Why Santander and Legal & General?

Santander don’t offer later life mortgages. So that our customers can explore a wide range of options we’ve partnered with Legal & General to offer their later life range.

Unless otherwise indicated, all references to 'us', 'we' and 'our' on this website indicate Legal & General.

 

Compare our later life mortgages

Our Lifetime Mortgages and Retirement Interest Only Mortgage may appear similar, but it's important to understand the differences between each product.

We've pulled out some of the key points below.

  Our Lifetime Mortgages Our Retirement Interest Only Mortgage
Age 50+ for our Payment Term Lifetime Mortgage

55+ for our Interest Roll Up and Optional Payment Lifetime Mortgages
55+
Minimum loan amount £10,000 £10,000
Maximum loan amount Determined by your age and property value.

For our Payment Term Lifetime Mortgage an affordability assessment is also required.
Up to 60% of the value of your home, subject to an affordability assessment
Minimum property value considered £70,000 or £100,000 for flats, maisonettes, ex council, ex housing association or ex Ministry of Defence properties. £70,000 or £100,000 for flats, maisonettes, ex council, ex housing association or ex Ministry of Defence properties.
Is there an affordability assessment? Yes, for our Payment Term Lifetime Mortgage

No, for our Interest Roll Up and Optional Payment Lifetime Mortgages
Yes
Is the loan secured against my home? Yes Yes
When do I have to repay the full amount of the loan? The loan is usually repaid when you die or move out of your home into long-term care. The loan is usually repaid when you die or move out of your home into long-term care.
Do I have to pay interest every month? Yes, for our Payment Term Lifetime Mortgage, you have to pay the full interest monthly for your chosen payment term. As a last resort, your home may be repossessed if you fail to keep up repayments.

No, for our Interest Roll Up and Optional Payment Lifetime Mortgages, the interest is charged on the loan amount plus any interest already added, so the amount owed will increase quickly over time. However, with our Optional Payment Lifetime Mortgage you can choose to pay off some or all of the monthly interest to prevent this.
Yes - the interest due is payable in full by you each month. As a last resort, your home may be repossessed if you fail to keep up repayments.
Is the interest rate fixed? Yes. The interest rate is fixed for the life of the loan. Yes. The interest rate is fixed for the life of the loan.

A mortgage may affect means-tested benefits, your tax position and any future inheritance.

 

 

Legal & General's later life mortgages

Why partner with Legal & General

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We are here to help you

Since 2015, we have lent £6.58 billion to over 116,000 customers.

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For lifetime mortgages

We're a proud member of the Equity Release Council.

Highly Commended as the Best Equity Release Provider in 2023.

Award winning

Moneyfacts awarded for us Highly Commended for Best Equity Release Provider in 2023.