Exclusive Saga product
For more than 20 years Saga has been developing financial products to help our customers get the most out of their money. We’ve now developed a lifetime mortgage, which is a type of equity release, 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.
There's no charge for the advice you receive through Saga Equity Release. So you'll be able to discover the ins and outs of releasing equity from your home without having to pay any advice fee, whether or not you decide to go ahead.
Saga Lifetime Mortgage
This lifetime mortgage might be recommended to you if you’re 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 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 part of your monthly interest. Doing this will reduce the overall cost of the lifetime mortgage loan and you may also benefit from a lower compound interest rate as detailed in your offer documentation. 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. Use our calculator to see how much you could release.
Find out more by speaking to Saga Equity Release on 0800 096 7120. Alternatively, you can request a callback from one of the team.
Lines are open Monday to Thursday, 9am-8pm and Friday 9am-5.30pm (excluding bank holidays).
Please refer to our Important information to find out more about the service and fees.