the right thing for you.

How do you qualify for equity release?

  • You (or the youngest borrower if you're taking out a joint mortgage) have to be at least 55 years old
  • You have to own a UK home worth at least £70,000

Other eligibility criteria may apply. Have a look at our equity release calculator to see how much you might be able to get – you just need to enter a few details.

Happy mature hiker with a smile on his face while standing on top of a hill with a backpack.

How much could you release?

Use Saga's FREE lifetime mortgage calculator to get an instant estimate of just how much cash you could release from your property.

Use our calculator

What can you use equity release for?

The money available from equity release is yours to spend on almost anything you want to. It can be used for home improvements and repairs, travel and hobbies, debt consolidation and family, simple day-to-day living expenses, and so much more.

Home improvements

New bathrooms and kitchens, extensions or conservatories, triple glazing or loft conversions… these are just a few of the improvements that could add more comfort and value to your home.

Gifts to family

Giving loved ones their inheritance early can help with big expenses, such as education costs, weddings, house deposits and even driving lessons.


Equity release can be used to pay off traditional mortgages, loans, credit cards and more. Please note consolidating existing debts using equity release could end up costing more long term.


A cruise, a safari, a visit to family down under… equity release could make your dream holiday happen.

Emergency Fund

Having accessible money to pay for unexpected repairs and bills can take some of life's worries way.


Equity release gives you a chance to replace the tired old car or even splash out on that new one you’ve always wanted.


When using equity release for gifting, the implications for inheritance tax is one area of many that you need to carefully consider before going ahead, and you need to seek professional advice before making a decision. Equity release will reduce the value of your estate and may affect your entitlement to means-tested state benefits. 

As part of the Saga Equity Release service, you'll have access to a UK-based qualified adviser and support team, who will advise you on your options and outline solutions tailored to your specific circumstances.

Step-by-step - how to apply for a Saga Lifetime Mortgage, provided by Just.

Step 1: Find out if equity release is right for you

The Saga Equity Release team will establish your eligibility and, if you'd like to go-ahead, can set up a meeting with an adviser. The adviser will discuss your needs and your circumstances, and pull together a recommendation report.

They'll also undertake a state benefits check to make sure that you're getting everything you're entitled to. If there are any alternatives to equity release that could help you get the funds you need another way, they'll discuss these with you.

Saga Equity Release is a no-obligation, no-pressure service dedicated to finding out if equity release is right for you. You’ll need to pay an advice fee of £799 if you decide to proceed and take out a Saga Lifetime Mortgage.

Step 2: Apply for your product

The Saga Lifetime Mortgage has lots of flexible options and features, and can be tailored to your circumstances. So at this step you'll talk to your adviser about how best to do that.

If you're happy with the recommendation and want to proceed, next it'll be time to apply for your lifetime mortgage.

Step 3: Get your tax-free money

Once Just have accepted your mortgage application, they'll aim to put the money into your solicitor's account within 40 working days.

If this doesn’t happen, Saga Equity Release will give you £100 under the Saga Service Promise (this only applies if you’re re-mortgaging your existing property, not if you’re buying a new one – find out more in the terms and conditions.

Step 4: Spend your tax-free cash

… on almost whatever you want. But if something changes and you don’t need the money, the Saga Lifetime Mortgage comes with a money-back guarantee. That means you can pay it back within six months of your completion with no penalties – so no interest or early repayment charges.

This guarantee only applies if your initial equity release payment  is less than £150,000. There are other conditions. Find out more in the terms and conditions.

Want to know how much you could release?

Use Saga's FREE lifetime mortgage calculator to get an instant estimate of just how much cash you could release from your property.

Fancy a free equity release guide?

The team at Saga Equity Release have written a guide to help you decide whether equity release is right for you. Request yours now.

Myth busting equity release

  • It’s unregulated: Equity release providers that are members of the Equity Release Council must meet their standards. Find out more about how you're protected.
  • I can’t release equity if I already have a mortgage: You absolutely can, although it does depend on how much you have left to repay. And you will have to pay off your existing mortgage when you take out a lifetime mortgage. Using a lifetime mortgage to repay this could cost more in the long-term.
  • I could be forced to move out of my home: You'll never be made to move out of your home. In fact, with a lifetime mortgage you have the right to stay in your property for life or until you or the last borrower go into long-term care (as long as you stick to the terms and conditions of your contract).
  • I’ll leave my family in debt: Your beneficiaries will never have to pay back more than your home sells for, even if it’s less than the amount owed on the mortgage. As long as all the terms and conditions are met.
  • My family won’t be able to inherit my property: When you or the last borrower, if borrowing jointly, die or move into permanent long-term care, your property is usually sold to pay back the lifetime mortgage. Or they can pay back the loan themselves from other means and keep the house.
  • I can't move house: You’re free to sell your property and move to another, as long as the new one meets the providers lending criteria for the lifetime mortgage.

Why choose Saga Equity Release?

At Saga, we’ve been fulfilling the personal finance needs of the over 50s for more than 20 years, so we know our customers expect excellent service as well as high-quality products.

That’s why we’ve chosen HUB Financial Solutions Limited to provide Saga Equity Release – a no-obligation, no-pressure service dedicated to finding out if equity release is right for you.

The product available through Saga Equity Release is the Saga Lifetime Mortgage, which is available exclusively through this service.

Ready when you are

The team at Saga Equity Release can help you decide whether equity release is right for you. Arrange a call back at a time that suits you.

0800 096 7120

Mon-Thurs 9am-8pm
Fri 9am-5:30pm
Sat 10am - 3pm
Sun - Closed
Excluding bank holidays

Request a call back
Equity Release Council logo

Peace of mind

Saga Equity Release and HUB Financial Solutions Limited are members of the Equity Release Council. This industry body ensures that all equity release products are safe and suitable for customers.

Saga Equity Release

Saga Equity Release is provided by HUB Financial Solutions Limited, who will pay us an introductory fee if you go ahead with equity release using the service. HUB Financial Solutions Limited, part of Just Group plc, is authorised and regulated by the Financial Conduct Authority. You can find out more about the service and fees on the Important information page.