Nationwide Equity Release Review
- One of the UK’s largest high street lenders
- No advice, valuation or product fees
- All Nationwide lifetime mortgages come with £1,000 cashback
Try the Equity Release Calculator
Once you have read the Nationwide review, our guides will help you compare equity release reviews with other providers and our equity release calculator will show you how much equity you could release from your home.
Nationwide is one of the UK’s largest savings provider and the country’s second largest mortgage provider. Formed by the merger of several companies, Nationwide, formally known as the Nationwide building society launched the UK’s first retail internet banking service and the first mobile banking platform.
Nationwide lifetime mortgages are regulated by the Financial Conduct Authority and they are members of the Equity Release Council, which means you are protected by their ‘no negative equity’ guarantee.
Nationwide equity release options
Nationwide equity release was launched in April 2019, as part of their range of later life mortgage products. Aimed at helping older borrowers and retirees, there are three options to choose from:
- Nationwide lifetime mortgage
- Nationwide retirement interest only mortgage;
- Nationwide retirement capital and interest mortgage
- For the purposes of this review we will be focusing on their equity release lifetime mortgage.
The Nationwide lifetime mortgage
The Nationwide lifetime mortgage has no monthly repayments. Instead the loan and interest are repaid once the last borrower dies or moves into care. Interest rates are generally fixed for life, starting from 3.4% and the maximum Nationwide will let you borrow will depend on your age and property value.
There are no advice, valuation or product fees but as legally required, you will need to pay for independent legal advice. However, as all Nationwide lifetime mortgages come with £1,000 cashback, this could help pay for these costs.
Also, Nationwide lifetime mortgages give you the flexibility to repay up to 10% of the loan each year without having to make mandatory monthly repayments or incurring early repayment charges.
Are you eligible for a Nationwide lifetime mortgage?
To be eligible for a Nationwide equity release you need to be:
- Between 55 and 85 (existing Nationwide mortgage holders are eligible up to 95 years of age)
- A standard homeowner (they will not accept shared ownership or right to buy homeowners)
- Living in mainland UK (Nationwide do not offer lifetime mortgages to residents of the Isle of Man, Scilly Isles, Channel Islands or Northern Ireland)
- Have a standard property that isn’t listed, doesn’t have sheltered accommodation or properties above it and isn’t next to or opposite commercial premises
Information on Nationwide equity release schemes is limited however they do have a team of later life mortgage consultants that can talk you through the details. You just need to call their freephone number or ask in one of their branches.
They will run through a quick eligibility and affordability check and then an appointment will be arranged. For these checks Nationwide advise that you have information on the following available:
- Income and pensions
- Buildings insurance
- Credit including credit cards, personal loans etc.
- Savings, investments and assets
- Life insurance policies
- Tax details
Nationwide equity release calculator
At this time there isn’t a Nationwide equity release calculator online however you can speak to one of their later life mortgage consultants. They will talk through your options and agree whether equity release is right for you.
Please keep in mind that Nationwide only offer their own lifetime mortgages, so you may want to also compare other equity release schemes to fully appreciate the options available.
What should I do now?
Now you have read our Nationwide Equity Release Review, why not read our other equity release reviews to see how they compare.
Remember, not all advisers compare the whole market. Some focus on particular companies which may not offer you the most appropriate scheme.
This is one of the reasons we have teamed up with leading specialist Age Partnership, as they compare schemes across the whole market with companies like Aviva, Legal & General, LV, Pure, Canada Life, One Family, Scottish Widows, Hodge Lifetime and Just Retirement.