Deal enables bank to offer private clients additional gifting and estate planning possibilities
Legal & General Home Finance (LGHF) has announced that it is extending its long-term partnership with Santander UK’s Wealth division, expanding the range of later life mortgage options available to the bank’s private clients.
The partnership will offer Santander Private Banking clients additional 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 private clients.
Last year, LGHF launched its equity release mortgage range for high value homes valued at more than £750k, as the housing market boom saw the number of properties in this range almost double over the last five years. These solutions aim to meet the changing needs of those at retirement age, as well as providing additional support for brokers dealing with higher-level loans.
LGHF has partnered with Santander since 2016, providing later life lending solutions for their Interest Only (IO) clients, who want to repay the outstanding capital on their interest only mortgages without selling their homes. LGHF agreed to a five-year extension of its later life mortgage partnership with Santander last year.
Read more: Legal & General extends partnership with Santander.
With the recent expanded partnership, Santander Private Banking can refer customers to Legal & General Financial Advice for advice on LGHF’s later-life mortgage products.
“Our partnership with Santander has proven to be incredibly successful and has gone from strength-to-strength since it was established in 2016,” Paula Hughes, head of business development, Legal & General Home Finance, said.
“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 at Santander, said they are delighted to extend their partnership with Legal & General Home Finance as this will enable them to 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,” Covey remarked.
