Getting ready for retirement

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

Our Later Life range of mortgages is designed to let you make use of the money that's built up in your home and help you live a little better in your retirement.

All of our later life mortgages have no valuation, product or advice fees. If you choose a Lifetime Mortgage, you will need to seek and pay for independent legal advice. Our Lifetime Mortgages come with £1,000 cashback with the initial completion, which you could use towards these fees.

Our later life borrowing options

Lifetime Mortgage

This is a type of equity release that lets you unlock the value in your home as a tax free lump sum of money.

Equity release is essentially like a long term loan. However, 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.

The maximum loan amount depends on your age and how much your property is worth.

Retirement Interest Only (RIO)

A retirement interest only mortgage is very similar to a standard interest only mortgage, but with some differences.

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

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

The maximum loan amount is £500,000.

Retirement Capital & Interest (RCI)

Much like a standard repayment mortgage you pay back both interest and capital on a monthly basis.

The main difference is that you can borrow up to a higher age than on a standard mortgage but the product is still designed to repay your mortgage in full by the end of your term.

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

The maximum loan amount is £500,000.

Borrowing in later life. Some things to think about

If you wish to, it can be good to speak with family members or trusted friends before taking on further borrowing in later life, they can often offer support and suggest other ways you could raise money. Borrowing in later life can have a big impact on inheritance amounts you leave and any state benefits or local authority grants you get.

As well as later life borrowing, there are other options you could consider, such as:


  • using any available savings
  • downsizing (moving to a smaller home)
  • family support
  • seeing if you can get a Local Authority grant
  • applying for a personal loan or credit card

Can I apply for a later life mortgage?

  • Current Nationwide mortgage holders can apply from 55 up until their 95th birthday. Non-Nationwide mortgage holders can apply from 55 up until their 85th birthday.
  • Depending on the right option for you, you’ll need to be receiving a state, private or workplace pension and the property must be your main residence.

If you’re ready to apply

Please call us on 0800 30 20 10 or ask in branch for a Later Life Mortgage Consultant.

After a quick Eligibility and Affordability check, we’ll then be able to arrange an appointment for you with one of our Later Life Mortgage Consultants, in branch or via Nationwide NOW (a video link you find in many branches). Don’t worry this will all be set up for you in advance.

To help with these conversations, it would be great if you have to hand:


  • income details (from state and private pension income including your providers name)
  • any pension dependency clause information your pension may contain (if a joint application)
  • buildings insurance information
  • any other credit commitments you may eg. Credit Cards, Personal loans
  • information on any savings, investments or other assets that you have
  • information on your tax position
  • details of any protection policies you have

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.