Here for you at every stage

For many people in later life, the start of retirement means the start of an exciting new chapter, but sometimes, however much you’ve worked and saved and prepared for this moment, 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.

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.

Below is a quick comparison of our later life borrowing options. More detailed information can be found on each mortgage by using the link to the relevant mortgage page.

Retirement Capital & Interest (RCI) Retirement Interest Only (RIO) Lifetime Mortgage
Free valuation and no advice or product fees. Free valuation and no advice or product fees. Free valuation and no advice or product fees.
You will still own your home. You will still own your home. You will still own your home and won’t be at risk of losing it if you choose not to make payments.
You can overpay by up to 10% of the total amount of the loan each year without incurring an Early Repayment Charge. You can overpay by up to 10% of the total amount of the loan each year without incurring an Early Repayment Charge. You have the flexibility to repay up to 10% of the loan amount each year without having to make mandatory monthly payments and without incurring an Early Repayment Charge.
Capital and interest needs to be repaid during the term of the mortgage. Interest only payments need to be made each month. The capital doesn’t have to be repaid until the last borrower moves into long term care or dies. No need to make any payments (unless you want to). The capital and interest only gets repaid when the last borrower moves into long term care or dies.
Maximum loan amount of £500,000. Maximum loan amount of £500,000. Maximum loan amount depends on your age and how much your property is worth.
More information More information More information

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?

If you have a Nationwide mortgage with us and would like to find out more about our Later Life mortgages, please give us a call on 0800 30 20 10.
Our Later Life options will be available to non-Nationwide mortgage customers in the near future.

We’ll then be able to arrange an appointment for you with one of our Later Life Mortgage Consultants. All appointments happen via Nationwide NOW (a video link you find in many branches). Don’t worry this will all be set up for you in advance.

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

  • records of income (including pension income)
  • tax position
  • any savings and investments information
  • other assets
  • protection and home insurance information. 


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.