Nationwide expands later life mortgage range to wider market

Earlier this year, the Society launched a suite of mortgage options for those in and approaching retirement to its existing mortgage members.

The later life range includes a retirement capital and interest product, a retirement interest-only product and a lifetime mortgage.

Rates for retirement interest-only start from 2.74% for tracker products and 2.99% for fixed rates. Rates for retirement capital and interest products are aligned to RIO rates and all products come with no product fees as standard.

Nationwide's lifetime mortgage offers a fixed rate for life starting at 3.41% and offers no upfront fees and a £1,000 cashback.

Applicants must be 55 and can apply up to age 85, although for existing Nationwide mortgage members there are borrowing options accessible up to the age of 95.

Jason Hurwood, Nationwide’s director of home propositions, said: “This move is in direct response to growing demand for choices in later life, which is why we are now extending our later life package of products and advice to both members and non-members. It comes against evolving demographic and social changes that mean people live longer and need to make the financial choices that enable them to fund the life in retirement they want. They also want to take charge of their futures and shape how they live their lives.

“For many this means being able to access the value in their home in order to secure that life, including making their homes practically suitable and using the equity to both help themselves and help family members. We are now the first major high street lender to support that growing demand with a variety of borrowing options to access the value locked up in their homes and is part of our ongoing plan to address the needs of a changing and ageing population, whatever their individual choices.”