Santander Equity Release: What to Know in 2024?

Currently, Santander does not directly offer equity release plans, but they may provide referrals to trusted partners who specialize in these financial products. We help you navigate your options for equity release through Santander's network.
  • Last Updated: 17 Jun 2024
  • Fact Checked Fact Checked
  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

Contributors:

Francis Hui
Thinking About Unlocking Capital With Santander Equity Release? Unsure What Your Options Are? Find Out How the Santander and Legal & General Partnership Works and Learn About the Features of Santander's L&G Lifetime Mortgage. Read On...
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Key Takeaways
  • 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 have been wondering about Santander equity release, you may be interested to find out that this bank has made provision for later-life lending.

Santander, in partnership with Legal & General, provides a preliminary assessment for equity release eligibility. Upon qualifying, you’ll be connected with an expert Legal & General advisor who will navigate you through the entire process, guaranteeing a comprehensive understanding and empowering you to make well-informed decisions.

In This Article, You Will Discover:

    The team at Every Investor combed through all the latest news on Santander’s equity release offering to compile this handy, easy-to-read guide.

    Therefore:

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    Santander Home Equity Release

    NOTEEvery Investor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of Every Investor 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.

    Read More: What’s Equity Release?

    How Does Santander Assess Your Equity Release Eligibility?

    Santander assesses your eligibility for equity release 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 role in your later-life mortgage journey as a guide in the initial phase of your journey towards securing a later-life mortgage.

    Their role involves conducting a preliminary assessment to determine your eligibility for equity release options.

    Should you qualify, Santander then facilitates a seamless transition to a Legal & General advisor, who will provide in-depth guidance and assistance tailored to your specific financial needs and goals.

    This partnership ensures you have access to expert advice from the outset, helping you navigate the complex landscape of later-life mortgages and equity release with confidence and ease.

    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.

    Through this alliance, Santander helps to bridge the gap between potential borrowers and the specialised equity release products offered by Legal & General.

    What Products and Services Does Santander Offer?

    Santander offers a diverse portfolio of financial products and services designed to meet the varied needs of its customers.

    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 provides guidance on a range of financial solutions that could serve as alternatives to equity release.

    While their primary role in the context of later-life mortgages is to assess eligibility and facilitate introductions to Legal & General for detailed advice, they also help you explore other financial options.

    This could include personal loans, remortgaging, or downsizing, depending on your circumstances and goals.

    Santander aims to ensure that you are aware of all available paths to achieve your financial objectives in retirement, providing a comprehensive approach to personal finance planning.

    Does Santander Offer an Equity Release Calculator?

    No. While Santander facilitates the initial steps towards exploring equity release through its partnership with Legal & General, it’s Legal & General that provides specific tools like an equity release calculator.

    This online tool helps potential applicants estimate how much equity they could release from their property.6

    You could also use our calculator below to obtain an approximation of how much you may be able to borrow through equity release.

    What Are the Pros and Cons of Exploring Equity Release With Santander’s Guidance?

    The pros and cons if exploring equity release with Santander’s guidance will vary from person to person.

    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 Later-Life Mortgages Through Santander’s Partnership?

    The advantages of the partnership between Santander and Legal & General ensures that you’re provided with a comprehensive range of options and expert advice, making it easier to find a later-life mortgage that fits your financial situation.

    What Are the Drawbacks of Choosing Later-Life Mortgages Through Santander and Legal & General?

    One potential drawback is that exploring options through a specific partnership might limit your view of the wider market.

    It’s always advisable to seek independent financial advice to ensure you are making the best decision for your circumstances.

    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 Financial Implications Should You Consider With Equity Release?

    The financial implications you should consider with equity release include the fact that it can significantly impact your financial landscape, affecting everything from your estate’s value to your eligibility for means-tested benefits.

    It is crucial to weigh these considerations carefully, ideally with the input of a financial advisor.

    What Is the Impact of Equity Release on Your Inheritance?

    Opting for equity release may reduce the value of the inheritance you can leave to your loved ones.

    It is important to discuss these implications with your family and a financial advisor to ensure clarity and alignment with your long-term wishes.

    What Are the Tax Implications of Releasing Equity?

    Releasing equity from your home can have various tax implications, depending on how you use the funds.

    Generally, the money you release is tax-free when you receive it.

    However

    If you invest this money, any income or gains generated from those investments may be subject to taxation, such as capital gains tax or income tax, depending on the investment type and your personal circumstances.

    It’s also worth noting that equity release can affect your eligibility for means-tested benefits, as the additional funds may increase your income or assets above certain thresholds.

    Therefore, it is essential to consider how equity release fits into your broader financial picture and to seek professional financial advice to understand all potential tax and benefit implications fully.

    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 typically 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?

    Customer feedback on Santander’s services, especially regarding their role in the equity release process, tends to highlight the bank’s commitment to providing clear, helpful information and a straightforward pathway to expert advice.

    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:

    How Can you Complain About Santander?

    If you are dissatisfied with your experience and want to file a complaint, the easiest way to do so would be to contact the bank directly through its support page.8

    Alternatively, you could submit a review on a site like Trustpilot9 or Feefo10, and Santander may contact you to assist.

    Should Santander Customers Consider Switching to Equity Release?

    Santander customers contemplating equity release as a financial solution for their retirement should carefully evaluate their circumstances and long-term financial goals.

    Equity release offers a way to access the wealth tied up in your home without having to move. However, it’s not suitable for everyone.

    Factors such as your age, health, future financial needs, and the potential impact on your family’s inheritance should be considered.

    Independent financial advice is highly recommended to explore whether equity release aligns with your financial planning.

    How to Contact Santander for Equity Release Information?

    Customers interested in obtaining more information about equity release can reach out to Santander directly.

    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.

    This included assessing the clarity of information provided, the ease of access to equity release resources, and the quality of customer service in facilitating introductions to Legal & General for detailed advice.

    Feedback from customers who have gone through the process with Santander was also considered.

    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

    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 Offer Equity Release?

    How Safe Is Santander?

    Concluding Thoughts on Navigating Later-Life Mortgages with Santander

    Navigating later-life mortgages with Santander 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.

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