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Is equity release right for me?

For more information call the Saga Equity Release Advice Service on 0800 096 7120. Lines are open 9am to 5pm, Monday to Friday (excluding bank holidays). The Saga Equity Release Advice Service is provided by HUB Financial Solutions Limited.

Is equity release right for me?

This is a question that can only be answered once you have all the knowledge to make a thoroughly informed decision. We promote this considered approach, which is why you won’t be put under pressure and why there is no obligation to proceed.

The Saga Equity Release Advice Service is an excellent resource whether you’re reading about equity release for the first time, have used our free calculator and want to know a bit more, or are keen to explore product options. If you’re just starting to think about equity release, you’ve certainly come to the right place. Here are the steps the full process follows:

Step 1 – Your first contact with the service

When you phone the Saga Equity Release Advice Service for the first time, a member of the team will answer any initial queries and can arrange to have a copy of our guide sent to you. They’ll also check you’re 55 or over and that you own a UK property worth at least £70,000. If you choose, you can ask for a follow-up call when you’ve had a chance to think about things, or an appointment can be arranged with a specialist equity release adviser at HUB Financial Solutions Limited.

Step 2 – Speak to a specialist equity release adviser

During your first telephone appointment with an adviser, the aim is to identify your situation, your goals and whether equity release could be a suitable solution for you. You’re welcome to have a family member with you during these discussions. Your adviser will make sure you understand how an equity release plan, such as a lifetime mortgage, will reduce the value of your estate. If, following this meeting, your adviser finds equity release isn’t right for you, they’ll explain why.

Step 3 – Considering your options

If your adviser thinks that equity release is a good option for you and you decide to proceed – and, don’t worry, you’re not committing to anything at this point – they’ll put together a financial assessment including a state benefit check. They’ll also consider which plan would be most suitable for you from their specially selected providers. Once they have a recommendation, they’ll contact you to arrange another appointment.

Step 4 – Putting your plan into action

At your second telephone appointment, your adviser will discuss the results of your state benefit check, talk you through the equity release plan they think is best for you, and answer any questions. If you’re happy to proceed at this stage, they can help you complete the lender’s paperwork.

Step 5 – Completing the process

Following a valuation of your property, the offer documents will be issued to you. You’ll need a solicitor to complete the paperwork as with a traditional mortgage, and your adviser can recommend a suitable one if you don’t have your own. The length of time it takes from your first contact with the Equity Release Advice Service to the money appearing in your bank account is typically 16 weeks.

If you want to find out more, call the Saga Equity Release Advice Service on 0800 096 7120. Lines are open Monday to Friday, 9am-5pm (excluding bank holidays).

There’s no fee for the initial consultation with an equity release adviser. However, if you choose to proceed with a recommended product, an advice fee of £750 will be payable on completion. This fee will be waived if you're a Saga customer who has signed up to Possibilities.

Please refer to our Important information to find out more about the service and fees.