Santander Equity Release (Jan 2022)

Santander Lifetime Mortgage Review

Contributors: Nicola Date, Katherine Read. Edited by Rachel Wait & Reviewed by Francis Hui

Are You Considering Santander Equity Release? What are the Pros & Cons? What are the Costs? Discover If Santander Lifetime Mortgage Schemes are for You.

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Santander Equity Release

While Santander Bank doesn’t offer equity release themselves, we’ve got news for existing Santander customers!

Now your financial institution can help you pay off your existing mortgage with an equity release product without having to switch banks.

How’s this possible? We’ll show you:

  • Products offered by Halifax.
  • How their partnership with Legal and General means equity release with ease.
  • If you should consider equity release with Halifax.

So, if you’re an existing Halifax customer, this article is for you.

To find the best equity release solutions on the market, we reviewed over 220 plans by leading providers to determine who offers the best rates and flexibility.

Here’s what we found about Santander.

What is Equity Release & How Does It Work?

Equity release is a UK-based financial product designed for homeowners who are at least 55 and close to retirement. It is used as a form of retirement income, and there’s no limit to how the money is spent. The loan is tax-free and comes with compound interest depending on the plan type. The money owed is then repaid from the sale of the home when the last of the couple (or individual) dies or enters long-term care.

Further details: What’s Equity Release & How Does it Work in Jan 2022

An Introduction to Santander

Santander UK is a retail and commercial bank established in the United Kingdom that is a wholly-owned subsidiary of Banco Santander, a prominent worldwide bank.

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 and provides significant experience and insight.

Does Santander Offer Equity Release Products?

No, Santander doesn’t offer equity release, but they have partnered with Legal & General, who provides equity release products for existing Santander customers.

Santander & Legal & General Partnership

In 2016, Legal and General partnered with Santander for 5 years to extend equity release services to their existing customers. The partnership was reviewed for another 5 years in 2021, expiring again in 2026. 

The Pros & Cons of Equity Release with Santander

The biggest pro of equity release with Santander is that Legal and General is a leading equity release provider. The biggest con of equity release with Santander is that it’s only available for existing bank members.

Should Santander Customers Switch to Equity Release?

A Santander customer should only switch to equity release if it is what’s suggested by their financial adviser. While equity release has incredible benefits, it is a life-long commitment and mustn’t be taken lightly.

Not an Existing Santander Customer?

Do not worry. Take a look at the many amazing equity release providers we profile. You’re bound to find the best possible solution for you and your family!

How Much Can You Release?

Use the FREE Calculator Below 👇


Equity Release Calculator

Value of Your Home?


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Editorial Note: This content has been independently collected by the EveryInvestor advisor team and is offered on a non-advised basis. EveryInvestor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.
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Jason Stubbs Is a Specialist in the Equity Release Sector. He Enjoys Helping Older People Who Are Struggling Financially Get Out From Under Financial Pressure.

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Rachel Wait
Personal Finance Journalist

Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.

Reviewed by
Francis Hui
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Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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Consumer Affairs Writer

She writes on the topics of equity release, home reversion, and mortgages.

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Writer & Journalist

Nicola is a financial writer for EveryInvestor and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.