What can I use equity release for?

The money available from equity release can be used for home improvements and repairs, travel and hobbies, debt consolidation and family, simple day-to-day living expenses, and so much more. It’s your money to spend as you need, or wish!

Bear in mind though, that any outstanding mortgage or other debt you have secured against your home will need to be paid off first.

Here’s a breakdown of what Saga customers have used equity release for based on a survey of Saga customer's stated intended purpose of equity release from 1st October to 18th November 2021, conducted by HUB Financial Solutions Limited. Some customers use the money for more than one purpose.

Home improvements
56%

New bathrooms and kitchens, extensions or conservatories, triple glazing or loft conversions… these are just a few of the improvements that could add more comfort and value to your home.

Finances
37%

Equity release can be used to pay off traditional mortgages, loans, credit cards and more. Please note consolidating existing debts using equity release could end up costing more long term.

Holiday/Leisure
22%

A cruise, a safari, a visit to family down under… equity release could make your dream holiday happen.

Emergency fund
25%

Having accessible money to pay for unexpected repairs and bills can take some of life's worries way.

Car
19%

Equity release gives you a chance to replace the tired old car or even splash out on that new one you’ve always wanted.

Gifts to family
19%

Giving loved ones their inheritance early can help with big expenses, such as education costs, weddings, house deposits and even driving lessons.

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 Saga Equity Release and the fees involved on the Important Information page.