If you’ve recently retired or are aiming to do so in the next few years, you may be short on the cash you need to make your dream retirement a reality.
Santander Equity Release
Santander Equity Release Scheme Review
Are You Considering Santander Equity Release? What are the Pros, Cons & Costs? Discover If Santander Equity Release Plans are for You.
Santander Equity Release Review
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Who Are Santander?
Santander UK is a big retail and commercial bank established in the United Kingdom, a wholly-owned subsidiary of Banco Santander, a prominent worldwide bank.
The company’s new goals align with Banco Santander’s European strategy, which was revealed in April of this year. They want to be the greatest bank for all of its stakeholders, so they’re focusing on client loyalty, simplicity, increased efficiency, and long-term development.
Santander offers innovative products and services to help individuals and companies succeed and manages their company via three client business divisions, backed by the Corporate Centre, to deliver high-quality, seamless service throughout their branch network, digital, and telephonic channels.
Their unique worldwide offering gives them access to a wide range of markets while also providing significant experience and insight.
Santander UK Equity Release FAQs
These are the most common questions we've got asked about Santander equity release.
How does Santander equity release work?
Homeowners aged 55 and up can apply for Santander equity release. It entails releasing any funds that may be locked up in your property, less any outstanding mortgage.
Is Santander a member of the Equity Release Council?
The Equity Release Council does not include Santander.
What's the catch with Santander equity release?
Santander Equity release refers to keeping the use of a house or other capital asset while also receiving a lump sum or a regular stream of income from the asset’s value.
The ‘catch’ is that the equity source must be reimbursed at some point in the future, generally when the homeowner passes away.
Does Santander Do Lifetime Mortgages?
Santander customers can take advantage of L&G’s lifetime mortgage plans.
According to reports, Legal & General has agreed to a five-year agreement with Santander to make lifetime mortgages available to its customers.
Existing Santander mortgage clients who are considering releasing equity from their homes to help fund their retirement will also be able to use the service.
Does Santander Do Interest-Only Mortgages?
Yes, and Santander has said that starting next Tuesday, the maximum interest-only mortgage borrowing age will be raised from 65 to 70 years old (7 February 2019).
Consumers who choose to have any part of their mortgage interest-only will be affected by the new policy.
What’s the Maximum Age for a Santander Mortgage?
With the various changes, the maximum age has increased from 75 to 85, and the maximum lending term for its buy-to-let products has increased from 25 to 40 years.
It’s important to note that the income-provider has increased the maximum mortgage term for residential capital and interest repayment deals from 35 to 40 years.
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Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.
Use our free equity release calculator & see how much you can release today.