This is a type of equity release that lets you unlock the value in your home as a tax free lump sum of money.
Is equity release right for you?
With equity release you don’t have to make monthly payments, unless you choose to, and the loan is usually repaid when the last borrower moves into long-term care or dies.
Entering into a lifetime mortgage or any kind of equity release may reduce the amount of inheritance you can leave for loved ones. It may also affect your tax position and eligibility for state benefits.
Features and benefits
No valuation fees, product or advice fees with this mortgage. You’ll need to take independent legal advice for this type of mortgage. Our Lifetime mortgages offer £1,000 cashback on initial completion, which you could use towards these legal costs.
You have the flexibility to repay up to 10% of the loan amount each year without having to make mandatory monthly payments and without incurring an Early Repayment Charge (ERC).
The maximum you can borrow will depend on your age and how much your property is worth.
There are no capital or interest payments to make every month, unless you choose to and the term of the mortgage is not fixed.
The interest rate is fixed for life.
You get a 'no negative equity guarantee', which means that when your property is sold, if there's not enough left over to repay what's owed, your estate won't have to pay the extra.
You have downsizing protection. This means that, if after 5 years, you want to downsize to a property of lesser value and that property doesn't meet our lending criteria, you have the option to repay your loan in full without an Early Repayment Charge (ERC)
Rates for Later Life mortgages
Check and compare the mortgage rates you could get when applying for a Nationwide Later Life mortgage.
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 Lifetime 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.
- live on the Isle of Man, Scilly Isles, Channel Islands, non-mainland Scotland or in Northern Ireland.
- live in a Grade I or II* listed property, sheltered accommodation, or a property that is above, next to, or opposite commercial premises.
- be using an affordable home ownership scheme, such as shared ownership or Right to Buy.
Think carefully before securing other debts against your home. Your mortgage is secured on your home. 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.