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Saga Equity Release

That super smart decision you made buying your first home could help you release equity to make a new purchase now.

0800 096 7120

Monday to Thursday, 9am to 8pm,

Friday, 9am to 5.30pm,

excluding Bank Holidays

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 FREE advice, no-obligation, no-pressure service dedicated to finding out if equity release is right for you. To be eligible for equity release, you must:

  • Be aged 55 or over
  • Own a UK home worth £70,000 or more. 
  • Release at least £10,000

How a specialist equity release adviser can help

Here are just some of the reasons to choose Saga Equity Release:

  • No obligation to proceed – You’ll never be pressurised into taking out equity release. In fact, 37% of people who speak to our advisers find that equity release is not right for them. This is based on customers who booked a first appointment through the Saga between January and December 2021.
  • FREE advice – You won't be charged a fee for the advice you receive through Saga Equity Release. So you'll be able to discover the facts about releasing equity from your home free of charge without having to pay an advice fee - whether or not you decide to go ahead. 
  • Exclusive lifetime mortgage - The product available through Saga Equity Release is the Saga Lifetime Mortgage, which is available exclusively through this service and is 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 circumstances.
  • Money Back Guarantee – It's very difficult to know what's right around the corner. That’s why with a Saga Lifetime Mortgage, if you no longer need the money, you can pay back what you borrow within six months of the completion date of your initial advance. You won’t need to pay any interest or any early repayment charges – you just pay the money back and walk away. 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 you can find all of these 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. The Saga Lifetime Mortgage comes with a Saga Service Promise included as standard. You can rest assured that we'll aim to release your money to your solicitors account within 40 working days after your application has been accepted by Just. If this doesn't happen, you'll receive £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. For the full details and eligibility criteria, see our Terms and conditions page.
  • Two-way process – When you speak to an adviser you will have a thorough discussion about your individual circumstances and your wishes for the future.
  • Financial review – Your adviser will put together a personal financial report based on the information you provide.
  • Free state benefit check – A review will be done to ensure you’re receiving everything you’re entitled to. You’ll also be advised if equity release could affect any benefits you currently receive.
  • Alternatives explored – It’s essential to find the right financial solution for you, so your adviser will help you look at alternative to equity release to access the funds you need.

Equity release is a big step as it will reduce the value of your estate and can affect eligibility for means-tested state benefits. 

The money available from equity release can be used for many things, including home improvement, travel and hobbies, and so much more.

You can call the Saga Equity Release team on 0800 096 7120. Lines are open Monday to Thursday, 9am to 8pm and Friday 9am to 5.30pm (excluding bank holidays).

Peace of mind

Equity Release Council LogoSaga 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.

As members of the council, both Saga and HUB Financial Solutions Limited follow its strict Statement of Principles that protects customers at every stage of the equity release journey. Find out more about the Equity Release Council.

HUB Financial solutions Limited will pay us an introductory fee if you decide to take out equity release. You can find out more about the service and fees on the Important
information page

Common questions

There are a number of possible costs involved in taking out equity release:

• Set-up fees

• Valuation and legal fees

• Advice fee on completion.

With a lifetime mortgage, you can add some of these fees to your loan to avoid too many upfront costs.

The advice you receive through Saga Equity Release is free. So you'll be able to discover how much equity release can cost and the facts about releasing equity from your home free of charge without having to pay an advice fee, whether or not - you decide to go ahead.

This depends on the value of your home and the amount remaining on your existing mortgage. Any outstanding mortgage secured against your home will have to be paid off at the same time as taking out equity release. This can be done using the money you release. Just be aware that using equity release to repay existing debts or mortgages may cost more in the long-term.

There are usually alternatives to equity release and an adviser from Saga Equity Release will discuss these with you. These might be to move to a smaller property, rent out a room in your current home, or ask your family for help. The adviser will also make sure you’re receiving all the state benefits you’re entitled to.

You could use equity release to help out your family while you are still living, but it will reduce the value of your estate and therefore the amount that will go to your beneficiaries on your death.

With a lifetime mortgage, if your home sells for more than you owe, the excess would form part of your estate. You could reduce the amount you owe by making interest payments on your lifetime mortgage. 

With some lifetime mortgages, you could reduce the amount you owe by making interest payments.

With a home reversion plan, you’ll know exactly what proportion of your home’s value will be left to your loved ones, but not the amount this will be worth. Equity release will not affect any other money you leave as part of your inheritance, such as savings or life assurance policies.