Saga Lifetime Mortgage

Saga Lifetime Mortgage

To be eligible for the Saga Lifetime Mortgage you must be aged 55 or over with a UK property worth £70,000 or more. You can choose to borrow the maximum amount of equity available as a one-off lump sum or opt for a smaller amount initially followed by additional amounts at later dates from a pre-agreed limit.

• Money Back Guarantee - It's very difficult to know what's right around the corner. If your circumstances change within 6 months of you taking out the Saga Lifetime Mortgage and you no longer need the money, for example, you receive an unexpected inheritance or you decide against building an extension, you can repay the money without any interest or charges. To be eligible for this guarantee your initial advance must not exceed £150,000.  There are other eligibility terms that you need to be aware of and these can be read on our Terms and Conditions page.
• Saga Service Promise - Saga understand that it's important to know when you'll have access to the money you've applied for. 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 and 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. T&Cs apply.

The Saga Lifetime Mortgage offers additional flexibility by giving you the choice to pay all or some of your monthly interest, which will reduce the overall cost of the lifetime mortgage loan. If you need to take a temporary break from your monthly payments, you can take a payment holiday of up to three months in a row during any 12-month period.

Remember, the loan is secured against your home and will reduce the value of your estate. Please refer to our Important information to find out more about the service and fees.