-
Corporate
- Customers
Press releases
Legal & General expands Santander partnership into wealth division
Legal & General Home Finance (LGHF) is extending its long-term partnership into Santander UK’s Wealth division, expanding the range of later life mortgage options available to the bank’s Private clients.
10 Jun 2022
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. It also supports clients who want to release equity from their property.
Santander Private Banking will refer customers to Legal & General Financial Advice to receive advice on Legal & General’s later-life mortgage products.
Paula Hughes, Head of Business Development, Legal & General Home Finance: “Our partnership with Santander has proven to be incredibly successful and has gone from strength-to-strength since it was established in 2016. 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, Santander Private Banking: “We are delighted to extend our partnership with Legal and General Home Finance so that we can 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.”
The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions
Further information
Notes to editors
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.
We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.
As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.
Legal & General Retail helps create brighter financial futures for all our customers. The division covers the savings, protection and retirement needs of our c.14 million retail policyholders and workplace members.
In 2023, we had total individual annuity sales of £1,431 million, and issued £299 million of Lifetime Mortgages and Retirement Interest Only Mortgages. Our Workplace pension platform served 5.2 million members, while our Protection businesses gave peace of mind to several million direct, group and US customers, taking in £1,991 million of UK and $1,584 million of US gross written premiums.