Nationwide Equity Release Review

This Nationwide lifetime mortgage review is one of a series of equity release reviews . We have taken a close look at all the leading providers, to help you compare the various schemes available and consider which plan may be right for you.

nationwide lifetime mortgagesNationwide is one of the UK’s largest high street lenders and the country’s second largest mortgage provider. The company launched equity release in April 2019 to help older borrowers and retirees.  Nationwide is regulated by the Financial Conduct Authority and is a member of the Equity Release Council, so lifetime mortgage customers are protected by the Council's rules and principles.

Nationwide equity release – in summary

Nationwide offers three types of mortgage for borrowers in later life:

  1. Nationwide lifetime mortgage - lets you release a tax-free lump sum and pay nothing until you die or move into long-term care
  2. Retirement interest only mortgage – lets you make lower monthly payments than a standard mortgage, with no fixed end date. The loan is repaid by the sale of your home when you die or move into long-term care
  3. Retirement capital and interest mortgage – is a standard mortgage that lets you borrow past the age of 75.

For the purposes of this equity release review, we are focusing on the Nationwide lifetime mortgage.

Features of the Nationwide lifetime mortgage

  • The maximum you can borrow will depend on your age and the value of your home
  • There are no monthly repayments, and the term of your mortgage is not fixed
  • The loan and interest will be repaid once the last borrower dies or moves into care
  • Interest rates are fixed for life, starting from 3.4%
  • You can repay up to 10% of the loan each year without incurring early repayment charges
  • There are no advice, valuation, or product fees, but you may need to pay for independent legal advice
  • The mortgage comes with £1,000 cashback
  • You are guaranteed to never owe more than the value of your home

Eligibility criteria

To apply for a Nationwide equity release you need to meet all these criteria:

  • You are aged between 55 and 85 - existing Nationwide mortgage holders can apply up to 95 years of age
  • You wholly own the property - shared ownership or right to buy homeowners are not eligible
  • You live in mainland UK - Isle of Man, Scilly Isles, Channel Islands or Northern Ireland residents are not eligible
  • The equity release property is a standard home that isn’t listed, doesn’t have sheltered accommodation or properties above it and isn’t next to or opposite commercial premises.

Nationwide equity release advice

Nationwide has a team of later life mortgage consultants who can answer your questions and talk you through the details. While there’s no fee for this advice, you’ll only be given information on Nationwide’s own lifetime mortgages, so you won’t be made aware of any other equity release providers’ plans, even if an alternative may be more suited to your needs.

This is why we've teamed up with leading equity release specialist, Age Partnership. They can give you independent advice and quote on schemes from across the whole open market. They also guarantee to beat any like-for-like equity release quote or give you £500.

Next steps

See how equity release providers compare or find out how much equity you could release from your home, using our easy-to-use calculator. It’s free and there’s no obligation to go further.

For free and independent advice on equity release call 0113 2093531 to speak to a specialist adviser at Age Partnership.

You should always seek professional advice. Before you reach a decision, make sure you completely understand the implications of a lifetime mortgage, consider any potential alternatives, and discuss everything with your family.

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Our trusted partner

Age Partnership

We are members of

Equity Release Council

Part of the Over50choices group

Over 50 Choices

We are authorised & regulated by the Financial Conduct Authority