Nationwide launches full later life mortgage range

The range consists of three later life mortgage products which launch today to existing Nationwide mortgage members and will be available more widely by this summer.

Products include a retirement capital and interest product, a retirement interest-only product and a lifetime mortgage.

Rates for retirement capital and interest mortgages are in line with the core Nationwide rates and start at 1.89%.

Retirement interest-only rates start from 2.74% for tracker products with no fees and from 2.99% for fixed rates, while lifetime mortgage fixed rates start at 3.49%.

There are no product, valuation or advice fees, and borrowing can be for a number of reasons including home maintenance and improvements, gifting to family members, holidays and debt consolidation.

Nationwide first trialled a retirement interest-only mortgage in November 2018 alongside its existing equity release mortgage.

Jason Hurwood, Nationwide’s director of home propositions, said: “We have seen growing demand from people wishing to release the value tied up in their home, particularly to support them being able to live the retirement they want to live. The Nationwide later life lending options that are now available through our dedicated mortgage advisers mean we are the first major high street lender to establish ourselves to support that growing demand.

"With the variety of options available when it comes to accessing the value that may be locked up in their homes, they need to be supported to take charge of their futures and find the right option for them and their particular circumstances.

“We have an ongoing plan to address the needs of a changing and ageing population, and to design products to support people in or approaching retirement.”