The move follows its successful application to join Safe Home Income Plans (SHIP), the professional body focussed on the protection of equity release plan holders.
It will make Saffron one of a small number of SHIP approved building societies currently providing mortgage lending in this market.
The equity release product range will comprise lump sum, higher loan to value lump sum and drawdown products designed to allow a product choice for a wide range of consumer needs.
In designing the product, Saffron Building Society challenged how customer expectations may change across the life of a loan in a variety of scenarios. As a result, the Saffron Equity Release Mortgage provides enhanced consumer confidence in key areas, such as product portability. There are also no application or valuation fees up to £500, meaning a consumer has no upfront fees payable to Saffron.
Saffron chief executive, Andy Golding explained why the Society had chosen to enter the market at this time. "We think equity release products are particularly relevant at the moment as retired people who tend to be on a fixed income are faced with rising costs and may need to have the facility to free up some of the money locked up in their property. In addition the long term drivers for demand remain robust given the ageing population, decline in pension provision and a larger proportion of wealth being tied up in their property."
