What Is Saga Equity Release?

Saga offers lifetime mortgages, the most common form of equity release in the UK.

A lifetime mortgage is a loan secured against your home. You retain full ownership and the right to live there for life, or until you move into long-term care.

Key features of Saga’s lifetime mortgage:

• Available to homeowners aged 55+.
• You keep ownership of your home.
• No mandatory monthly repayments (interest rolls up unless you choose to pay it).
• The loan is repaid when the last borrower dies or moves into long-term care.
• Includes a no negative equity guarantee.

Option to take:

• A single lump sum, or
• A drawdown facility, where you release smaller amounts over time and only pay interest on what you take.

Saga’s equity release advice and arrangement service is delivered through Hub Financial Solutions, a specialist adviser authorised to provide regulated equity release advice.

Regulation, Advice and Consumer Protection

Saga equity release plans meet UK regulatory and industry standards:

• FCA regulated.
• Member of the Equity Release Council (ERC).

Includes mandatory protections such as:

• No negative equity guarantee.
• The right to remain in your home for life.
• Clear, standardised product terms.

If you proceed after advice, Saga charges an advice fee of £799, payable only if you go ahead with a plan.

As with all equity release products, regulated financial advice is mandatory before you can take out a lifetime mortgage.

How Much Can You Borrow?

The amount you can release depends on:

• Your age.
• The value of your home.
• Whether you choose lump sum or drawdown.
• Any inheritance protection you select.

Typically, borrowing starts at around 20–25% of your property value at age 55, rising with age.

Saga also offers inheritance protection options, allowing you to ring-fence a percentage of your property’s value for beneficiaries (in exchange for a lower maximum loan).

Pros and Cons of Saga Equity Release

Pros

• ✅ Access tax-free cash for almost any purpose.
• ✅ Stay in your home without downsizing.
• ✅ No required monthly repayments.
• ✅ Drawdown option helps limit interest growth.
• ✅ No negative equity guarantee.
• ✅ Free financial and benefits check as part of advice.

Cons

• ❌ Compound interest can significantly increase the debt over time.
• ❌ Reduces the value of your estate and inheritance.
• ❌ May affect eligibility for means-tested benefits.
• ❌ Early repayment charges may apply if you repay early.
• ❌ Interest rates are typically higher than standard mortgages.

Customer Reviews and Trustpilot Scores

Saga has a large and well-established Trustpilot profile, with:

• 4.0★ rating.
• 42,000+ reviews.

It’s important to note that these reviews cover all Saga products, including insurance, holidays and other financial services, not equity release specifically.

Overall, customer feedback highlights:

• Clear documentation and explanations.
• Friendly, accessible customer service.
• Ease of speaking to a real person.
• Mixed views on pricing across different products.

💡Because Trustpilot feedback is not product-specific, it should be viewed as an indicator of Saga’s overall service culture, rather than a direct measure of its equity release offering.

Is Saga Equity Release Worth It?

Saga equity release may be worth considering if you:

• Are 55 or over and own a home worth £70,000+.
• Want tax-free cash without monthly repayments.
• Prefer the reassurance of a well-known UK brand.
• Value structured advice and built-in consumer protections.
• Are comfortable reducing the inheritance you leave.

It may be less suitable if you:

• Want to maximise inheritance.
• Expect to move into long-term care soon.
• Rely on means-tested benefits.
• Could still pass affordability checks for a standard mortgage.

Considering Alternatives: Single-Provider vs Whole-of-Market Advice

Saga equity release is built around a single lifetime mortgage product, delivered through one advice route. For some homeowners, that simplicity will feel reassuring.

However, equity release is one of the most personalised financial decisions people make in later life. The suitability, cost and long-term impact of a plan can vary significantly depending on individual circumstances.

This is where a whole-of-market equity release broker can play an important role.

A broker such as Age Partnership does not offer a single lender or product. Instead, they compare equity release plans from across the market, helping to match the lender, interest rate and features to the needs of the individual.

Why whole-of-market advice matters for equity release

The “right” equity release plan depends on a combination of factors, including:

• Your age (and the age of the youngest applicant).
• The value and type of your property.
• How much you want to release now versus later.
• Whether you want to make voluntary interest payments.
• Inheritance protection preferences.
• Health or lifestyle factors that may qualify for enhanced terms.
• Sensitivity to interest rates over the long term.

Because of this, a plan that works well for one person may be poor value or unnecessarily restrictive for another.

A whole-of-market adviser can:

• Compare multiple lenders and interest rates.
• Identify plans with lower long-term costs for your situation.
• Find products with greater flexibility, such as drawdown or voluntary repayments.
• Assess whether equity release is appropriate at all, or whether alternatives such as downsizing or remortgaging may be more suitable.
• Provide regulated, personalised advice, rather than guidance tied to a single provider.

Age Partnership is recommended by Which? and specialises in later-life lending. Their advisers review equity release alongside other options and explain the trade-offs clearly before any commitment is made.

Saga or a whole-of-market broker?

Saga offers a straightforward route to a single equity release product.

Age Partnership compares the whole market to help find the best match for your circumstances.

For a long-term commitment like equity release, many people value the reassurance that they have seen all suitable options, not just one.

Final Thoughts

Saga equity release may be a good fit for homeowners who value a recognisable brand, a clear product structure and a guided advice journey.

However, because equity release outcomes depend so heavily on personal circumstances, many people benefit from first speaking with a whole-of-market adviser.

This helps ensure the lender, rate and features are aligned with their long-term plans, and that equity release itself is the right solution.

Before proceeding, it’s always worth comparing options and understanding the full picture. Using a broker such as Age Partnership can help you make that decision with confidence.