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Is equity release right for me?

The Saga Equity Release Advice Service is provided by HUB Financial Solutions Limited.

Is equity release right for me?

Equity release is usually available to people aged 55 or over with a UK property worth at least £70,000 – but it’s not suitable for everyone. There are many different products and providers out there, so it’s vital to get expert advice.

The Saga Equity Release Advice Service, gives you access to a range of carefully selected products and providers, offering a thorough service from start to finish.
Here’s how the service works…

Step 1 – Making an appointment with an adviser

To find out more about equity release and whether it could be right for you, first call the Saga Equity Release Advice Service on  0800 096 7120. A member of the team will answer your initial questions and look into how much equity you may have in your home. If you then decide you want to speak to an adviser, they’ll arrange a telephone or face-to-face appointment, whichever you prefer. And, if you want, you can ask a family member or friend to be there too.

Step 2 – Your no-obligation appointment

At this stage the adviser will look into your circumstances and find out what it is you wish to achieve through equity release. They’ll ask you about your income, your savings and any benefits you may receive and give you an honest opinion as to whether equity release would be the best solution for you. If they think it could work for you, they’ll give you an idea of the products available and point out both the benefits and the risks such as a lifetime mortgage is secured against your home and will reduce the value of your estate. If they find it’s not right for you, they’ll tell you why.

Step 3 – Considering the options

If your adviser has told you that equity release could be right for you and you decide to take it further, they’ll look at their panel of providers, and if necessary research the whole market, to find the most suitable product for you. Of course, they will keep your best interests in mind at all times. Once they have a recommendation, they’ll put together a report and call you to arrange a further appointment to talk through it, either face-to-face or over the phone. They’ll also explain the benefits and risks in more detail, so you know exactly what taking out an equity release product will mean for you and your home..

Step 4 – Putting the plan into action

You’ve decided that you want to go ahead with equity release, so your adviser goes through the application with you and submits it to the provider. The provider will arrange for your property to be valued and instruct your solicitor, then send you an offer directly. You’ll need to complete the paperwork with your solicitor. It typically takes around two months for the application to be processed and the money to appear in your bank account, but in some cases it can take longer. So, it’s important to remember that equity release may not be a quick solution.

Speak to the team:

If you do have any questions about equity release, the process or the service, you can call: 

0800 096 7120

Lines open Monday – Friday 9am-5pm. (excluding bank holidays)

There’s no fee for the initial 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

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