Saga has releaved that consumers could be saving tens of thousands of pounds, on their lifetime mortgages by choosing a plan that allows flexible drawdowns. The charging structures of some schemes encourage customers to release large sums from the equity in their home that they don’t actually need, costing them thousands in unnecessary interest. Many schemes encourage customers to take out the maximum amount possible for their age by charging customers if they return for further money at a later stage. Saga, by contrast, actively encourages people to take only what they require and doesn’t charge customers for further advances when the need arises. The savings that can be made by using flexible drawdowns varies in each case but can run into thousands over the lifetime of the mortgage.According to figures from the Council of Mortgage Lenders, there was a 10% increase on the amount borrowed through Equity Release in 2004. Key reasons for considering releasing equity locked up in the home are the desire for a better quality of life through home improvements and to help family by paying off debts; providing money for a deposit for a house; and helping fund grandchildren’s education.Andrew Goodsell, Chief Executive of Saga,
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