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However much you've saved and prepared for retirement, you might not have quite enough for all the things you planned to do.

We offer three Later Life mortgages, which include ways to help you release equity in your home. Our mortgage consultants are on hand to help you decide which option is best for you.

Our later life mortgage range

Our later life range of mortgages have no valuation, product or advice fees.

Lifetime mortgage

This equity release mortgage is like a long-term loan. It’s usually repaid when the last borrower moves into long term care or dies and your home is sold. But you can choose to make monthly payments.

Equity release explained

With Lifetime mortgage deals, you need to seek and pay for independent legal advice. So, our Lifetime mortgage range comes with £1,000 cashback with the initial completion.

Maximum loan amount depends on your age, and how much your property is worth.

Retirement Interest Only mortgage

With a Retirement Interest-Only mortgage, you only pay off the interest. So, your payments can be lower than a typical mortgage.

Unlike a standard interest-only mortgage:

  • You only have to prove you can afford the monthly interest payments.
  • The main part of the loan, or capital, is usually only paid off when the last borrower moves into long-term care or dies.

Maximum loan amount: £500,000.

Retirement Capital and Interest mortgage

With this mortgage, you pay back both interest and capital monthly. So, you repay your mortgage in full by the end of its term.

You’ll need to be able to afford the monthly repayments.

Unlike a standard repayment mortgage, this option lets you apply to borrow later in life than is allowed on a standard mortgage.

Maximum loan amount: £500,000.

Rates for Later Life mortgages 

Check and compare the mortgage rates you could get when applying for a Nationwide Later Life mortgage.

Check interest rates for our Later Life mortgages

Alternative options

Borrowing in later life can impact the inheritance you leave, and any state benefits or local authority grants you receive.

Before deciding whether to borrow, it’s a good idea to speak with trusted family or friends. They could give you support or suggest other ways to raise the money you need.

Alternatives to releasing equity might include:

  • using any available savings
  • moving to a smaller home (downsizing)
  • getting help from family members
  • state benefits - if you’re eligible
  • a local authority grant - if you’re eligible
  • a personal loan or credit card.

Attend our online Later Life mortgage event

On the 24 August 2021, we're hosting a free, online ‘mortgages for later life’ event. Our mortgage consultants will talk you through our range of borrowing options, plus you can ask any questions you might have.

Speak to us and find out how to apply

To find out if later life mortgages are right for you, and how much equity you could release from your home, get in touch.

If you're happy, we can then arrange an appointment for you with one of our mortgage consultants. They'll talk through your options and make recommendations based on your individual needs.

When you speak to us, please have details of your:

  • pension income (if you have a partner, this includes what they will get if you die before them)

  • borrowing like loans or credit cards - if you have any

  • buildings insurance costs

  • council tax costs.

To apply for a Later Life mortgage

You need to be:

  • aged 55 to 84 (or 94 if you already have a Nationwide mortgage)
  • applying for a mortgage on your main residence only
  • receiving a state private or workplace pension (unless applying for a Lifetime mortgage).



Think carefully before securing other debts against your home. Your mortgage is secured on your home, which you could lose if you do not keep up your mortgage payments. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.