The money back guarantee gives Saga lifetime mortgage customers a six-month period after the completion date of the initial advance to pay back the balance in full, with no early repayment charges (ERCs) or interest charged.

The service promise assures customers they will receive the funds from a Saga Lifetime Mortgage within 40 days; if this is not the case, customers will receive £100.

Alex Edmans, head of financial services at Saga Personal Finance, said: “We know from speaking to our customers that they see equity release as a way for them to realise some of their hopes for later life, but they also tell us that such a big decision can come with reservations, no matter how much advice they seek.

“These brand new benefits, not available anywhere else, offer our customers another level of reassurance when it comes to equity release.

“The Saga Money Back Guarantee recognises that life can change unexpectedly, while the Saga Service Promise ensures they get the money they need quickly.”