Legal & General Home Finance will extend the range of later life mortgages it sells to Santander UK’s Wealth division, expanding its partnership with the bank’s private clients.
The move will also see the later life unit offer the private banking division a range of additional gifting and estate planning services.
Santander Private Banking will refer customers to Legal & General Financial Advice to receive advice on later-life mortgage products as a result of the deal.
Legal & General Home Finance launched its equity release mortgage range for high-value homes valued at more than £750,000 last year, as the housing market boom saw the number of properties in this range almost double over the last five years.
The unit says: “These solutions aim to meet the changing needs of those at retirement age, as well as providing additional support for brokers dealing with higher-level loans.”
Legal & General struck up its partnership with Santander in 2016 to provide later life lending options for the bank’s interest-only mortgage clients, who want to repay the outstanding capital on these loans without selling their homes. It also supports clients who want buy release equity loans from their properties.
Santander Private Banking was launched in the UK in 2016 and offers a range of banking, investment and mortgage services for private clients.
Legal & General Home Finance head of business development Paula Hughes says: “Our partnership with Santander has proven to be incredibly successful and has gone from strength to strength since it was established in 2016.
“Extending our partnership to work with Santander’s wealth division gives us a chance to support even more customers, including those who are considering using their property wealth to enhance their retirement income, or perhaps to support younger family members.”
Santander Private Banking head of private banking Ben Covey adds: “There is a growing demand for this type of lending and the referral service will be a valuable addition to our private banking service.”
