Nationwide Equity Release
Compare Nationwide Equity Release For Over 55s
Compare Equity Release Quotes From UK Providers
Nationwide Equity Release
Nationwide the UK’s second largest mortgage lender since 2019 were the first high street lender to offer equity release and retirement mortgage products.
3 Retirement Mortgage Plans On Offer
- Retirement Capital & Interest (RCI) – With this type of mortgage plan, the money borrowed is paid back, along with interest each month over a fixed term, just as you would with a standard mortgage. The main difference is that unlike a standard mortgage you can borrow past age 75 and you can apply right up until age 85. You can borrow up to £500,000 and you can borrow up to 50% of your property value.
- Retirement Interest Only Mortgage (RIO) – With a RIO mortgage, you only pay interest on the amount you have taken out each month, meaning your monthly payments will be lower than a standard mortgage. There is no fixed term so the amount you borrow will not have to be paid back until the last surviving borrower moves into long-term care or dies. Like a RCI mortgage the maximum you can borrow on a RIO mortgage is £500,000 and you can only borrow up to 50% loan to value (LTV).
- Lifetime Mortgage – A Lifetime Mortgage could be suitable if you are looking to release equity from your home but you are have concerns over meeting monthly repayments. With this type of mortgage you take out a lump sum which does not have to be repaid until the last remaining mortgage borrower either moves into long term care or dies. There are no monthly repayments (interest or capital) to be made unless you choose to and the term of the lifetime mortgage is not fixed. The maximum loan you can take depends on your property value and age (s) when you apply.
All these products are only available if you have an existing Nationwide mortgage.
Nationwide offer a range of Equity Release products for existing customers, but you can use our free service to get quotes and advice to see if equity release is right for you comparing products from across the UK market.
An equity release mortgage could help you release the equity in your property but still allow you to stay in your own home. With equity release mortgages, you can benefit from:
- Tax free cash – take it either as a lump sum, regular monthly payments, or a mixture of both
- No regular repayments – the interest will be added to the cost of the mortgage and payable on sale of the property
- No debt – a guarantee that you will never have to pay back more than your home is worth
- Still leave an inheritance – set aside a proportion of your property’s value to leave in your will
There are a wide range of lenders offering equity release products. Equity release can help boost your retirement income, but remember that as no capital or interest is repaid during your lifetime, the amount to be repaid on sale of the property will be greater.
We work with independent equity release specialist Key Advice who provide:
Equity Release Service
- Borrowing options from age 55 to 99
- Independent advice on your mortgage options
- Interest only options
- Top UK lenders compared
- One short form to complete
If you are interested in equity release, or need more information or advice about whether equity release is suitable for you and the range of equity release products on the market, use the online equity release calculator to compare the market for the best deals for your circumstances – just click on the link above.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Equity release may affect your entitlement to state benefits and will reduce the value of your estate. It may involve a lifetime mortgage or home reversion plan. All content set out in this website is provided for information only and should not be considered as advice. It is strongly recommended that you seek advice of a qualified, independent financial advisor before making any decisions to take out an equity release product.
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