Santander has signed a five-year agreement with Legal & General to deliver lifetime mortgages to its customers.

The agreement will facilitate Santander’s interest-only mortgage customers who have difficulty in repaying capital at the end of their terms.

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Santander UK managing director of mortgage division Miguel Sard said: “This new partnership promotes flexibility and choice for existing, interest only customers who are approaching retirement and want to find a mortgage solution that suits both their lifestyle and their financial position.”

It will also be open to the bank’s existing mortgage customers who intend to release equity to fund their retirement.

Legal & General Home Finance CEO Bernie Hickman said: “This is a really positive move for the retirement lending market that will see more customers realising the benefits of releasing equity to make their retirement better. We are particularly excited about this new partnership, which builds on Legal & General’s long-standing relationship with Santander and we are delighted that they have chosen us as their partner.”

Customers will not be charged any separate advice fee for using the new service.

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“Legal & General is confident that our Lifetime Mortgages can play a crucial role in tackling what is a UK wide problem, broadening the range of options that are available to interest-only customers as they reach retirement,” Hickman added.

Advice will be offered by lifetime mortgage advisor Key Retirement, which also offers lifetime mortgage advice to Legal & General’s customers.