Santander Equity Release Review (2025): Don't Miss This!

- Santander has a selection of financial products and services in place of lifetime mortgages, made for later-life finance, and their mortgages come with perks for older customers, blending traditional loans with senior-friendly tweaks.
- They provide advisory services to help older customers navigate their mortgage options and plan for retirement.
- Santander allows customers to explore the potential for interest-only payments, offering lower monthly costs for those on fixed incomes.
If you’re curious about Santander‘s equity release products and services, you will be pleased to know that the bank offers later-life lending solutions.
Santander partners with Legal & General to provide a preliminary assessment for equity release eligibility, connecting you with an expert adviser once you qualify.
This adviser will guide you through the entire process, ensuring you have a comprehensive understanding and can make well-informed decisions.
The team at EveryInvestor has compiled this handy guide by examining all the latest news on Santander’s equity release offerings, making it easy to read and understand.
In This Article, You Will Discover:
Therefore:
NOTE: EveryInvestor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of EveryInvestor only and may not reflect the views or opinions of Santander. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Santander.
How Is Santander Involved in Equity Release?
Santander is involved in equity release by guiding customers through the initial stages of exploring equity release options.
By partnering with Legal & General, one of the UK’s leading providers of later-life mortgages, Santander facilitates an introduction for those considering this financial step.1
This ensures customers are well-informed and supported throughout the initial eligibility assessment phase.
How Does Santander Assess Your Equity Release Eligibility?
Santander assesses your equity release eligibility based on a variety of criteria, including your age, the value of your property, and your financial circumstances.
Here are the general qualifying criteria:
- You must be over 55 years old
- You need to own a UK property with a minimum value (often around £70,000)
- The property should be your main residence
This preliminary assessment aims to ensure that equity release is a viable and suitable option for your retirement planning needs.
It’s the first step in connecting you with the expert advice and tailored solutions offered by Legal & General, ensuring a solid foundation for your financial decisions in later life.
What Is Santander’s Role in Your Later-Life Mortgage Journey?
Santander plays a key role in simplifying your later-life mortgage journey by offering tailored solutions for individuals aged 55 and over.
Through its collaboration with Legal & General, Santander provides Lifetime Mortgages and Retirement Interest Only (RIO) Mortgages, designed to help homeowners access equity or manage mortgage repayments while staying in their homes.
With expert guidance and personalised options, Santander ensures your financial needs are met, giving you peace of mind in your retirement years.
What Is the Santander and Legal & General Equity Release Partnership?
The Santander and Legal & General Equity Release Partnership combines Santander’s banking services with Legal & General’s expertise in equity release to offer comprehensive solutions, enabling customers to access their property’s value with bespoke financial advice.
The Santander and Legal & General equity release partnership began in 2016 and was renewed for a further five years in 2021.2
Through this alliance, Santander helps to bridge the gap between potential borrowers and the specialised equity release products offered by Legal & General.
What Santander Products and Services Are Available?
Santander offers numerous products and services, including personal and business banking, mortgages, loans, savings accounts, and financial planning advice to meet diverse customer needs.
Here are some of the products on offer:
- Current Accounts
- Travel Insurance
- Investments
- Savings Accounts
- Home Insurance
- Life Insurance (cover provided by Aviva)3
- Personal Loans
- Later-Life Mortgages (provided by Legal & General)4
As a leading retail and commercial bank serving approximately 14 million customers in the UK, Santander extends its services to include business, corporate, and private banking solutions.5
Does Santander Offer Equity Release Alternatives?
Yes, Santander offers alternatives to equity release, such as remortgaging, personal loans, and later-life mortgages, providing options for accessing funds without the need for traditional equity release products.
Santander’s primary role in later-life mortgages is to assess eligibility and facilitate introductions to Legal & General; however, they also help you explore other financial options that might better suit your goals, including personal loans, remortgaging, or downsizing.
Santander aims to ensure that you are aware of all available paths to achieve your financial objectives in retirement, offering a comprehensive approach to personal finance planning and helping you find the most suitable financial solution.
Santander Later-Life Mortgages: A Flexible Alternative
Santander’s later-life mortgages offer an alternative to equity release by providing loans that are flexible and can be tailored to your specific needs.
These products allow homeowners over 60 to access funds while still making manageable repayments, without the loan growing rapidly due to compound interest.
This option is particularly useful if you want to unlock some of your home’s value but retain more control over how the debt is repaid.
It may be worth exploring if you prefer to make regular payments and avoid the interest buildup that comes with lifetime mortgages.
Exploring Santander Interest-Only Mortgages for Later Life
Santander’s interest-only mortgages are designed for older homeowners who want to keep monthly repayments low by paying only the interest on the loan.
The capital remains outstanding and is repaid when the property is sold, which is similar to equity release but with more manageable ongoing payments.
This product could be a good fit if you need a smaller monthly outlay but want to leave your estate with a more predictable debt.
It provides a flexible alternative to full equity release, allowing you to access cash while maintaining some control over the loan’s repayment.
Santander Remortgage Calculator: Can It Help You?
The Santander remortgage calculator is a valuable tool for anyone looking to switch to a better mortgage deal or release equity by remortgaging.
This calculator quickly estimates how much you could borrow or save by remortgaging your home.
For over-65s considering financial solutions, remortgaging could offer an alternative to equity release.
It presents a simpler way to access funds while potentially securing a better mortgage rate, but it may not provide the same cash flow as equity release products.
What Are the Pros and Cons of Exploring Equity Release With Santander’s Guidance?
The pros and cons of exploring equity release with Santander’s guidance include access to professional financial advice, but limited product availability since they don’t offer equity release directly.
It’s important to consider that equity release, while beneficial for some, may not be the best solution for everyone, highlighting the importance of personalised advice.
What Are the Advantages of Santander’s Later-Life Mortgages and Equity Release Options?
The advantages of Santander’s later-life mortgages and equity release options include access to competitive interest rates, flexible repayment terms, and personalised financial advice, helping seniors manage their finances effectively while finding a later-life mortgage that fits their financial situation
What Are the Drawbacks of Choosing Later-Life Mortgages Through Santander and Legal & General?
The drawbacks of choosing later-life mortgages through Santander and Legal & General include potential eligibility restrictions, the impact on inheritance due to outstanding mortgage balances, and possibly higher interest rates compared to traditional mortgages.
Another major potential drawback is that exploring options through a specific partnership might limit your view of the wider market, which is why it’s always advisable to seek independent financial advice.
Important points to remember when considering equity release:
- Equity release will reduce the inheritance you leave behind.
- Your means-tested benefits may be affected if you take out an equity release loan.
- Equity release can be an expensive way to borrow.
- If you do not make interest repayments, your loan will accrue compound interest and your total debt will increase substantially.
- You may have to pay high Early Repayment Charges if you decide to end your lifetime mortgage early.7
What Fees Are Associated with Santander’s Equity Release Eligibility Assessments?
There are typically no fees associated with Santander’s equity release assessments.
Santander’s initial eligibility assessment for equity release is generally free of charge, aimed at determining your suitability for further advice from Legal & General without any upfront costs.
What Do Customers Think About Santander’s Services?
Customers generally appreciate Santander’s comprehensive financial services, noting competitive interest rates, user-friendly online banking, and helpful customer support, but some express concerns over service speed and branch accessibility.
Where Can You Find Santander’s Customer Reviews?
Customer reviews for Santander’s services can be found on various platforms, including financial review sites and forums, offering insights into the experiences of others.
Find reviews on the following sites:
- UK.TrustPilot.com Reviews of Santander
- Santander Reviewed on ChooseWisely.co.uk
- Reviews of Santander on SmartMoneyPeople.com
How Can you Complain About Santander?
To complain about Santander, you can contact their customer service via phone, online chat, or email, though the easiest way to do so would be to contact the bank directly through its support page.8
Alternatively, you can visit a local branch and escalate the issue to the Financial Ombudsman Service if necessary, or you could submit a review on a site like Trustpilot9 or Feefo10, and Santander may contact you to assist.
How Can You Contact Santander for Equity Release Information?
To contact Santander for equity release information, you can call their customer service helpline, use their online contact form, or visit a local branch for assistance and guidance on available financial options.
The bank offers guidance on eligibility and can facilitate connections with Legal & General for comprehensive advice.
Information is available through Santander’s website, local branches, or customer service channels, where you can request more details on the equity release process.
What Is the Santander Contact Number for Equity Release Inquiries?
- 0800 068 6064
- consumerservice@santander.co.uk
- 2, Triton Square, Regent’s Place, London, NW1 3AN.
How Did We Review Santander’s Introductory Role in the Equity Release Process?
Our review of Santander’s role in the equity release process focused on evaluating how effectively the bank informs and guides its customers through the initial stages of considering equity release.
We assessed the clarity of information provided, the accessibility of equity release resources, and the quality of customer service when facilitating introductions to Legal & General for detailed advice.
We also considered feedback from customers who have gone through the process with Santander, with this feedback providing valuable insights into the overall customer experience and highlighting areas where Santander excels or could improve in helping customers navigate their equity release journey.
What Are the Regulatory Details for Santander?
Santander is authorised and regulated in the UK by the Financial Conduct Authority (FCA)11 and the Prudential Regulatory Authority (PRA).12
What FCA-Permitted Services Does Santander Offer?
- Insurance
- Investments
- Other Services
What Are Santander’s Registration Numbers?
Santander’s FCA and Companies House Links
- FCA Link: FCA Link
- Companies House Link: Companies House Link
Common Questions
How Does the Santander Equity Release Process Work?
Does Santander Belong to the Equity Release Council?
Who Owns Santander?
How Can I Apply for a Position at Santander?
Does Santander Allow Equity Release?
How Safe Is Santander for Your Equity Release and Lifetime Mortgage Needs?
Final Thoughts
Navigating Santander’s later-life mortgages and equity release options offers a supportive pathway for those considering equity release as a financial strategy in retirement.
Through its collaboration with Legal & General, Santander provides access to expert advice and a range of later-life mortgage products designed to meet diverse financial needs.
This partnership ensures customers receive tailored advice, making it easier to understand the options available and how they align with individual financial goals.
Ultimately, the support and expertise provided by the Santander equity release partnership can be invaluable in securing your financial freedom and well-being in retirement.
The features mentioned and the amounts raised are subject to the lender’s criteria and terms and conditions. Lenders may take into account age, health and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.
WAIT! Before You Go…
Free Equity Release Calculator
How Much You Can Release?
Found an Error? Please report it here.