Is equity release right for you?

Our Lifetime Mortgage is designed to run for the rest of your life and could be a good choice if you want the flexibility of having no contractual monthly payments. It could be right for you as long as you're happy knowing that the loan and interest will be repaid by the sale of your home 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.

Things you need to know

  • there are no valuation fees, product or advice fees with this mortgage. These costs don't include legal fees for independent legal advice which you need to have with this type of mortgage. Our Lifetime Mortgages come with £1,000 cashback with the initial completion, which you could use towards these fees.
  • 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.

Can I apply for a Lifetime Mortgage?

  • If you don’t already have a later life mortgage with us, then you cannot apply to move home.
  • 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.
  • the Lifetime Mortgage is only available for standard home ownership, meaning it’s not an option for things like shared ownership or Right to Buy.
  • your property needs to be your main residence.
  • it's not available if you live on the Isle of Man, Scilly Isles, Channel Islands, non-mainland Scotland or in Northern Ireland.
  • we can’t provide a Lifetime Mortgage on Grade I or II* listed properties, sheltered accommodation or properties above, next to or opposite commercial premises.

If you're ready to apply

Please call us on 0800 146 100
Monday to Friday 8am-6pm.
Saturday 8:30am-4pm.
Closed Sundays and Bank holidays.

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:

  • 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 have eg. Credit Cards, Personal loans
  • information on any savings, investments or other assets that you have
  • information on your tax position
  • details of any life insurance policies you have

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.