Santander Equity Release Review

Santander equity release is available to homeowners aged 55 or over. It involves unlocking the money that may be tied up in your home, minus any mortgage.

Learn More: How Does Equity Release Work?

Santander are not members of the Equity Release Council.

Learn More: Who Are the Equity Release Council?

Santander equity release is a means of retaining use of a house or other object which has capital value, while also obtaining a lump sum or a steady stream of income, using the value of the house.

The ‘catch’ is that the equity provider must be repaid at a later stage, usually when the homeowner dies.

The most obvious pitfall is that the equity provider must be repaid at a later stage, usually when the homeowner dies.

Also, one needs to keep in mind that there will be rolled up interest and that your equity release will have an impact on your inheritance.

Learn More: What Are the Drawbacks of Equity Release

L&G provides Santander customers with lifetime mortgage schemes.

According to news, Legal & General decided to sign a five-year agreement to make available lifetime mortgages to Santander’s consumers.

The service will also be accessible to existing Santander mortgage clients who are thinking about releasing equity from their houses to help fund their retirement.

Yes, and according to sources, Santander said that they’d extend the maximum interest-only mortgage borrowing age from 65 to 70years from next Tuesday (7 February 2019).

The new policy will apply to consumers who choose to have any part of their mortgage as interest-only.

With the various changes occurring, the maximum age has extended from 75 to 85, and the maximum lending term increased from 25 years to 40 years for its buy-to-let products.

It’s essential to note that the income-provider has extended its maximum mortgage term to 40 years, from 35 years, for residential capital and interest repayment deals.