Unlock tax-free cash tied up in your home to enjoy life without having to sell up and downsize
The Saga Equity Release Advice Service is provided by HUB Financial Solutions Limited
Use our quick tool to find out how much tax-free cash you could release from your home.
Equity release can help you turn some of the value of your home into tax-free cash, without having to move out or downsize.
You can use this money for almost anything you choose, from home improvements to a holiday of a lifetime, so equity release could be the solution you're looking for.
A lifetime mortgage is one way of releasing some of the equity in your home. There are different types, and some allow you to make monthly interest payments.
If you’re recommended a lifetime mortgage through the Saga Equity Release Advice Service, when the property is sold after you die or have moved into permanent long-term care, you or your beneficiaries will not have to repay more than the sale proceeds. Even if they are less than the amount owed. It is important to note lifetime mortgages are a type of loan secured against your home and will reduce the value of your estate.
With the Saga Equity Release Advice Service the initial no-obligation consultation is free. If you then choose to proceed and take out a recommended product, an advice fee of £750 is payable on completion. However, if you are a member of Saga's Possibilities membership programme, this advice fee is waived.
Saga have partnered with HUB Financial Solutions to bring you the Saga Equity Release Advice Service. Two of the products they have access to are provided by Just, and are available exclusively to users of the service.
This is a lifetime mortgage available to UK homeowners aged 55 or over, with a property value of at least £70,000. It provides you with the option of a cash facility which you can release additional cash advances at any time.
You can choose to borrow the maximum amount available to you as a one-off lump sum or you can choose to borrow a smaller amount initially and then borrow additional amounts at a later date from your pre-agreed cash facility.
You can pay some or all of the monthly interest to reduce the overall loan balance, the monthly payment option is available to those aged 80 or younger at application.
This is a new type of equity release available to people aged 60-80 with a UK property worth at least £150,000. The Saga Regular Drawdown Lifetime Mortgage combines an initial tax-free lump sum payment with ongoing tax-free monthly payments, making it a possible option if you’re looking to supplement your income in retirement.
Because interest is only charged on money as it’s released, it accrues at a slower rate than a standard lifetime mortgage so there is likely to be less to repay in the future.
A lifetime mortgage enables you to release a tax-free cash lump sum from the value of your home. You will continue to own your home completely and retain the right to live in it for the rest of your life. You can choose to pay the interest each month or make no monthly payments and roll up the interest on the loan amount and any interest added already. The amount borrowed plus accrued interest is usually repaid from the proceeds of the sale of your property when you die or move permanently into long-term care.
It is important to note that the loan is secured against your home and will reduce the value of your estate.
An enhanced lifetime mortgage could allow more cash to be released from your property than a standard lifetime mortgage. This is dependent on lifestyle and medical factors that are taken into consideration.
These factors include health and lifestyle issues such as weight, blood pressure, medical conditions and whether or not you smoke.
It is important to note that, like standard lifetime mortgages, the loan is secured against your home and will reduce the value of your estate.
A home reversion plan involves selling part or all of your home to a home reversion provider. You receive the sale proceeds as cash, which can be paid as regular installments or as a single lump sum. On any home reversion plan the Saga Equity Release Advice Service recommends, you retain the right to stay in your property rent-free for the rest of your life. You will receive less than the full market value of your home (or the portion of your home that you sell) because the buyer cannot re-sell the property until you die or move permanently into long-term care. As you will have sold all or part of your home to the reversion provider, this will reduce the value of your estate.
Saga began offering the Saga Equity Release Advice Service, provided by HUB Financial Solutions Limited, in 2006 to enable our customers to continue enjoying life after retirement. Whether customers choose to help loved ones get into the housing market, make improvements to the family home or ease financial pressures, we’re here to make it happen.
HUB Financial Solutions have over 13 years of equity release experience
You'll have access to a UK based qualified adviser and support team.
£550m of tax-free cash released through the Saga Equity Release Advice Service.
Find out how much tax-free cash you could release from your home with our free online calculator. It's quick and easy to use and provides a quote based on a lifetime mortgage.Use our calculator
Alternatively if you have any questions about equity release, the service or products, you can request a call back from a member of the team.