While Nationwide no longer offers new equity release plans, the lender remains committed to supporting and serving its current lifetime mortgage customers. If you’re an existing Nationwide equity release customer, you may have questions about what this means for your future.

In this in-depth review, we’ll explore the pros and cons of Nationwide's offerings, including how they continue supporting their lifetime mortgage customers and your options going forward.

Whether you're looking for reassurance about your existing plan or seeking insights into alternative options, our BankingTimes team has all the answers.

Read on to find out how Nationwide continues to shape your retirement planning...

STATEMENT: BankingTimes is a separate third-party information provider and therefore not related to Nationwide, and the information replicated in this section represents the interpretations of BankingTimes only and not the opinions of Nationwide. This piece does not constitute advice, or an incitement to enter any services or products provided by Nationwide.

Overview of Nationwide

Nationwide is a leading British mutual financial institution, known for its wide range of products, including savings accounts, mortgages, and insurance.

With a strong focus on customer service and long-term financial stability, Nationwide remains a trusted provider for those seeking ongoing advice and assistance with their financial products.

Let's look at other important tidbits about this lender:

The History of Nationwide

Founded in 1884, Nationwide Building Society is a British mutual financial institution with over 16 million members and a balance sheet of £272 billion.¹ 

It points out emphatically on its website that it is not a bank but a member-owned entity that offers exclusive products such as banking, savings, and mortgages.

Community and improvement are also a part of its DNA, as Nationwide donates 1% of its pre-tax profits to charities,² and members have a say in its operations through Member TalkBack events and Annual General Meetings.

Does Nationwide Offer Equity Release?

No, Nationwide no longer offers equity release to new clients, although it still services its existing lifetime mortgage borrowers.³

Options for Existing Nationwide Customers

Existing Nationwide customers with lifetime or retirement mortgages can still borrow additional funds, move their mortgage to a new property, or switch to a new deal if they have a Retirement Interest-Only (RIO) or a Retirement Capital & Interest (RCI) mortgage.

The current terms of their contracts remain unchanged. 

How to Switch Plans or Borrow More as an Existing Member

Switch plans or borrow more as an existing member by contacting Nationwide’s dedicated lifetime mortgage team; if you’re looking to increase your loan or explore different options, they will assess your eligibility based on your current circumstances and suggest the most suitable deal for you.

It’s important to review your existing plan and consider seeking independent financial advice to ensure any changes align with your long-term goals.

Eligibility Criteria for Borrowing More with Nationwide's Mortgages

The eligibility criteria for borrowing more with Nationwide's mortgages depend on several factors, including your current loan balance, the value of your property, and your financial circumstances.

As an existing customer, you'll also need to meet the requirements for any new lending, which may involve a property valuation and affordability checks.

Here's what you need to know:

Lifetime Mortgage

Customers with a lifetime mortgage can borrow between £10,000 and up to £1 million, while those in Wales or Scotland typically have a ceiling of £515,000.

The precise mortgage rates and maximum loan value hinge on factors like the customer's age, property value, and the amount they wish to borrow. 

Retirement Interest-Only Mortgage

The retirement interest-only mortgage allows existing members to borrow amounts ranging from £10,000 to £500,000, up to a 50% loan-to-value (LTV) ratio.

An added benefit is the absence of any booking or product fee.

Retirement Capital & Interest

The Retirement Capital and Interest mortgage terms are akin to the RIO's; members can borrow anywhere from £10,000 to £500,000, subject to a 50% LTV ratio, and they will not face any booking or product fees.

Retirement Interest Only (RIO) & Retirement Capital & Interest (RCI) Mortgage Rates for Existing Customers

The RIO and RCI mortgage rates for existing customers can vary depending on the plan you choose and your circumstances. 

Depending on the mortgage period and whether you have opted for a tracker or fixed rate, RIO mortgage rates are typically set between 6.8% and 8.10%* Annual Percentage Rate of Charge (APRC), whereas RCI mortgage rates vary from 7.3% to 8%* APRC.⁴

* While we regularly review our rates, these may have shifted since our last update. 

Nationwide's Options for New Customers

Nationwide's options for new customers include a wide range of financial products, from mortgages and savings accounts to insurance and personal loans—all alternatives to later-life mortgage products.

However, as of now, Nationwide no longer offers new equity release plans, focusing instead on supporting its existing lifetime mortgage customers.

These alternative products include:

• Current accounts
• Mortgages
• Savings and ISAs
• Investments
• Loans
• Credit cards
• Insurance

How Can You Contact Nationwide?

You can contact Nationwide by visiting the contact page on their website and choosing the option most specific to your query. 

Nationwide also has an online chat facility if you are looking for a quick answer to a question.⁵

Nationwide FCA Details

Nationwide (reference number 106078) is registered with the Financial Conduct Authority (FCA) to offer the abovementioned financial services.⁶

How We Gathered Information to Review Nationwide

In our review of the company, we gathered information from its website, regulatory bodies, and other reliable online resources to construct a complete picture of the status of its equity release products.

Common Questions

Conclusion

As the financial landscape continues to shift, understanding the complexities of property finance has never been more important for homeowners.

While Nationwide no longer offers equity release products, there are still plenty of opportunities to unlock your home’s value; explore the numerous alternative options that could provide the financial freedom you need in later life.

For expert guidance on navigating these choices and maximising your property's potential, explore our comprehensive resources.

We’re here to help you discover the best solutions for your future—unlock the possibilities today.