Who are Saga?
Saga is a leading UK provider of products and services for the over 50s. Having started life as a travel company in Folkestone, Kent in 1951, Saga is now one of the country’s most recognised brands.
In addition to their travel services and fleet of cruise ships, Saga also offer insurance products which includes travel, motor, home and medical insurance and personal finance services which includes savings and of course, equity release.
Is Saga a good company for equity release?
Saga is a well-known, trusted UK based company with a good reputation and over 70 years’ experience serving the over 50s community.
The Saga lifetime mortgage available through Saga Equity Release is provided by Hub Financial Solutions Ltd. Just is the Saga lifetime mortgage provider and Hub Financial Solutions provide the advice.
All three organisations are regulated by the Financial Conduct Authority and are members of the Equity Release Council, so you know you are in safe hands and fully protected by their strict rules and product standards.
Saga equity release customer reviews
Saga customer reviews for all of their products and services can be found on independent UK review website Trustpilot. They have a rating of 4.2 out of 5 which is classed as excellent. In addition, Hub Financial Solutions have an excellent rating of 4.7 on their Trustpilot equity release reviews for their equity release advice and services.
How does Saga equity release work?
Saga equity release gives you the opportunity to access tax free cash tied up in your home to use as you wish. To be eligible, you need to be 55 or older and have a home in the UK worth at least £70,000.
The Saga Lifetime mortgage has been specifically designed by Just for Saga customers and comes with the following benefits:
- A choice of either a lump sum payment or smaller amounts as an when you need it
- Flexible options tailored to suit your needs
- Money back guarantee - if you change your mind within the first 6 months and decide you don’t need the money*
- The equity release Saga service promise – your money will be released to your solicitors account within 40 days of your application, or you will receive £100**
- Option to repay some or all of your monthly interest and payment holidays of up to three months in a row during any 12 month period
- Financial review and free state benefit check - to explore what you want to achieve, look at the alternatives and ensure the money you release won’t affect any benefits you may currently get
*your initial advance must exceed £150,000
**not applicable when purchasing a new property
Is Saga a member of the Equity Release Council?
Saga equity release and HUB Financial Solutions are both members of the Equity Release Council. This means they comply with the ERC’s rules and principles and you are protected by the ‘no negative equity guarantee’ which ensures you will never owe more than the value of your property.
Saga equity release review – additional information
You can still get a Saga lifetime mortgage if you have an existing mortgage. However, this will depend on the value of your property and the amount remaining on your mortgage.
You can pay your equity release Saga lifetime mortgage off early if your circumstances change but this may incur early repayment charges.
Saga equity release calculator
The Saga equity release calculator gives you the opportunity to see how much money you could potentially release from your home. You just need to add your estimated property value, age of the youngest homeowner and your details and the equity release calculator will show you the estimated amount you could borrow.
For example, for a 65 year old living in a house worth £250,000, the Saga equity release calculator estimates you could release up to £84,875.
What should I do now?
My review of Saga equity release is designed to help you compare plans and find the best option for you. I would always recommend that you review all of your options to ensure you’re getting the best deal that suits your budget and needs, seek professional advice and talk to your family.
To see how much cash you could release, why not try our free and easy to use calculator. Alternatively to see how other companies compare, take a look at our equity release reviews.
