The financial services group’s later life lending unit first agreed a deal with the high street bank in 2016, but the firms have signed a fresh five-year extension today (29 July).

The venture sees Legal & General Home Finance advisors help Santander mortgage customers on such matters as repaying the outstanding capital on their interest-only mortgages without selling their homes.

The unit also advises customers who want to release equity from their homes. 

It has also introduced new products such as optional payment lifetime mortgages and retirement interest-only mortgages to Santander customers since the relationship began five years ago.

Legal & General Home Finance chief executive Claire Singleton says: “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 adds: “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.

“Any interest-only customers worrying about what happens at the end of their product should talk to us to find out what their options are. 

“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 Legal & General Home Finance enables our customers to access a broader range of more specialist later-life lending options, at no additional cost.”