Saga equity release review
May 2024
Who is Saga?
Saga started life in Folkstone, Kent in 1951, and was originally a travel company.
Since then, the company has grown to become one of the UK’s most recognised and trusted brands, offering travel services and cruises as well as a wide range of insurance and financial products, including equity release.
Today, Saga has an excellent reputation for serving the over 50s community.
A note from our expert, Ashley:
It’s always wise to consider your options. Our review pages will help you to understand what each equity release provider can offer you. Be sure to also seek financial advice from a suitably qualified professional and to share your thinking with family members before reaching a decision.
Is Saga a member of the Equity Release Council?
The Saga lifetime mortgage available through Saga Equity Release is provided by two trusted partners: Just, who provide the mortgage and Hub Financial Solutions, who provide the advice.
Saga, Just, and Hub Financial Solutions are all members of the Equity Release Council (ERC) and are regulated by the Financial Conduct Authority. This means they must comply with the ERC’s strict rules, principles, and product standards.
It also means that if you take out a lifetime mortgage with Saga Equity Release, you’ll be protected by a ‘no negative equity guarantee’. This ensures you will never owe more than the value of your property.
How do customers rate Saga?
Customers on the independent review website, Trustpilot, give Saga a rating of 4.1 out of 5, which is classed as great. This rating is for all of Saga’s products and services.
Hub Financial Solutions also has an excellent rating of 4.7 on Trustpilot, specifically for their advice and services in equity release.
What are the main benefits of Saga equity release?
Like any equity release product, a Saga lifetime mortgage allows you to access the value tied up in your home in the form of a tax free lump sum. You can then use this money however you wish.
However, the Saga lifetime mortgage has been specifically designed for Saga customers and comes with these additional benefits:
- You get a free financial review and State benefits check, to explore your individual circumstances and the options available, and to ensure that the money you release won’t affect any benefits you’re receiving
- You can choose to receive a single lump sum payment or to take smaller cash amounts whenever you need them
- Your money will be released to your solicitors’ account within 40 days of your application, or you’ll receive £100 with Saga’s service promise
- You can choose to take payment holidays of up to three months in a row during any 12 month period
- You have the option to repay some or all of your monthly interest
- You’re protected by a money back guarantee should you change your mind within the first six months, provided your initial advance is less than £150,000
Eligibility criteria
To qualify for a Saga lifetime mortgage, you must have reached age 55 (or older) and have a home in the UK worth at least £70,000. If you have an existing mortgage, you may still qualify, but this will depend on the amount outstanding and the value of your property.
Next steps
A good first step is to see how much you could potentially release from your property, using our free, easy to use calculator.
You should also explore the alternatives to equity release and make sure you fully understand the implications of taking on a lifetime mortgage.
You can access expert advice by calling Age Partnership free on 0800 133 7380.
You should also speak to trusted friends or family members before deciding if equity release is the best option for you. That way, you can be more confident of making the right decision – for you.
Try the calculator