Equity Release Saga | Equity Release and Lifetime Mortgage Calculator
Get an Equity Release Calculation for the Saga Lifetime Mortgage
If you’re looking for ways to unlock the equity in your home, one of the first things you’ll want to know is how much you can borrow. Whether you’re looking to free up money for home renovations, taking a vacation, or living comfortably in retirement, you can start here by using our capital release calculator to see how much you could get.
How to Use the Saga Lifetime Mortgage Calculator
To be eligible for capital release, you must be aged 55 or over, own a home in the UK worth £70,000 or more and want to free up at least £10,000 of capital. The amount of equity you can free up will depend on your age, health, and the value of your home. To give you an idea of how much equity you could free up, you can use our quick and easy lifetime mortgage calculator.
The Saga Lifetime Mortgage is an exclusive product provided by Just.
Our Equity Release Calculator gives you a guide to how much money you could release, but is not an actual quote. The actual amount you could borrow depends on your personal circumstances and could be more or less.
Lifetime Mortgages Explained
A life mortgage is a long-term loan secured by your home that gives you money in a tax-free lump sum or series of payments. You repay the money plus interest at the end of the loan period, which is when you (or the last borrower if you’re borrowing jointly) die or move into a long-term care facility. Until then, your home is still yours.
With some lifetime mortgages, you can pay off some or all of the interest on the monthly payments as you go, reducing the amount you have to pay back overall. Learn more about refunds and how interest works.
How does a life mortgage work?
When you take out a life mortgage:
- The amount you can borrow is calculated based on the age of the youngest applicant and the value of the property
- You either receive a lump sum or the ability to cash out over time
- You do not have to make monthly loan or interest payments unless you choose to
- The loan is repaid, plus interest, when you, or the last borrower if borrowing jointly, die or are placed in permanent long-term care
- The loan is most often repaid by the sale of the property, but other funds can be used
- Make sure it includes a non-negative equity clause, which means you or your family will never owe more than the property’s value when it’s sold after a death or moving to a care facility. long duration.
- The interest rate is either fixed or variable but capped, and is generally higher than for conventional mortgages.
A lifetime mortgage reduces the value of your estate and therefore means less inheritance to leave to your family. Taking a tax-free lump sum may also affect your eligibility for certain means-tested state benefits.
To ensure that a lifetime mortgage is the right choice for you, you should take financial advice before moving forward.
What is the Saga Life Mortgage?
The Saga Lifetime Mortgage is the product available exclusively through Saga Equity Release and is provided by Just. It offers a range of flexible options and can be tailored to your needs, including:
- You can receive your money as a lump sum or less initially, then in additional amounts from a pre-agreed limit
- You may be able to repay some or all of the monthly interest to help reduce the overall cost of the loan
- Saga Equity Release may be able to take into account certain health conditions and lifestyle factors which may mean you are able to borrow more or receive a better rate than people who do not have these conditions. health and lifestyle.
What does the Saga Equity Release Saga Lifetime Mortgage offer?
The exclusive Saga life mortgage includes:
- Free advice: including an exploration of alternatives and free monitoring of state benefits
- A 6 month money back guarantee if you change your mind: If you no longer need the money, you can repay what you borrowed within six months of the date your original advance was made. You won’t have to pay any interest or prepayment charges – you just pay the money back and walk away. To be eligible for this Guarantee, your initial advance must not exceed £150,000. There are other eligibility requirements you should be aware of and you can find them all on our Terms and Conditions page
- The Saga service promise: Saga Equity Release will aim to have your money released to your lawyer account within 40 working days of receipt and acceptance of your request by Just – the product provider (terms and conditions apply). This promise will not apply if you are using the Saga Lifetime Mortgage to purchase a new property, rather than remortgaging an existing property.
Why get a lifetime mortgage?
A lifetime mortgage allows you to free up some of the money you’ve tied up in the value of your home so you can use that money for other things without having to sell and move.
Taking out a lifetime mortgage could be the right option to free up the money you need to improve your home, help a child move up the property ladder, or pay for college tuition.
There are alternatives to equity release, so it’s always a good idea to take advice and make sure you choose the right option for you.
Is the life mortgage right for you?
The Saga Life Mortgage may be recommended to you if you meet the following eligibility criteria:
- You, or the youngest borrower in the case of a joint loan, are aged 55 or over
- Your property is in the UK
- Your property is worth £70,000 or more.
Before making a decision on an equity release product, we recommend that you take professional financial advice. Here’s what you can expect when you apply to Saga:
1. Calculation. Use our Equity Release Calculator to calculate your Equity Release Estimate. The Saga Equity Release team will then contact you to ensure your details are correct and to see if you have any questions.
2. Debate. If you’re ready to explore further, you can book an appointment with an advisor who will assess your details and go over all your options – with no obligation. If the Saga life mortgage is right for you, your advisor will let you know his recommendation.
3. Non-taxable cash. Your advisor will give you a detailed overview of your financial situation, alternatives and risks, and help you decide if the Saga Life Mortgage is right for you. If you choose to go ahead, your advisor can help you complete the paperwork. Once all the legalities are done, your money will be released.
To get started, visit the Saga Lifetime Mortgage Capital Release Calculator
Use our calculator
The advice you receive through Saga Equity Release is provided by HUB Financial Solutions Limited, which pays Saga an initiation fee if you decide to take up a product. The Saga Lifetime Mortgage is provided by Just. Just is a trading name of Just Retirement Money Limited.
Here and ready when you are
Whether you have questions about equity release or just want to know more, the team of experts are on hand to help.