Our Borrowing in Retirement scheme is designed to support older customers who are established home-owners with a stable income in retirement.


What can I borrow the money for?

You can borrow for a range of reasons, such as home improvements, downsizing, assisting with family expenses like University. But you won’t be able to use the finance for debt consolidation or savings and investments - this could affect your entitlement to benefits.

Who can apply?

Our Borrowing in Retirement scheme is available to:

  • existing Nationwide mortgage customers who want to move home, or take additional borrowing
  • new customers remortgaging to us from another lender.

You need to be in receipt of retirement income: a pension (state, workplace or private), or investment income.

What are the age limits?

The scheme will allow you to apply for a repayment mortgage before your 80th birthday. The repayment term must end before you're 85.

How much can I borrow?

The scheme allows you to take a repayment mortgage with a loan to value (LTV)* of less than 60%.

*LTV is the size of your mortgage in relation to the value of your property. For example, if you have a £150,000 mortgage on a house worth £200,000, you have a LTV of 75%.

Things to consider before applying

If you’re thinking about Borrowing in Retirement, there are some things to consider before applying:

  • It’s worth discussing your plans with your family and friends – they may be able to suggest alternative solutions or offer you support to make your decision. Don't forget that borrowing money against your home may impact your inheritance planning.
  • Speak with an independent financial adviser to ensure you understand how this borrowing may affect your state benefit entitlement, and any tax implications for you.
  • Contact your local authority Social Services team to find out what, if any, impact your borrowing may have on your future long term care needs.

What information will I need to provide?

We’ll need to check some of your pension documentation. Also, if you’re making a joint application, we’ll need to check the provision for your dependants. This is usually noted on your original pension documents or your annual pension statement. If you're unsure if you have a Dependency Clause in your pension, you'll need to check this with your pension provider. 

Other documents may be required, but we’ll let you know before your appointment.

What are the next steps?

Borrowing in Retirement is available by phone application and through intermediaries.  Call 0800 30 20 10 and speak to one of our Mortgage Advisers. It's not available in branch or online.

Further information

The following organisations provide valuable sources of information for older and retired people.

Find out more

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If you can't find what you need on this page or in the FAQs, call us on 0800 30 20 11 and we'll be happy to help.