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.

More about equity release with Nationwide


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).

Can you apply for a Lifetime mortgage?

You can apply for a Lifetime mortgage if:

  • You are a current Nationwide mortgage holder aged from 55 to 94. Or
  • You’re a non-Nationwide mortgage holder, aged 55 to 84.
  • You’re applying for a mortgage on your main residence.

You cannot apply for a Lifetime mortgage if:

  • You live on the Isle of Man, Scilly Isles, Channel Islands, non-mainland Scotland or in Northern Ireland.
  • You live in a Grade I or II* listed property, sheltered accommodation or properties above, next to or opposite commercial premises.
  • You are looking for things like shared ownership or Right to Buy. It is only available for standard ownership.

Ready to find out more?

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.

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

  • details of your pension income – if you have a partner, this should include what they will get if you die before them
  • details of any borrowing, such as loans or credit cards
  • what you pay towards buildings insurance and council tax.

Over the phone

Make an appointment with one of our later life mortgage consultants. They’ll talk through your options and make recommendations based on your individual needs.

Monday to Friday, 9am to 5pm.
Saturday 8:30am to 4pm.
Closed Sundays and bank holidays.

0800 146 100

Attend our online Later Life mortgage event

Find out more about borrowing in later life. We’re running an online Mortgages for Later Life event on the 25 February 2021. It’s free to attend – just complete the registration form.

You may also be interested in...

Retirement Interest Only mortgage

With this type of mortgage, you only pay the interest on the amount you've taken out each month, meaning your monthly payments will be lower than a standard mortgage. And there’s no fixed term: The amount you borrowed won’t have to be paid back until the last remaining borrower moves into long-term care or dies.

Retirement Capital and Interest mortgage

With this type of mortgage, the money you borrow is paid back, along with interest, each month over a fixed term, just like you would with a standard mortgage. The difference here is that unlike a standard mortgage, you can borrow past the age of 75.

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.