Just Group develops regular drawdown lifetime mortgage

Just Group develops regular drawdown lifetime mortgage

However, the product has been developed with Saga and is only available through its Saga Equity Release Advice Service.

To be eligible, customers must be aged 60-80 with a UK property worth at least £150,000.

Just Group managing director, retirement lending, international and business development Paul Turner (pictured) said: “This product is completely unique in the market and satisfies a customer need that existing lifetime mortgages do not cater for.

“Customers who need to top-up their monthly retirement income to pay domiciliary care fees or to supplement pension income can now do so by accessing some of the value stored in their property.”

Saga head of product Alex Edmans said: “It was clear from what our members told us that there is an appetite for an equity release product like this. We’re really pleased to be able to offer our customers this unique product thanks to the creativity and innovation of Just Group.”