Nationwide opens up access to later life lending

Nationwide Building Society has extended access to its later life lending products to all older borrowers.

In April this year, the building society launched a range of mortgage products for existing borrowers approaching retirement.

There are three different later life mortgage products available: a retirement capital and interest product, a retirement interest-only product, and a lifetime mortgage.

Nationwide says it is the first major lender to offer retirement interest-only products to the wider market.

Rates for the retirement interest-only product start from 2.74 per cent for tracker products and 2.99 per cent for fixed offers. Meanwhile, rates for the lifetime mortgage offering start at 3.41 per cent.

Applicants must be 55 and can apply up to the age of 85, existing borrowers are able to access borrowing options up to the age of 95, the lender adds.

Furthermore, there are no product, valuation or advice fees.

Nationwide director of home propositions Jason Hurwood says: “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.

“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.”

Recommended

Houses, house, property, monopoly

Nationwide extends remortgage offer period

Nationwide has extended the time period a remortgage offer is valid from three to six months. The amendment is due to feedback from intermediaries and industry research which highlights a third of remortgage applications are reserved over three months prior to the conclusion of a customer’s mortgage product, according to the lender. In addition, intermediaries […]

Bank-of-England-BoE-Clock-700x450.jpg

BoE holds rate at 0.75%; hints at rise if Brexit deal struck

The Bank of England’s monetary policy committee has voted unanimously to keep the base rate at 0.75 per cent. The rate has now been at this level for nearly a year, having been raised from 0.50 per cent on 2 August 2018. The minutes reveal that the MPC has cut UK growth expectations for 2019 […]

Newsletter

News and expert analysis straight to your inbox

Sign up
Comments
Close

Why register with Mortgage Strategy?

Mortgage Strategy continues to be the market-leading B2B mortgage publication in the UK, and provides trusted, independent insight with the aim of helping, promoting and analysing the latest developments for mortgage professionals.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Mortgage Strategy Events
Be the first to hear about our industry leading conferences, awards, webinars and more.

Research and insight
Take part in and see the results of Mortgage Strategy's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now