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Saga Lifetime Mortgage

For more information speak to the Saga Equity Release team today to help you find out whether equity release could help you.

Exclusive Saga product

For more than 20 years Saga have been developing financial products to help our customers get the most out of their money. Saga Equity Release offer a lifetime mortgage, which is a loan secured against your home, to help you get more out of your property. Our lifetime mortgage, the Saga Lifetime Mortgage, is provided by Just and is exclusively available through Saga Equity Release.

The advice you receive through Saga Equity Release is provided by HUB Financial Solutions. If you decide to take out a Saga Lifetime Mortgage you'll need to pay an advice fee of £799, and HUB Financial Solutions will pay Saga an introductory fee.

Saga Lifetime Mortgage

To be eligible for the Saga Lifetime Mortgage you must be aged 55 or over with a UK property worth £70,000 or more. You can choose to borrow the maximum amount of equity available as a one-off lump sum or opt for a smaller amount initially followed by additional amounts at later dates from a pre-agreed limit.

  • Money Back Guarantee - It's very difficult to know what's right around the corner. If your circumstances change within 6 months of you taking out the Saga Lifetime Mortgage and you no longer need the money, for example, you receive an unexpected inheritance or you decide against building an extension, you can repay the money without any interest or charges. To be eligible for this guarantee your initial advance must not exceed £150,000.  There are other eligibility terms that you need to be aware of and these can be read on our Terms and Conditions page.
  • Saga Service Promise - Saga understand that it's important to know when you'll have access to the money you've applied for. With the Saga Service Promise ’the aim is to release your money to your solicitor within 40 working days of your application being accepted by Just and if this doesn’t happen and you’ve met all of 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.

The Saga Lifetime Mortgage offers additional flexibility by giving you the choice to pay all or some of your monthly interest, which will reduce the overall cost of the lifetime mortgage loan. If you need to take a temporary break from your monthly payments, you can take a payment holiday of up to three months in a row during any 12-month period.

Remember, the loan is secured against your home and will reduce the value of your estate. Please refer to our Important information to find out more about the service and fees.

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.

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.