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.”


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