You are a UK homeowner and the youngest homeowner is years old. Your is freehold and is estimated to be worth . It is constructed of .
Based on the information provided, it looks like you could be eligible for equity release.
The result is based on the information you have provided us so far. The amount shown is only a guide, and the maximum figure represents the most you could release with a lifetime mortgage, which is a loan secured against your home. This doesn’t necessarily mean that equity release is the right course of action for you.
When it comes to equity release there are several ways you could release the money from your home and there are a number of product options available with the Saga Lifetime Mortgage. You could release the money as one lump sum or take smaller amounts as and when you need it. You can also decide to pay off some or all of the interest as you go. There is more choice and flexibility than ever before to your suit your needs. The team can take you through all the different options available to find the best solution for you.
In the same way there are costs when you take out a regular mortgage, there are associated costs with equity release. You would need to consider the costs for:
Surveyor’s valuation
If you decide to proceed with equity release, your property will be valued by an independent RICS registered surveyor. Their report details the condition and value of your home and its suitability to lend against.
The costs for a surveyor’s valuation is based on the value and size of the property and can typically range from £150 to £1,500.
Solicitor’s fees
Once you’ve decided to take out equity release, you’ll need to find a solicitor who will work alongside your provider’s solicitor to put all the relevant paperwork into place. They will provide you with independent advice and carry out the necessary legal work required.
Solicitor fees will vary depending on the amount of legal work required to complete on your equity release product. You may be able to find a solicitor offering a fixed fee service. On average you can expect to pay around £650 for their services.
Lender’s application
Similarly to when taking out a regular mortgage, you may also be charged an application fee (also called arrangement, administration or completion fee) by the lender. These fees vary by provider but they usually range from free to £950 and cover the set up and legal costs when arranging your equity release plan. With the Saga Lifetime Mortgage, there is no application fee to pay.
FREE Advice
To take out an equity release product, you must receive advice from a professional equity release adviser. Saga and HUB Financial Solutions have helped thousands of people, like you, discover if equity release is right for them. There's no charge for the advice you receive through Saga Equity Release, it’s free. You can find out all you need to know about equity release and if it might be right for you, without any pressure to take out an equity release product. After all, it’s not right for everyone and will reduce the value of your estate. If you decide it’s not for you, you can simply leave it there.
Exclusive Lifetime Mortgage
The product available through Saga Equity Release is the Saga Lifetime Mortgage, which is available exclusively through this service and is provided by Just. Just are a leading provider of lifetime mortgages and have helped their customers release more than £4.9 billion from their properties.
The Saga Lifetime Mortgage isn’t a one-size-fits-all product. It offers a range of flexible options and can be tailored to meet your individual circumstances. These options include whether or not you'd like to receive your money in one lump sum or a smaller amount initially, followed by additional amounts as and when you need it from a pre-agreed limit. You can also choose to pay off some or all of the interest, to help reduce the overall cost of the loan. Certain health conditions and lifestyle factors can also be taken into account which could mean that you are able to borrow more or benefit from a preferential rate, in comparison to individuals who don't have these health and lifestyle conditions.
The Saga Lifetime Mortgage also comes with exclusive features, including a six-month Money Back Guarantee and a Saga Service Promise.
Money back guarantee if circumstances change
We know that plans change. You might receive an unexpected inheritance or you decide against building an extension. If within six months of you taking out the Saga Lifetime Mortgage you find that you no longer need the money, you can repay it without interest or charges. This feature only applies on initial loan amounts under £150,000. There are other eligibility terms that you need to be aware of and these can be read here.
Saga Service Promise
Knowing when you will have access to the money you release is important. With the Saga Service Promise the aim is to release your money to your solicitor within 40 working days of your application being accepted by Just. If this doesn’t happen, and you’ve met all of the eligibility criteria, you’ll receive a payment of £100. This Promise will not apply if you’re using the Saga Lifetime Mortgage to purchase a new property, rather than re-mortgaging an existing one.
Interest rates
The interest rates available to you will depend on your age, property value and your personal circumstances. Your adviser will take all of this into account when making their recommendation. The interest rates available on the Saga Lifetime Mortgage currently range from 3.37% to 4.89%*.
The rates shown are for your reference. Your adviser can provide you with a personal illustration based on your own specific circumstances and needs.
*Rates are correct as of 25/02/2022 and are subject to change. The interest rates are fixed rates of 3.37%-4.89% monthly – 3.42%-5.00% AER.
You may still have questions at this stage. Here’s a few of the most frequently asked questions. If you can’t find the answer you’re looking for, one of the team will be more than happy to help you.
Many products, including the Saga Lifetime Mortgage, can be transferred to a new home - subject to the new property being acceptable to the equity release lender. With a lifetime mortgage, if your new property is worth less than your old home, you may have to repay some of the outstanding loan.
Equity release products are long term commitments. They are designed to be paid back when you die or move into permanent long term care. However, they can be repaid early but an early repayment charge may apply.
If the equity release product is in both your names then it will continue in their sole name. Your partner will be able to remain living in the home until they die or go into permanent long-term care. However, if the equity release product is in your name only, the property will most likely need to be sold and your partner will need to move out, unless they are able to repay in full.
This guarantees that, when the property is sold after you die or move into permanent long term care, you or your beneficiaries will not have to repay more than the sale proceeds - even if the proceeds are less than the amount owed. The Saga Lifetime Mortgage comes with a no negative equity guarantee.
Saga and HUB Financial Solutions Limited are members of the Equity Release Council. This industry body ensures that all equity release products are safe and suitable for customers.
As members of the council, both Saga and HUB Financial Solutions Limited follow its strict Statement of Principles that protects customers at every stage of the equity release journey. Find out more about the Equity Release Council.
Here are the steps the full process follows:
Step 1 – Your first contact with the service
When you speak to Saga Equity Release for the first time, a member of the team will answer any initial queries. They’ll also confirm your details with you. At this stage you can ask for a follow-up call when you’ve had a chance to think about things, or an appointment can be arranged with a specialist equity release adviser at HUB Financial Solutions Limited.
Step 2 – Talk through your options
When speaking with an adviser they will assess your circumstances and go through your options – all with no obligation. They’ll also check that you’re receiving all the state benefits you’re entitled to and whether these might be affected by equity release. If your eligibility and suitability for equity release is approved, your adviser will tell you what they recommend.
Step 3 – Finalise the details
Your adviser will give you a detailed overview of your financial circumstances as well as discuss the recommended product. As part of this process, you’ll be advised how releasing equity will lower the value of your estate. If you choose to go ahead, your adviser can help you to complete the paperwork. Once all the legalities are completed your cash will be released.
Whether you want to book an appointment, have questions about equity release or just want to find out more, the expert team are on hand to help. Lines are open 9am to 8pm Monday to Thursday, Friday 9am to 5.30pm, excluding bank holidays. Calls are monitored for regulatory purposes.
Call FREE on 0800 015 6256
What is equity release?
Learn more about what equity release is through Saga.
Exclusive Saga product
Take a look at the exclusive Saga Lifetime Mortgage available through Saga Equity Release.
Frequently asked questions
Here you will find the most commonly asked questions the Saga Equity Release gets asked.
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