Saga: Which? report on equity release

Alex Edmans, Saga, responds to Which? Magazine report on equity release: "Saga welcomes the comments from Which? Magazine, which highlight the need to seek proper financial advice before committing to equity release. However, we disagree with their views that equity release should only be considered as an option of last resort.

"Equity release gives consumers a choice. Most people would not want to be forced into the decision of having to move into a smaller property and equity release gives them the option and ability to remain in their own homes.

"With recent improvements, equity release products on the market offer greater flexibility and better value than ever before. Indeed, equity release interest rates that are fixed for life currently compare very favorably against the standard variable mortgage rates on the market at present.

"However, as Which? mentioned, equity release could reduce your entitlement to some state benefits. It is of the utmost importance to carry out a full check of any benefits you are receiving or could be entitled to before plans are arranged.

"With this in mind, equity release is not right for everyone and that is why it's important to seek financial advice before arranging an equity release plan. Our specialists always make sure that any plans arranged are in the customer's best interest."