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Nationwide plans to launch retirement interest-only mortgage


Nationwide has unveiled plans to launch an interest-only mortgage for older borrowers in its annual report today, as profits and net lending both tumbled.

The building society’s pre-tax profits for the 12 months to April were down 7.3 per cent on the previous year at £977m, marking the second annual decline.

The lacklustre performance was driven by a steep drop in net mortgage lending from £8.8bn to £5.8bn, amid fierce competition.

Chief executive Joe Garner’s overview reveals that the lender is planning to do more to help older borrowers in the near future.

He says: “Member needs change in later life, so we expanded our mortgage range with a lifetime mortgage which will allow people to access equity in their home in later life.

“Next, we plan to launch a retirement interest only mortgage, giving members more choice in managing their finances as they get older.”



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Nationwide to highlight direct and broker channels in maturity letters

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  • Robert Ducker 22nd May 2018 at 1:06 pm

    Thats good BUT are they going to allow ALL brokers to offer it? Or like their Lifetime mortgage product only through Age Solutions? Not very TCF!!!!!