The partnership with LGHF will give clients access to gifting and estate planning opportunities.
Santander Private Banking was launched in the UK in 2016 and offers a range of banking, investment and mortgage services for its private clients.
LGHF first partnered with Santander when Santander Private Banking launched in 2016. It started offering later life lending products to the bank’s interest-only clients who wanted to repay the outstanding capital on their interest-only mortgage without selling their homes. The partnership also supported clients who wanted to release equity from their property.
Last July, LGHF announced the extension of its partnership with Santander UK to help the bank’s mortgage customers with later life mortgage options.
At the time it said rising property prices had prompted it to launch an equity release mortgage range for high value homes valued at more than £750,000.
LGHF said the range was intended as a solution to the changing needs of those retiring, as well as providing additional support for brokers who dealt with higher-level loans.
Santander Private Banking will refer customers to Legal and General Financial Advice if they need advice on its later life mortgage products.
Paula Hughes, head of business development, Legal and General Home Finance said :“Our partnership with Santander has proven to be incredibly successful and has gone from strength to strength since it was established in 2016.
“Extending our partnership to work with Santander’s wealth division gives us a chance to support even more customers, including those who are considering using their property wealth to enhance their retirement income or perhaps to support younger family members.”
Ben Covey, head of private banking, Santander Private Banking: “We are delighted to extend our partnership with Legal and General Home Finance so that we can refer private clients for later life lending advice. There is growing demand for this type of lending and the referral service will be a valuable addition to our Private Banking service.”
