What is equity release?
If you're aged 55 or over with a UK home worth £70,000 or more, equity release could help you turn some of the value of your home into tax-free cash, without having to move out or downsize.
You can use this money for almost anything you choose, from gifting to family to home improvements, so equity release could be the solution you're looking for.
A lifetime mortgage is one way of releasing some of the equity in your home. There are different types of lifetime mortgages, and some allow you to make monthly interest payments.
A lifetime mortgage recommended through Saga Equity Release comes with a No Negative Equity Guarantee. So, when the property is sold after you die or move into long-term care, you or your beneficiaries will not have to repay more than the sale proceeds, even if they are less than the amount owed. It is important to note that lifetime mortgages are a type of loan secured against your home and will reduce the value of your estate. Gifting money maybe subject to inheritance tax.
Why choose Saga Equity Release?
Saga and HUB Financial Solutions Limited have been working together since 2006 to offer advice and enable our customers to continue enjoying life after retirement. Whether customers choose to help loved ones get onto the housing market, make improvements to the family home or ease financial pressures, we’re here to make it happen.
HUB Financial Solutions Limited are rated excellent on Trustpilot from their customers' reviews.
The product available through Saga Equity Release is the Saga Lifetime Mortgage, provided by Just. It's not a one-size-fits-all product. It offers a range of flexible options, exclusive features and can be tailored to meet your individual needs and circumstances.
HUB Financial Solutions have 18 years of equity release experience.
You'll have access to a UK-based qualified adviser and support team.
Over £800m of tax-free cash released by Saga customers.
Exclusive features of the Saga Lifetime Mortgage
Money Back Guarantee
If your circumstances change within 6 months of you taking out the Saga Lifetime Mortgage and you no longer need the money, you can repay the money without any early repayment charges or interest being applied. To be eligible for this guarantee your initial advance must not exceed £150,000. T&Cs apply.
Saga Service Promise
The aim is to release your money to your solicitor within 40 working days of your application being received and accepted by Just. If this doesn't happen and you've met all the eligibility criteria, you'll receive a payment of £100. This promise will not apply if you're using the Saga Lifetime Mortgage to purchase a new property, rather than re-mortgaging an existing one. T&Cs apply.
How much equity can I release?
Find out how much tax-free cash you could release from your home with our free online calculator. It's quick and easy to use and provides a quote based on a lifetime mortgage.
How does it work?
What are the benefits and risks of equity release?
Benefits
- The cash you release is tax-free
- You can continue to live in your home for the rest of your life, or until you move into long-term care
- The ‘no negative equity’ guarantee means your beneficiaries will never owe more than the amount the home is sold for
- Borrow the maximum amount available as a one-off lump sum, or go for a smaller amount initially followed by additional amounts from a pre-agreed limit
Risks
- The value of your estate will be reduced leaving less money for your beneficiaries on your death
- Any means-tested benefits you receive may be affected by equity release – your adviser will check this for you before recommending a product
- Lifetime mortgages can be repaid early however early repayment charges may apply
Get expert advice when it suits you
Saga Equity Release is a no-obligation, no-pressure service, where you’ll have access to a UK-based qualified adviser and support team, who will advise you on your options and outline the options that best suit your circumstances. If you do decide to take out a Saga Lifetime Mortgage you'll need to pay an advice fee of £799.
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