Do Santander Offer Equity Release & Lifetime Mortgages?
Looking for greater flexibility with your mortgage options?
Mortgages for older people can transform your retirement with financial security.
We explain the different options, what's important to consider and the best later life mortgages available.
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Table of Contents
Author Paul Murphy -Later Life Finance Ltd
Do Santander offer Lifetime Mortgages?
Santander does not directly offer lifetime mortgages or equity release schemes. The bank does not have any lifetime mortgage interest rates or plans to offer new or existing customers, but these are available from the wider market through our later life mortgage broker service.
Can Santander offer me a Lifetime Mortgage to repay my existing mortgage?
Santander don’t offer retirement interest only mortgages, they refer customers for external advice to Legal & General for equity release solutions.
Can Santander offer me a Retirement Interest Only Mortgage?
Santander don’t directly offer lifetime mortgages, they refer customers for external advice to Legal & General for equity release solutions.
Will Santander provide any alternative options to equity release?
Yes, Santander will offer to review your remortgage options on their existing mortgages. This will involve discussing extending existing mortgage terms, and if required they will also run affordability checks for new lending terms.
What if Santander won't extend my existing mortgage term?
If Santander have declined to extend your mortgage term there are other options to explore.
If you do not want to downsize to settle your mortgage or you don’t have other assets available, a later life mortgage is another option to consider. These include lifetime interest mortgages and retirement interest only mortgages.
What can Later Life Finance help me with?
Later Life Finance limited are a broker specialising in mortgages for older borrowers.
Later Life Finance Ltd are an FCA authorised mortgage broker specialising in over 60s remortgages.
We provide an independent, whole of market mortgage advice & brokerage service.
We have access to the full range of lenders available, providing various incentives, such as cash backs, free valuations and discounted interest rates on flexible interest only later life mortgages.
We are authorised and regulated by the financial conduct authority (FCA). As experts in later life mortgages, we review the world of the lifetime mortgage and the important points to consider when deciding whether it is right for you. Access our free equity release cost calculator for more figures.
Get your free calculation & explore flexible mortgages for older borrowers
- Lifetime mortgages allow homeowners over 55 to borrow against their property. With optional repayments the mortgage is settled when the homeowners pass away or go into long term care.
- Voluntary repayments mean compound interest can be avoided or reduced to help preserve more equity for your beneficiaries, or for downsizing and settling the mortgage and buying another home.
- No negative equity guarantee for Equity Release Council members ensures you will never owe more than your home’s sale proceeds; protecting you and your family.
- Possible to port (move) the lifetime mortgage when moving to a suitable property, or sell property and repay debt with sale proceeds (subject to exit fee’s)
- Downsizing protection to repay without any exit fees if you move home and settle early
- Access professional equity release advice with Later Life Finance. We help you determine if a lifetime mortgage suits your needs and review lump sum or drawdown options, voluntary repayments and exit fees when considering over 60’s lifetime mortgages.
Summary
Although Santander don’t offer new and existing customers lifetime mortgages and equity release, there are a large number of mortgage lenders offering flexible later life solutions.
Using Later Life Finance to review all your mortgage options will help you make an informed decision when comparing all the options available to you.