View more on these topics

Nationwide plans to launch retirement interest-only mortgage

Nationwide-Building-Logo-Closeup-700x450.jpg

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.”

Recommended

Real-Estate-Agent-House-For-Sale-London-700.jpg

House prices creep up in April: Nationwide

House prices rose by 0.2 per cent month-on-month in April, according to the latest Nationwide house price index. The year-on-year change is 2.6 per cent, and the lender says the average house price is now £213,000. Nationwide chief economist Robert Gardner says: “There was a slight pickup in UK annual house growth in April to […]

Real-Estate-Agent-House-For-Sale-London-700.jpg

House prices cool in March: Nationwide

UK house price growth continued to cool in March, according to the latest figures from Nationwide. The average house cost £211,625 in March, down 0.2 per cent month-on-month but up 2.1 per cent year-on-year. In the three months to the end of March, Northern Ireland saw house prices rise from 2 per cent in Q1 […]

Nationwide-Building-Logo-Closeup-700x450.jpg
2

Nationwide to highlight direct and broker channels in maturity letters

Nationwide Building Society is to begin contacting introduced mortgage customers who are reaching the end of their term, informing them of their options for switching to a new product, including using intermediaries. In the 12 week ‘maturity’ letters, the lender intends to remind borrowers who initially used a broker that they can go direct to […]

Newsletter

News and expert analysis straight to your inbox

Sign up
Comments
  • Post a comment
  • 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!!!!!