A walk in the countryside with the family

Saga Regular Drawdown Lifetime Mortgage

A unique new product that provides a monthly cash sum to supplement your income, so you can keep doing the things that matter to you most.

Use our free online calculator which will provide an indication of the maximum amount you may be able to release.

Provided by Just.

How does it work?

The Saga Regular Drawdown Lifetime Mortgage is available if you’re aged between 60 and 80 (younger applicant if borrowing jointly) and own a UK property worth at least £150,000. It provides you with an initial lump sum followed by monthly payouts for your chosen period of time or until you reach the maximum we can offer – all tax-free. The amount we can lend you depends on your age and the value of your property.

For example:

Mr Austen is 65 and owns a property worth £300,000. He decides to release the maximum amount available – £91,200 – with the minimum initial lump sum of £10,000. 

So he could get a maximum monthly cash sum of:

Initial lump sum

Term     Monthly cash sum

15 years    



10 years    



5 years    


Of course there’s no obligation to take the maximum amount – you might choose to take a small monthly cash sum of at least £200 to supplement your income for a few years, or perhaps you’d like a bigger lump sum at the beginning, you even have an opportunity each year to change your monthly payout – above all, the product’s designed to suit you and your changing needs. 

As it is a lifetime mortgage, you still own your home and have the right to live there for the rest of your life. The loan and interest are normally repaid from the sale of the house when you die or move into long-term care.

Key features

Monthly cash sum to supplement your income of at least £200 over 5 years or more
Release an initial tax-free lump sum of £10,000+
You have an annual opportunity to change your monthly cash sums
There may be an option to release further lump sums later
Interest is fixed for the life of the mortgage on the initial sum and first year’s payouts, and reviewed annually for the next coming year
You still own your home and can benefit from any increase in its value
A ‘no negative equity’ guarantee means you’ll never owe more than the value of your property after the sale of your house when you die or move into long-term care
There are no fees for advice, valuation or set-up.

Some things you need to know...

A lifetime mortgage is a loan secured against your home. The sum borrowed, plus accumulated interest, will usually be repayable when the property is sold after you, or both of you if borrowing jointly, die or move permanently into long-term care.

Equity release is not right for everyone. It will reduce the value of your estate and may affect your state benefit entitlement. Your adviser will carry out a full financial review of your personal circumstances and talk you through any possible impact on your circumstances.

What can I use the money for?

There are many reasons for choosing equity release, and what you do with yours is almost entirely up to you. This equity release product is unique in that it combines an initial lump sum with ongoing monthly payouts. 

So, you might use your tax-free lump sum for:

  • Home improvements
  • A new car
  • Gifts to family
  • A special holiday
  • Paying off existing debts (though this may end up costing more in the long term).

And your monthly tax-free payouts could be used for:

  • Topping up your income
  • Maintaining your lifestyle
  • Paying the bills
  • Family days out
  • Birthdays and special treats...

...whatever it is that means you can keep living the way you choose.

No-obligation advice

This product is only available through the Saga Equity Release Advice Service, provided by HUB Financial Solutions Limited.

To find out if it could be right for you, call 0800 096 0649 between 9am and 5pm Monday to Friday. 

An adviser will review your circumstances to see if it is suitable for you and give you an idea of how much income you might be able to get. There’s absolutely no fee for the advice and no obligation whatsoever to proceed with an equity release product.

Alternatively, our free online calculator will provide an indication of the maximum amount you may be able to release. It's quick and easy to use and provides a quote based on a lifetime mortgage.

How much could you release?

Who are the providers and how are they regulated?

The Saga Regular Drawdown Lifetime Mortgage is provided by Just, a trading name of Just Retirement Money Limited. The Saga Equity Release Advice Service is provided by HUB Financial Solutions Limited who will pay us an introductory fee if you decide to take out a plan.

Saga Personal Finance is a registered trading name of Saga Personal Finance Limited, which is registered in England and Wales (Company No. 3023493). Registered office: Enbrook Park, Sandgate, Folkestone, Kent CT20 3SE. Saga Personal Finance Limited, HUB Financial Solutions Limited and Just Retirement Money Limited are authorised and regulated by the Financial Conduct Authority.

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