A walk in the countryside with the family

Saga Regular Drawdown Lifetime Mortgage

This offers a monthly cash sum to supplement your income in retirement, 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?

One way you could improve your finances in retirement is through equity release. The Saga Regular Drawdown Lifetime Mortgage allows you to free up some of the cash locked up in the value of your home, without having to move or cut back on your lifestyle. 

The Saga Regular Drawdown Lifetime Mortgage, provided by Just, is available to people between 60 and 80 years old (applies to younger applicant if borrowing jointly) who own a UK property worth at least £150,000. It provides an initial lump sum followed by monthly payouts for a chosen period of time or until the maximum amount is reached – all tax-free.

The maximum amount you can borrow depends on your age, your location 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 (Years)    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 in retirement 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 the amount you receive every month. Above all, the product’s flexible and 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 your home when you die or move into long-term care.

Key features

Monthly cash sum to supplement your income in retirement of at least £200 over 5 years or more
Release an initial tax-free lump sum of £10,000+
You can review your monthly cash amounts each year
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, then reviewed annually for each subsequent year’s monthly payments
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 home when you die or move into long-term care

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.

This product is a type of lifetime mortgage which isn't 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 different from standard lifetime mortgage products 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 in retirement 
  • 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 available through the Saga Equity Release Advice Service, provided by HUB Financial Solutions Limited.

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. The Service offers a free no-obligation consultation, however, if you choose to proceed with a recommended product, an advice fee of £750 is payable on completion. It’s worth remembering that if you are a Saga Possibilities member you’ll benefit from not having to pay an advice fee upon completion.

To find out if it could be right for you, call the team free on: 0800 096 0649 
Monday – Friday 9am-5pm. (excluding bank holidays)

Information about Saga Personal Finance and our providers

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 product.

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 is authorised and regulated by the Financial Conduct Authority. HUB Financial Solutions Limited and Just Retirement Money Limited, both part of Just Group plc, are authorised and regulated by the Financial Conduct Authority.