Saga unveils new mortgage service for over-50s

The service will offer live mortgage pricing across 110 different lenders, as well as on-hand support

Saga unveils new mortgage service for over-50s

Saga, a specialist provider of products and services to people aged over 50 in the UK, has partnered with digital mortgage broker Tembo Money to launch Saga Mortgages.

Saga Mortgages is a mortgage advice service that provides access to expert advice across 110 lenders, including a range of products to help customers finance their home.

The service, Saga said, is designed especially for homeowning customers who are either looking to help or support a family member get on the property ladder through income or deposit boost mortgages, interested in remortgaging, or seeking alternatives to later life lending.

The launch of Saga Mortgages is part of the company’s strategic objective to become the ‘Superbrand’ for older people in the UK, offering a range of curated products and services for those over 50. Saga Mortgages follows the recent launch of Saga Legal and the Saga Savings Platform, a suite of new Saga Money products.

The Saga Mortgages service will include a digital mortgage fact finder page for customers to complete, personalised plans to show maximum borrowing repayments, and a secure account where customers will be able to save their details, edit plans, book appointments, track progress, upload documents and explore other  relevant adjacent Saga products.

The entire journey will be supported by Tembo’s team of mortgage experts, which will include the provision of personalised market advice on appropriate mortgages.

“We are very excited to be partnering with Tembo to launch the innovative Saga Mortgages service,” said Alex Edmans, head of financial services at Saga Money. “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 chief executive at Tembo commented: “Saga is a beloved brand for millions of over-50s who trust them to provide best-in-class experiences and products. At Tembo, we specialise in finding mortgage solutions, often when our customers felt there wasn’t a route forward.

“Together, we have the opportunity to transform the digital mortgage offering for over-50s. Through the Saga Mortgages 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.

“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.”

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