Andrea Rozario, Director General of SHIP, the equity release trade body, comments on the launch of Saga’s new equity release plan with no upfront fees.

“It is a very positive sign to see the launch of a new and exclusive Saga product to the UK equity release market. At SHIP, we firmly believe that the launch of innovative products is key to the future growth of this sector.  We have also seen a marked improvement in Government’s engagement with our members in addition to growing stability within overall demand. The entrance of a product linked to an organisation of Saga’s stature can only serve to reinforce and strengthen these trends.

“The launch of this new product further opens up the potential of equity release for many people looking to free up their income in retirement and demonstrates Saga’s commitment to developing retirement planning solutions at a time when many people have been adversely impacted by the recent financial crisis.”

“The Saga Equity Release Plan is a lifetime mortgage provided by Just Retirement Ltd who are members of SHIP and complies with all of SHIP’s central principles, including offering a ‘no negative equity guarantee’.”