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Saga to offer ‘Bank of Mum and Dad’ mortgages

Saga to offer ‘Bank of Mum and Dad’ mortgages
Emma Lunn
Written By:
Emma Lunn

Saga is partnering with digital mortgage broker Tembo to launch Saga Mortgages, designed for over 50s looking to support family members get on the property ladder.

The new service from the over 50s specialist is designed for homeowning customers who are looking to help or support a family member get on the property ladder. It will also help those interested in remortgaging or seeking alternatives to later life lending.

Saga Mortgages will offer mortgage products whereby a parent or grandparent can help a child or grandchild buy their first home either by assisting in income calculations or offering cash as part of a deposit.

The Saga Mortgages launch is part of Saga’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 will include live mortgage pricing and affordability for all available mortgage products, including repayment, interest-only, buy-to-let, holiday let and family assist mortgages from more than 110 different lenders.

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

Each customer will have their own case manager assigned to them from the beginning, who will guide the customer through to completion, including making contact every three working days in the time between mortgage submission and completion.

Saga said that keeping customers informed throughout what has the potential to be a lengthy and complex process is one the key foundations of the Saga Mortgages offer. Saga Mortgages will also liaise with the lender, solicitor and sellers, acting as a coordinator on behalf of the customer.

Saga: ‘Specialising in supporting over 50s through the mortgage journey’

Alex Edmans, head of financial services at Saga Money, said: “We are very excited to be partnering with Tembo to launch the innovative Saga Mortgages service. 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, CEO at Tembo, said: “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 50’s. 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.”