Nationwide to offer later life lending to all borrowers
Nationwide Building Society has become the first lender on the high street to make accessible to all a package of later life mortgage options and advice for older borrowers.
Earlier this year, the Society launched the suite of mortgage options supporting those in and approaching retirement to its existing mortgage members. Now that package has been expanded as planned across the board to members and non-members alike.
What’s on offer?
There are three different Nationwide later life mortgage products coupled with advice for those aged 55 and above, accessed directly through Nationwide via a team of specialist later life mortgage consultants.
Alongside Nationwide’s standard mortgage lending options, the Society will offer a:
- Retirement Capital and Interest product (RCI)
- Retirement Interest Only (RIO) mortgage, with rates starting from 2.74%
- Nationwide Lifetime Mortgage for older borrowers, starting at 3.41.
The move comes in response to the growing needs of an ageing population, as well as the gap in the market for products and advice to cater for those looking for later life borrowing, enabling them to access the value in their homes and make the retirement choices they require.
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.”
Who can get the later life deals?
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.
There are no product, valuation or advice fees for any of the Nationwide Later Life products, and borrowing can be for a number of reasons including home maintenance and improvements, gifting to family members, holidays and debt consolidation.