What can I use equity release for?
The money available from equity release can be used for home improvements and repairs, travel and hobbies, debt consolidation and family, simple day-to-day living expenses, and so much more. It’s your money to spend as you need, or wish!
Bear in mind though, that any outstanding mortgage or other debt you have against your home will need to be paid off first.
Here’s a breakdown of what Saga customers have used equity release for*:
Home improvements - 59%
New bathrooms and kitchens, extensions or conservatories, triple glazing or loft conversions…these are just a few of the improvements that could add more comfort and value to your home.
Finances - 49%
Equity release can be used to pay off traditional mortgages, loans, credit cards and more. Please note consolidating existing debts using equity release could end up costing more long term.
Holiday/Leisure - 30%
A cruise, a safari, a visit to family down under… equity release could make your dream holiday happen.
Emergency fund - 23%
Having accessible money to pay for unexpected repairs and bills can take some of life's worries way.
Car - 21%
Equity release gives you a chance to replace the tired old car or even splash out on that new one you’ve always wanted.
Gifts to family - 22%
Giving loved ones their inheritance early can help with big expenses, such as education costs, weddings, house deposits and even driving lessons.
*Survey of Saga customers’ stated intended purpose of equity release from January to September 2020, conducted by HUB Financial Solutions. Some customers use the money for more than one purpose.
It's important to note that equity release will reduce the value of your estate and may affect your entitlement to state benefits. You can find out more about Saga Equity Release and the fees involved on the Important Information page.