What can I use equity release for?
Home improvements and repairs, travel, debt consolidation, hobbies, car, family, even day-to-day living expenses – any one of these could be a reason for looking into equity release. In fact, you can use it for just about anything – after all it’s your money!
However, you need to bear in mind that if you have an outstanding mortgage or any other debt against your home, you must pay this off first.
Here’s a breakdown of what Saga customers have used equity release for*…
Home improvements - 57%
New bathrooms and kitchens, extensions or conservatories, triple glazing, loft conversions… just a few of the improvements that could add value to your home.
Finances - 58%
A way of paying off mortgages, loans, credit cards and more. Please note that consolidating existing debts using equity release could end up costing more in the long term.
Holiday/Leisure - 34%
A cruise, safari, visit to family down under… whatever it is you’re dreaming of, you deserve to make it happen.
Emergency fund - 22%
Knowing you have some accessible money for those unexpected repairs and bills can take away the worry.
Car - 21%
A chance to replace the tired old car, or perhaps splash out on that one you’ve always wanted.
Gifts to family - 20%
Help with educational costs, weddings, driving lessons and house deposits – an early inheritance can sometimes really help.
*Survey of Saga customers’ stated intended purpose of equity release, January - December 2019, conducted by HUB Financial Solutions. Some customers use the money for more than one purpose.
It's important to note that equity release will reduce the value of your estate and may affect your entitlement to state benefits. You can find out more about the service and fees on the Important Information page.