Legal & General Home Finance (LGHF) has expanded its existing tie-up with Santander to the bank’s UK wealth management division.
As part of the tie-up, LGHF will offer a range of later life mortgage options to Santander’s private banking clients, in addition to gifting and estate planning opportunities.
Launched in the UK in 2016, Santander Private Banking provides a spectrum of banking, investment and mortgage services to clients.
Santander Private Banking head of Private Banking Ben Covey said: “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.”
LGHF joined forces with Santander in 2016 to provide later life lending solutions for the latter’s Interest Only (IO) clients seeking to repay the outstanding capital on their interest only mortgages without selling their homes.
The partnership also catered to clients who want to release equity from their property.
Commenting on the latest development, Legal & General Home Finance head of Business Development Paula Hughes 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.”