Saga equity release review 2023

  • Free advice with no set up or valuation fees
  • Saga lifetime mortgage provided exclusively for Saga customers by Just
  • 6 month money back guarantee

Once you have read the Saga equity release review, you can compare equity release schemes with other providers or use the online equity release calculator to see how much cash you could release from your home.

Try the calculator

saga equity release reviews
Updated 17th January 2023

Who are Saga?

Saga is a leading UK provider of products and services for the over 50s. Having started life as a travel company in Folkestone, Kent in 1951, Saga is now one of the country’s most recognised brands.

In addition to their travel services and fleet of cruise ships, Saga also offer insurance products which includes travel, motor, home and medical insurance and personal finance services which includes savings and of course, equity release.  

Do Saga release equity?

Saga equity release services are provided by Just, an award winning UK equity release provider who has designed a lifetime mortgage specifically for Saga customers. The free advice you receive when choosing a Saga Lifetime mortgage is provided by HUB Financial Solutions, who are part of the Just Group. 

Is Saga a good company for equity release?

Saga is a well-known, trusted UK based company with a good reputation and over 70 years’ experience serving the over 50s community.

The Saga lifetime mortgage is provided in association with Just and Hub Financial Solutions. Just is the Saga lifetime mortgage provider and Hub Financial Solutions provide the advice.

All three organisations are regulated by the Financial Conduct Authority and are members of the Equity Release Council, so you know you are in safe hands and fully protected by their strict rules and product standards.

Saga equity release customer reviews

Saga customer reviews for all of their products and services can be found on independent UK review website Trustpilot. They have a rating of 4.5 out of 5 which is classed as excellent. In addition, Hub Financial Solutions have an excellent rating of 4.9 on their Trustpilot equity release reviews for their equity release advice and services.

How does Saga equity release work?

Saga equity release gives you the opportunity to access tax free cash tied up in your home to use as you wish. To be eligible, you need to be 55 or older and have a home in the UK worth at least £70,000.

The Saga Lifetime mortgage has been specifically designed by Just for Saga customers and comes with the following benefits:

  • Free advice
  • A choice of either a lump sum payment or smaller amounts as an when you need it
  • Flexible options tailored to suit your needs
  • Money back guarantee - if you change your mind within the first 6 months and decide you don’t need the money* 
  • The equity release Saga service promise – your money will be released to your solicitors account within 40 days of your application, or you will receive £100**
  • Option to repay some or all of your monthly interest and payment holidays of up to three months in a row during any 12 month period
  • Financial review and free state benefit check - to explore what you want to achieve, look at the alternatives and ensure the money you release won’t affect any benefits you may currently get

*your initial advance must exceed £150,000
**not applicable when purchasing a new property

Is Saga a member of the Equity Release Council?

Saga equity release and HUB Financial Solutions are both members of the Equity Release Council. This means they comply with the ERC’s rules and principles and you are protected by the ‘no negative equity guarantee’ which ensures you will never owe more than the value of your property. 

Saga equity release review – additional information

The advice you receive from Saga Equity Release is free of charge and there are no product or valuation fees either.

You can still get a Saga lifetime mortgage if you have an existing mortgage. However, this will depend on the value of your property and the amount remaining on your mortgage.

You can pay your equity release Saga lifetime mortgage off early if your circumstances change but this may incur early repayment charges.

Saga equity release calculator

The Saga equity release calculator gives you the opportunity to see how much money you could potentially release from your home. You just need to add your estimated property value, age of the youngest homeowner and your details and the equity release calculator will show you the estimated amount you could borrow.

For example, for a 65 year old living in a house worth £250,000, the Saga equity release calculator estimates you could release up to £70,500.

What should I do now?

Now you have read our Saga equity release review, you may want to see how their lifetime mortgage compares to other equity release schemes.

Remember, when comparing plans, some advisers only work with specific companies. This is one of the reasons we have teamed up with leading specialist Age Partnership, as they compare schemes and have access to preferential rates with leading UK companies like Aviva, Pure Retirement, Just Retirement, Canada Life and Crown.

Alternatively, why not try our equity release calculator to see how much cash you could release?

Try the equity release calculator

Did you find this information helpful?

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How this site works

Our aim is to provide you with clear and accurate information to help you research your chosen financial products and services. The material on this site is for general information only and does not constitute any form of advice or recommendation.

If a link has an * by it, it means it is an affiliated link to an insurance company or broker that may result in a payment to the site. Should you use the equity release calculator, speak to an Age Partnership adviser and take out a plan out using their services, we receive a commission, however this will not affect the price you pay.

Also, from time to time you may see advertisements from third party companies who pay us a fee to advertise their services on our site.

None of the above arrangements constitute advice or recommendations, as other products and companies are available. You should always obtain independent, professional advice for your own situation.

The information provided on this site is accurate at the date of publication, occasionally however, things will change before we have had the opportunity to update them, so please do check. Always do your own research and take independent advice.

We do not investigate the solvency of any company mentioned on our website and are not responsible for the content on websites we link to.

Over50choices is an independent company and regulated by the FCA (No.594280) for insurance products only and a member of the Equity Release Council.