Compare Santander Equity Release Quotes Against The Market

Santander is one of the "Big Four" UK banks, known for its extensive high-street presence and competitive mortgage deals. However, for homeowners looking to unlock property wealth in retirement, Santander’s model is distinct.

In 2026, Santander does not provide traditional lifetime mortgages directly. Instead, they operate through a strategic partnership with Legal & General, one of the UK’s leading equity release specialists. This means while you may start your journey at a Santander branch, your plan will be provided and managed by Legal & General.

If you are wondering whether Santander/Legal & General is the best provider for your equity release, get in touch below and one of our independent advisers will review this.

Santander’s Later Life Strategy

Santander focuses on providing an entry point for older homeowners. Their service is designed to assess your needs and then refer you to Legal & General Home Finance for the specific product. This allows Santander customers to access award-winning products while maintaining the trust and oversight of their existing bank.

The partnership covers two main types of later-life borrowing:

• Lifetime Mortgages (Roll-up): The standard "no-payment" plan where interest is added to the loan and repaid when you pass away or move into care.

• Retirement Interest-Only (RIO) Mortgages: For those who can afford monthly payments, this option keeps the loan balance static by paying off the interest each month.

Key Features of the Santander/L&G Partnership

By accessing equity release through the Santander referral route, you benefit from the standards of two financial giants:

• Free Initial Assessment: Santander typically provides an initial eligibility check and guidance at no cost to see if equity release is a viable path for you.

• Fixed Interest Rates: All lifetime mortgages offered through this partnership come with a fixed interest rate for the life of the loan.

• No Negative Equity Guarantee: As members of the Equity Release Council, the products ensure you or your estate will never owe more than the home’s sale price.

• Flexible Repayment Options: Modern L&G plans often allow for voluntary partial repayments (typically up to 10% per year) to reduce interest build-up.

• Inheritance Protection: The ability to "ring-fence" a portion of your property’s value to guarantee an inheritance for your family.

Interest Rates and Costs

Because the products are provided by Legal & General, the rates will reflect L&G’s current market offerings. The rate you will end up with on those plans will depend on your age, property value, and the amount you wish to borrow.

Get in touch to speak to one of our brokers for a breakdown of the latest rates and how they compare to the rest of the market.

Fees to Consider

• Advice Fee: While the initial Santander assessment is free, a professional advice fee is usually charged by the Legal & General advisor (often around £599–£999) if you proceed.

• Valuation: Legal & General frequently offers free property valuations on plans referred through Santander.

• Legal Fees: You will need to pay for your own independent solicitor.

Eligibility Criteria

To be eligible for a later-life mortgage through the Santander/L&G partnership, you generally must meet the following:

• Age: You (and any joint borrower) must be at least 55 years old.

• Property Value: Your home must be your main residence in the UK and typically valued at £70,000 or more.

• Mortgage Status: You must be able to pay off any existing mortgage using the money you release.

• Residency: You must be a UK resident living in the property for at least six months of the year.

Pros and Cons of Santander Equity Release

Pros:

• Trusted Brand Referral: You get the reliability of Santander combined with the specialist expertise of Legal & General.

• Wide Product Range: Access to both "no-payment" and "interest-paying" (RIO) options.

• Smooth Transition: Santander aims to make the handover to L&G as seamless as possible for existing customers.

• Robust Protections: Full compliance with the Equity Release Council’s code of conduct.

Cons:

• No Direct Santander Loan: Some customers may find it disappointing that they aren't borrowing from Santander itself.

• Limited Choice: You are effectively being introduced to one lender. A whole-of-market broker might find a better rate from a different provider like Aviva or Standard Life.

• Standard Risks: Like all equity release, these plans will reduce the value of your estate and may impact your eligibility for means-tested state benefits.

How to Apply

1. Contact us: We’ll match you with a later-life lending adviser who specialises in Santander and Legal & General’s product range.

2. Eligibility and Suitability Check: They will conduct a brief assessment of your property value and financial goals to establish whether Santander/L&G is the right option for your equity release

3. Referral: They will then refer you to the right lender, whether that’s Santander or one of their competitors.

4. Full application: Your adviser will then walk you through every step of the application process, starting with preparing the documents you need.|

5. Completion: If you proceed, the application, valuation, and legal steps follow until the funds are released.