Get an equity release calculation for the Saga Lifetime Mortgage
If you’re looking for ways to release equity from the value of your home, one of the first things you’ll want to know is how much you can borrow. Whether you’re looking to free up some cash for home improvements, take a holiday or live comfortably in retirement, you can start here by using our equity release calculator to see how much you might be able to get.
How to use the Saga Lifetime Mortgage calculator
To be eligible for equity release you must be aged 55 or over, own a UK home worth £70,000 or more, and want to release at least £10,000 of equity. The amount of equity you’ll be able to release will depend on your age, health, and the value of your home. To give you an idea of how much equity you may be able to release, you can use our quick and easy lifetime mortgage calculator.
Visit the Saga Lifetime Mortgage equity release calculatorUse our calculator
The Saga Lifetime Mortgage is an exclusive product provided by Just.
Our equity release calculator gives you a guide to how much cash you could release but doesn’t constitute an actual quote. The actual amount you could borrow is based on your individual circumstances and could be more or less.
Lifetime mortgages explained
A lifetime mortgage is a long-term loan secured against your home that gives you cash in either a tax-free lump sum or through a series of payments. You pay the money back along with the interest at the end of the loan period, which is when you (or the last borrower if borrowing jointly) die or move into long-term care. Until then, your home still belongs to you.
With some lifetime mortgages you can pay off some or all of the interest in monthly payments as you go, which reduces the amount you need to pay back overall. Find out more about repayments and how interest work.
How does a lifetime mortgage work?
When you take out a lifetime mortgage:
- The amount you can borrow is calculated using the age of the youngest applicant and the value of the property
- You are either given a lump sum or the option to draw down money over time
- You don’t have to make any monthly repayments of the loan or the interest unless you choose to
- The loan is paid back, plus interest, when you, or the last borrower if borrowing jointly, die or go into permanent long-term care
- The loan is most often repaid by selling the property, but other funds can be used
- Make sure it includes a no-negative-equity clause, which means that you or your family will never owe more than the value of the property when it is sold following death or moving into long-term care
- The interest rate is either fixed, or variable but capped, and is typically higher than for standard mortgages.
A lifetime mortgage does reduce the value of your estate, and so will mean less inheritance to leave to your family. Taking a tax-free lump sum may also affect your eligibility for some means-tested state benefits.
To make sure that a lifetime mortgage is the right choice for you, you should take financial advice before going ahead.
What is the Saga Lifetime Mortgage?
The Saga Lifetime Mortgage is the product available exclusively through Saga Equity Release and is provided by Just. It offers a range of flexible options and can be tailored to you, including:
- You can receive your money in a lump sum or a smaller amount initially then additional amounts from a pre-agreed limit
- You may be able to pay off some or all of the monthly interest to help reduce the overall cost of the loan
- Saga Equity Release may be able to consider certain health conditions and lifestyle factors that could mean you are able to borrow more or will receive a better rate than people who don’t have these health and lifestyle conditions.
What does The Saga Lifetime mortgage from Saga Equity Release offer?
The exclusive Saga Lifetime Mortgage includes:
- Free advice: including an exploration of alternatives and a free state benefit check
- A 6-month Money Back Guarantee if you change your mind: 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
- The Saga Service Promise: Saga Equity Release will aim to have your money released to your solicitors account within 40 working days of your application being received and accepted by Just - the provider of the product (T&Cs apply). 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.
Why get a lifetime mortgage?
A lifetime mortgage lets you release some of the money you have tied up in the value of your home so that you can use that money for other things without having to sell up and move.
Taking out a lifetime mortgage might be the right option for you to release money that you need to use for home improvements, to help a child get on the property ladder, or to pay for school fees.
There are alternatives available to taking out equity release so it's always a good idea to take advice and make sure you're choosing the right option for you.
Is a lifetime mortgage right for you?
The Saga Lifetime Mortgage might be recommended to you if you meet the following eligibility criteria:
- You, or the youngest borrower if borrowing jointly, are aged 55 or over
- Your property is in the UK
- Your property is worth £70,000 or more.
Before making a decision about any equity release product, we recommend that you take professional financial advice. This is what you can expect when you make an enquiry with Saga:
1. Calculation. Use our equity release calculator to calculate your equity release estimate. The Saga Equity Release team will then contact you to make sure your details are correct and to see if you have any questions.
2. Discussion. If you’re ready to explore further, you can make an appointment with an adviser who will assess your details and go through all your options – with no obligation. If the Saga Lifetime Mortgage is suitable for you, your adviser will give you their recommendation.
3. Tax-free cash. Your adviser will give you a detailed overview of your financial circumstances, the alternatives and the risks, and help you decide if the Saga Lifetime Mortgage is right for you. If you choose to go ahead, your adviser can help you to complete the paperwork. Once all the legalities are completed your cash will be released.
To get started, visit the Saga Lifetime Mortgage equity release calculatorUse our calculator
The advice you receive through Saga Equity Release is provided by HUB Financial Solutions Limited, who pay Saga an introductory fee if you decide to take out a product. The Saga Lifetime Mortgage is provided by Just. Just is a trading name of Just Retirement Money Limited.
More on equity release
For more information and to help you understand equity release a little better visit some of our other articles and pages.