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In this guide, we’ll take a look at the mortgage products available to those approaching later life.
Nationwide offers a lifetime mortgage for those who are looking to release equity from their home.
This is essentially a loan, received as a lump sum, secured against your existing property, but there is no obligation to make repayments until you die or move into long-term care.
You apply for a lifetime mortgage through a financial adviser.
Your interest rate and the maximum amount that Nationwide can lend you will mostly depend on your age and the value of your property.
Once you accept the offer and the lump sum is transferred to you, interest on the loan begins to accumulate. The amount you owe begins to add up pretty quickly, especially when you’re not making any repayments on the loan.
You can make early repayments on the loan if you wish. In fact, you can pay back up to 10% of the original advance per year without facing an early repayment charge (ERC). The charge will be significant if you choose to pay back more than this though.
Once the homeowner (or both homeowners if you’re joint applicants) dies or moves into long-term care, the loan is paid back to Nationwide out of their estate.
Nationwide pays £1,000 cashback to all lifetime mortgage customers, plus there are no arrangement fees, adviser fees or valuation fees to pay.
Lifetime mortgages are regulated by the FCA, and you’ll need to hire a financial adviser to help you get one.
Although your interest adds up pretty quickly, these mortgages come with a “no negative equity” guarantee, so you’ll never owe more than the total value of your property.
You can begin your application by calling 0800 146 100. You’ll initially be guided through an eligibility and affordability check, before teaming up with one of Nationwide’s Later Life mortgage consultants to complete your application.
Nationwide also offers these two mortgages to older homeowners.
Nationwide is one of the most reputable mortgage lenders in the UK, although its lifetime mortgage isn’t as flexible as others on the market.
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