What is a lifetime mortgage?

A lifetime mortgage is a popular type of equity release. It's a long-term loan which is secured on your property. The amount you can borrow depends on your age and the value of your property. Interest is charged on the loan, but you don’t usually have to make monthly repayments. The loan is designed to be repaid in full when you or both of you if borrowing jointly die or leave your home to move into permanent long-term care.

You may also be considered for an enhanced lifetime mortgage which 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. 

Things to think about


  • Tax-free lump sum
  • No need to make monthly repayments
  • You continue to own your home and will benefit from any increases in its value
  • You can live in your home for the rest of your life, or until you leave it to move into permanent long-term care
  • With a lifetime mortgage, you’ll never owe more than the value of your property when it comes to being sold following death, or a move into permanent long-term care.

Things to consider

  • It will reduce the value of your estate
  • If you don't make interest repayments, the amount you owe will continue to grow as interest accumulates and is added to the loan
  • If the value of your home falls, your remaining equity will also reduce
  • Your entitlement to state benefits may be affected

Am I eligible for equity release?

You must own a property in the UK
You must be living in that property
The youngest homeowner must be at least 55 years old
The property must be worth £70,000 or more

Why consider equity release from Saga?

Deciding on whether equity release is right for you is understandably a big decision. You’ll want to be sure that you’ve considered all the facts and looked into your options with someone you can trust to act in your best interests. That’s why we’ve partnered with HUB Financial Solutions to bring you the Saga Equity Release Advice Service.

HUB provide an unbiased advice service, which means your adviser will spend time understanding your financial circumstances in detail, so that they can recommend the most appropriate product for you.They pride themselves on the quality of their service and take pleasure in seeing how equity release transforms people’s lives.

Your adviser will only recommend equity release products that meet the standards 

of the Equity Release Council, who oversee the industry and its members,

 and ensure that their strict standards and principles are upheld.

Whenever you’re ready, we’re here for you.

See how much tax-free cash you could unlock with our free calculator

or alternatively if you have a question or would like to speak to someone call: 0800 096 7120

Monday – Friday, 9am - 5pm (Calls are monitored for training and regulatory purposes)

Use our calculator 

Information about our provider

The Saga Equity Release Advice Service is provided by HUB Financial Solutions Limited who will pay us an introductory fee if you decide to take out a plan. Saga Personal Finance is a registered trading name of Saga Personal Finance Limited, which is registered in England and Wales (Company No. 3023493). Registered office: Enbrook Park, Sandgate, Folkestone, Kent CT20 3SE. Saga Personal Finance Limited and HUB Financial Solutions Limited are authorised and regulated by the Financial Conduct Authority.