Nationwide equity release review 2024
*Updated December 2023*
Who is Nationwide?
Nationwide 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.
A note from our expert, Ashley:
This Nationwide review is one in a series of equity release reviews of the leading providers. Nationwide no longer offers equity release to new customers, but it continues to service customers of the lifetime mortgages we’ve included in this review.
Nationwide equity release – in summary
Nationwide offers 3 types equity release to its existing equity release customers who want to switch plans or release more equity. However, Nationwide no longer offers equity release to new customers.
- Nationwide lifetime mortgage - lets you release a tax-free lump sum and pay nothing until you die or move into long-term care
- 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
- 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 Nationwide lifetime mortgages
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- 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
- 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
To apply for a Nationwide lifetime mortgage 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 products, 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 advice and quote on schemes across a wide range of leading UK equity release providers.