SHIP welcomes Saga’s new equity release plan

Andrea Rozario, director general of equity release trade body SHIP, has spoken favourably of Saga’s newly launched Equity Release Plan, which does not involve any 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,” says Ms Rozario. “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 [the] 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 Saga Equity Release Plan is a lifetime mortgage provided by Just Retirement, which is a member of SHIP and conforms to its regulations including the no negative equity guarantee.

Ms Rozario adds: “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.”