Lifetime mortgage

There are no valuation fees, product or advice fees with this mortgage.

The Lifetime Mortgage could be ideal if you want to release your equity but have concerns about being able to afford monthly repayments. With this mortgage, you take out a lump sum, which will not have to be repaid until the last remaining borrower either moves into long-term care or dies. There are no capital or interest payments to make every month, unless you choose to, and the term of the mortgage is not fixed.

Could it be right for you?

This mortgage is designed to run for the rest of your life and could be a good choice if you don't want to move or downsize. 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.

You also 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 (as long as you meet all the Terms and Conditions).

You can apply for this mortgage from the age of 55, up until your 85th birthday (or your 95th if you already have an existing mortgage with us), so long as:

  • the property is, or will be, the main place you live.

Things you need to know

  • 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.
  • 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. If you have a Lifetime Mortgage and would like to make an overpayment, please call us on 0800 464 0813
  • it's also not available if you live on the Isle of Man, Scilly Isles, Channel Islands or in Northern Ireland.
  • the maximum you can borrow will depend on your age and how much your property is worth. Unfortunately, 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.

Ready to take the next step?

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

When you contact us in the first instance you'll need the following:


  • 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
  • council Tax Information
  • any other credit commitments you may eg. Credit Cards, Personal loans.

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.

For this appointment we will then need to know about:

  • tax position
  • any savings and investments information
  • other assets
  • protection.

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.