Saga is offering a new mortgage service for homeowners over 50 who wish to help or support a family member get onto the property ladder.
Saga Mortgages will also offer products for customers who wish to remortgage or who need alternatives to later life lending.
It has teamed up with mortgage broker, Tembo, to offer the new service which is part of Saga’s bid to become a ‘superbrand’ for older people in the UK. It comes following the recent launch of Saga Legal and the Saga Savings Platform, a suite of new Saga Money products, including a savings account and an ISA.
Now customers will be able to use Saga to access a range of mortgage deals including repayment, interest-only deals, buy-to-let, holiday let and family assist products.
Thanks to the link with Tembo, customers will be supported by a team of mortgage experts who will be on hand via the phone or video services.
Each customer will be assigned a case manger who will guide them through to completion, keeping them updated on their mortgage’s progress. They will also liaise with the lender, solicitor and sellers.
Saga said it would be able to offer live pricing from over 110 lenders. All customers will receive a personalised plan plus a secure account to manage appointments, track progress, upload documents and explore other relevant Saga products, such as buildings and content insurance and wills.
The launch comes in response to a rising demand from people aged 55 and over looking for mortgages. Saga said it was one of the fastest growing segments of the mortgage space, despite the market currently being underserved with 29% of searches for mortgages for those over 50 returning no affordable lending solutions.
Alex Edmans, head of financial services at Saga Money, said: “Our research shows that many of our customers are looking for a service that specialises in supporting over-50s through the mortgage journey, particularly those who are seeking family-boost mortgages, remortgages, or equity release alternatives.
“With this in mind, we have created a service which simplifies this process, providing a personalised range of mortgage options, underpinned by a team of experts, to provide advice and support seven days a week.”
Richard Dana, founder and CEO at Tembo explained how customers could use the new platform. “Users can do everything from remortgaging their own home to understanding how they could help their loved ones get on the property ladder with the Bank of Family,” he said.
“We’re delighted to have the opportunity to help Saga customers with their home financing. Alongside our digital platform, we have an amazing team of family and later life mortgage experts at the end of the phone. We’re really looking forward to getting started.”
