Note:

On this page, you can view and compare rates for Later Life mortgage products. If you want to see more from our range of mortgages, visit our mortgage rate finder.

You can only secure your rate once you’ve submitted your mortgage application. Mortgage rates can be changed or withdrawn at any time.

Lifetime mortgage rates

The Lifetime mortgage is a type of equity release. You don't have to make any monthly payments, unless you choose to. The loan is usually repaid when the last borrower moves into long-term care or dies.

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

You can borrow between £10,000 and:

  • if you live in England, £1 million, or
  • in Wales and Scotland, a maximum of £515,000.

There is no booking or product fee for this mortgage.

Information and rates for the Nationwide Lifetime mortgage.
Deal period Maximum Loan to Value (LTV)  Rate range
Fixed for life Age dependent Between 2.74% and 3.96%
Find out more about Lifetime mortgages

Retirement Interest Only mortgage rates

A Retirement Interest Only (RIO) mortgage is very similar to a standard interest-only mortgage in that you make interest payments monthly. The money you borrow only has to be repaid once the last remaining borrower dies or goes into long term care.

You can borrow:

  • a maximum of £500,000
  • a minimum of £10,000, or £1,000 if switching your existing Nationwide mortgage to a RIO mortgage with no additional borrowing
  • up to 50% loan to value (LTV).

There is no booking or product fee for this mortgage.

Information and rates for the Nationwide Retirement Interest Only (RIO) mortgage.
Mortgage type Deal period Initial rate Variable SMR (after deal period) Overall cost for comparison
Fixed 2 years 2.39% 3.59% 3.4% APRC
Fixed 5 years 2.59% 3.59% 3.2% APRC
Fixed 10 years 3.39% 3.59% 3.5% APRC
Tracker 2 years 2.49%
(Base rate +2.39%)		 3.59% 3.4% APRC
Find out more about Retirement Interest Only mortgages

Retirement Capital & Interest mortgage rates

A Retirement Capital & Interest (RCI) mortgage lets you pay back your capital and interest each month, just like you would with a standard repayment mortgage. This mortgage is for a fixed term.

You can borrow:

  • a maximum of £500,000
  • a minimum of £10,000, or £1,000 if switching your existing Nationwide mortgage to a RCI mortgage with no additional borrowing
  • borrow up to 50% loan to value (LTV).

There is no booking or product fee for this mortgage.

Information and rates for the Nationwide Retirement Capital and Interest (RCI) mortgage.
Mortgage type Deal period Initial rate Variable SMR (after deal period) Overall cost for comparison
Fixed 2 years 2.39% 3.59% 3.4% APRC
Fixed 5 years 2.59% 3.59% 3.2% APRC
Fixed 10 years 3.39% 3.59% 3.5% APRC
Tracker 2 years 2.49%
(Base rate +2.39%)		 3.59% 3.4% APRC
Find out more about Retirement Capital and Interest mortgages

Glossary of terms

This is the amount you’re looking to borrow on your mortgage as a percentage of the value of the property. LTVs are calculated using the lower of the purchase price or valuation. For example, if a property is valued at £150,000 and you’re looking to borrow £60,000, the LTV is 40% (£60,000/150,000 x 100 = 40%).

This is the comparative illustrative interest rate you’d pay over a year period and helps you to compare the ‘cost’ of borrowing between different mortgage lenders (also known as the ‘overall cost for comparison’).

At the end of the deal period you move to our variable Standard Mortgage Rate (SMR) for the remainder of the mortgage term. Alternatively, you may switch to another Nationwide product, subject to availability and your eligibility at the time. The SMR has no upper limit or cap and is only available to existing customers who have reached the end of their deal period.

Can I apply for a Later Life mortgage with Nationwide?

You must be either:

  • aged 55 to 84, or
  • aged 55 to 94, if you're an existing Nationwide mortgage member

You must also be:

  • applying for a mortgage on your main residence only, and
  • receiving a state, private or workplace pension, unless applying for a Lifetime mortgage.

Ready to find out more?

After an eligibility check, we’ll 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.

Book a video or telephone appointment

Call us to make an appointment with one of our Later Life mortgage consultants. They’ll talk you 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

We’re holding an online Mortgages for Later Life event on 24 March 2021. It’s free to attend – just fill out the registration form, and we’ll send you the details.

Register to attend Mortgages for Later Life online (opens in a new window)

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.