We’ve become the first lender on the high street to offer a comprehensive package of mortgage options and advice for over 55s. We want everyone to live the retirement of their choice. So, we’ve been busy creating new products to bridge the gap in the market for later life borrowers.
People are living longer, and needs are changing. We’ve listened to your feedback and many of you told us that being able to access the value in your home is key. We’ve learned that it gives you more choice over important financial decisions, and can help you maintain your lifestyle in your retirement.
Our three new later life products are geared towards helping you achieve the things that are important to you. Things like home maintenance and improvements, gifting to family members, holidays and debt consolidation. And with these new products comes a specialist team of Later Life Mortgage Consultants dedicated to giving you the advice you need. There are no product, valuation or advice fees.
Initially, the new products will only be available to existing Nationwide mortgage members. We hope to roll out the Later Life mortgage product more widely later this year.
Here’s what Jason Hurwood, our Director of Home Propositions had to say:
“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 Later Life Mortgage Consultants mean we are the first major high street lender to establish ourselves to support that growing demand.”
Although we’re the first to offer this suite of later life products, looking after your later life interests has always been on the agenda. In 2016 we increased the maximum age for borrowing in retirement from 75 to 85. Since then, we’ve launched a Lifetime Mortgage and also trialled a Retirement Interest Only offering. Now we’ve created a later life lending suite of products and advice. We’re not stopping here. As Jason, our Director of Home Proposition says:
“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.”
Discover the details of our new later life lending products