Is equity release right for me?
This is a question that can only be answered once you have all the knowledge to make a thoroughly informed decision. We promote this considered approach, which is why you won’t be put under pressure and why there is no obligation to proceed.Saga Equity Release is an excellent resource whether you’re reading about equity release for the first time, have used our free calculator to see how much you could release and want to know a bit more, or are keen to explore product options. If you’re just starting to think about equity release, you’ve certainly come to the right place. Here are the steps the full process follows:
Step 1 – Your first contact with the serviceWhen you phone the Saga Equity Release team for the first time, they will answer any initial queries and can arrange to have a copy of our guide sent to you. They’ll also check you’re 55 or over and that you own and live in a UK property worth at least £70,000. If you choose, 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 from HUB Financial Solutions Limited.
Step 2 – Speak to a specialist equity release adviserDuring your first telephone appointment with an adviser, the aim is to identify your situation, your goals and whether equity release could be a suitable solution for you. You’re welcome to have a family member with you during these discussions. Your adviser will make sure you understand equity release and how it will reduce the value of your estate, and if following this meeting, your adviser finds equity release isn’t right for you, they’ll explain why.
Step 3 – Considering your optionsIf your adviser thinks that equity release is a good option for you and you decide to proceed – and, don’t worry, you’re not committing to anything at this point – they’ll put together a financial assessment including a state benefit check, along with their recommendation. They’ll then contact you to arrange another appointment.
Step 4 – Putting your plan into action
At your second appointment, your adviser will discuss the results of your state benefit check and talk you through their recommendation for the product available, the Saga Lifetime Mortgage provided by Just. It comes with a range of flexible options, exclusive features and can be tailored to meet your individual circumstances. If you’re happy to proceed at this stage, your adviser can help you complete the paperwork.
Step 5 – Completing the process
Following a valuation of your property, the offer documents will be issued to you. You’ll need a solicitor to complete the paperwork as with a traditional mortgage, and your adviser can recommend a suitable one if you don’t have your own. The Saga Lifetime Mortgage comes with the Saga Service Promise. This means Just will aim to release your money to your solicitors account within 40 working days of your application being received and accepted by Just.
If you want to find out more, call the Saga Equity Release team on 0800 096 7120. Lines are open Monday to Thursday, 9am-8pm and Friday 9am-5.30pm (excluding bank holidays).
Please refer to our Important information to find out more about the service and fees.