Getting ready for retirement

However much you've worked and saved and prepared for your retirement, you might not have quite enough for all the things you planned to do.

Our Later Life range of mortgages are designed to let you make use of the money that's built up in your home and help you live a little better in your retirement.

Our Later Life mortgages:

Below is a quick comparison of our Later Life borrowing options. More detailed information can be found on each mortgage by using the link.

Retirement Capital & Interest (RCI) Retirement Interest Only (RIO) Lifetime Mortgage

You will still own your home.

You will still own your home.

You will still own your home.

The Capital and interest needs to be repaid during the term of the mortgage.

You only have to pay the interest on what you borrow each month. This could mean monthly payments are lower than standard mortgage payments.

You won't be at risk of losing it if you choose not to make payments. However, you can make payments if you wish.

The capital doesn't have to be repaid until the last borrower moves into long-term care or dies.

Moving to us from another lender? We give you free standard legal costs.

Moving to us from another lender? We give you free standard legal costs.

Moving to us from another lender? We give you free standard legal costs. These costs don't include legal fees for independent legal advice which you need to have with this type of mortgage.

The maximum loan amount is £500,000.

The maximum loan amount is £500,000.

The maximum loan amount depends on your age and how much your property is worth.

More information More information More information

Can you apply for a Later Life mortgage?

Current Nationwide mortgage holders can apply from 55 up until their 95th birthday. Non-Nationwide mortgage holders can apply from 55 up until their 85th birthday. Depending on the right option for you, you may need to be receiving a state, private or workplace pension and the property needs to or will be your main residence.

Things to consider

You should talk about your plans with family or friends. They may be able to suggest different ways to raise money or support you when you're looking at your choices. Think about how much inheritance you'd like to leave family or friends, as borrowing money against your home may mean there will be less to pass on. If you are thinking about gifting the money you borrow, you may want to read more about the rules on inheritance tax at nationwide.co.uk/iht

Borrowing a lump sum may have an impact on things like state benefits and Local Authority grants as well as your tax position, including any inheritance tax. You might want to speak to an independent financial adviser before you make a decision.

If you decide to go ahead and take out a Lifetime mortgage, you'll need to speak to an independent legal adviser.

As well as Later Life borrowing, there are other options we think you should consider:

  • using any available savings
  • downsizing (moving to a smaller home)
  • family support
  • seeing if you can get a Local Authority grant
  • applying for a personal loan or credit card.

Your future is in safe hands with our Later Life Mortgage Consultants

We want to make sure all our members get advice that’s tailored towards their needs and circumstances – which is why our Later Life Mortgage Consultants are specially trained in this area. They even have a specific qualification in Equity Release, as only specialist advisers can deal with this, meaning you can be assured of the knowledgeable advice you desire.

Ready to take the next step?

Please call us on 0800 30 20 10 or ask in branch for a Later Life Mortgage Consultant.

When you contact us in the first instance you'll need the following:


  • income details (from state and private pension income including your providers name)
  • any pension dependency clause information your pension may contain (if a joint application)
  • buildings insurance information
  • council Tax Information
  • any other credit commitments you may eg. Credit Cards, Personal loans.

After a quick Eligibility and Affordability check , we’ll then be able to arrange an appointment for you with one of our Later Life Mortgage Consultants, in branch or via Nationwide NOW (a video link you find in many branches). Don’t worry this will all be set up for you in advance.

For this appointment we will then need to know about:

  • tax position
  • any savings and investments information
  • other assets
  • protection.

Think carefully before securing other debts against your home. Your mortgage is secured on your home, which you could lose if you do not keep up your mortgage payments. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.