Saga cuts prices of equity release mortgage

26 July 2005
Saga Insurance has reduced the cost of its lifetime mortgages, allowing customers to release the equity built up in their home by 0.65 per cent.

The new rate is 6.39 per cent pa fixed for the life of the loan. Combined with other features, this offer is one of the most attractive equity release packages on the market.

The lifetime mortgage will save consumers thousands of pounds in excessive interest payments through its flexible draw down facility.

Clients can withdraw exactly what they need and have the possibility of making further draw downs when necessary without paying any further fees.

Recent research indicates that too many people withdraw more than they need, making the withdrawal option an even more important feature.

Andrew Goodsell, chief executive of Saga said: "It is important that people consider the entire package on offer when looking at releasing equity from their home. A good rate is important, but so are fees charged and product flexibility."

The Saga Lifetime Mortgage offers an arrangement fee of £495 and refunding valuation fees up to £280.

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