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Is Retirement Interest Only right for you?

Because you only pay off the interest on this type of mortgage your payments can be lower than a typical mortgage.

Unlike regular interest only mortgages, this mortgage doesn’t have a fixed end date to repay the balance.

It could be right for you if you want to keep your payments lower than a standard mortgage and you're happy knowing that the loan will be repaid by the sale of your home when the last borrower moves into long-term care or dies.

Features and benefits

  • There are no valuation fees, product or advice fees with this mortgage.
  • You have the flexibility to overpay up to 10% of the loan amount each year without incurring an Early Repayment Charge (ERC).
  • You can borrow up to £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

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 Retirement Interest Only 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.

You cannot:

  • live on the Isle of Man, Scilly Isles, Channel Islands, or non-mainland Scotland.
  • 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, 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.