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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 and apply right up until your 85th birthday.
This type of borrowing can be a good option if you can afford to pay back both the capital and the interest payments and want to pay it off by the end of the term.
You can apply for this mortgage from the age of 55, up until your 85th birthday, so long as:
The RCI mortgage is only available for standard ownership – meaning it’s not an option for things like shared ownership or Right to Buy. It’s also not available if you live on the Isle of Man, Scilly Isles or Channel Islands.
The most you can borrow with our RCI mortgage is £500,000 and you can only borrow up to 50% of the property value.
We want to make sure all our members get advice that’s tailored towards their needs and circumstances – which is why our Later Life Mortgage Consultants are specially trained in this area.
If you have a Nationwide mortgage with us and would like to find out more about our Later Life mortgages, please give us a call on 0800 30 20 10.
Our Later Life options will be available to non-Nationwide mortgage customers in the near future.
We’ll then be able to arrange an appointment for you with one of our Later Life Mortgage Consultants. All appointments happen via Nationwide NOW (a video link you find in many branches). Don’t worry this will all be set up for you in advance.
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.
With this type of mortgage there are no monthly payments to make every month, unless you choose to. The capital and interest will not be repaid until the last remaining borrower either moves into long-term care or dies. The term of this mortgage is not fixed. The Lifetime Mortgage could be ideal if you want to release some equity and if you would prefer not to make monthly repayments.
Think carefully before securing other debts against your home. Mortgages are secured on your home. You could lose your home if you do not keep up payments on your mortgage.