Legal & General Home Finance has extended its five-year partnership with Santander UK to help the bank’s mortgage customers with later life mortgage options.
The partnership was the first deal of its kind when it was initially agreed L&G Home Finance would offer later life mortgages to Santander customers in 2016, and Santander has today agreed a five-year extension.
The arrangement helps existing Santander mortgage customers, including those who would like help to repay the outstanding capital on their interest only mortgages without selling their homes. It also supports customers who want to release equity from their property.
Santander customers have benefitted from free advice provided by L&G since the partnership was launched, and Legal & General has since added specialist customer options, such as Optional Payment Lifetime Mortgages and RIO mortgages, to give Santander mortgage customers more choices.
L&G Home Finance CEO, Claire Singleton, commented: “The agreement between Santander and Legal & General was a pioneering move when we first announced it five years ago and since then, we have broadened the range of options that are available to customers on interest-only mortgages as they reach retirement.
“Housing wealth today is increasingly playing a key role in people’s retirement portfolios and we will continue to transform the lifetime mortgage market to help people enjoy the retirement they want.”
Santander UK head of mortgages, Brad Fordham, added: “Supporting homeowners at every stage of their journey is a key focus for Santander and we know that many interest only customers find the reality of having to sell a family home at the end of their mortgage is not as easy as it seemed when they first took it out.
“We have a range of solutions available to support all our mortgage customers based on their individual circumstances and we’re delighted that our partnership with L&G Home Finance enables our customers to access a broader range of more specialist later life lending options, at no additional cost.”
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