Did you know that in Q4 of 2023, customers accessed around £535 million of property wealth via equity release products?¹

Whatever your reason for pursuing equity release for your retirement years, there are several options to review, so you may be asking yourself; is Nationwide's equity release the best option for you?

With the ever-increasing number of people looking to unlock equity, there is a pool of providers to choose from, and having looked at leading equity release schemes and companies, our team has mapped out this reputable service provider for your convenience.

Is Nationwide the best company to assist you? Let's find out...

NOTE: SovereignBoss is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of SovereignBoss only and may not reflect the views or opinions of Nationwide. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Nationwide.

Who Is Nationwide and What Is Its Role in Equity Release?

With more than 15mln members and headquartered in Swindon, England, Nationwide Building Society is the world’s biggest building society² and the 7^th biggest cooperative financial institution; its role in equity release is to offer various equity release products.

Why Should You Consider Nationwide for Your Equity Release?

You should consider Nationwide for your equity release because they're a solid choice that could provide secure, tailored options to enhance your financial freedom during retirement, backed by their established reputation and customer-focused services.

Let's look closer at these considerations:

Why Choose Nationwide for Your Equity Release Needs?

Choose Nationwide for your equity release needs because of its award-winning and trusted company reputation backed by a proven track record—as an existing Nationwide mortgage client, you may know this already.³

Nationwide is also authorised and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA), and is a legitimate member of the Equity Release Council.

It also offers a no negative equity guarantee on its equity release schemes.

What Are the Benefits and Drawbacks of Choosing Nationwide for Equity Release?

The benefits and drawbacks of choosing Nationwide for equity release include potentially competitive rates and trusted advice, counterbalanced by constraints in flexibility compared to broader market options.

Choosing Nationwide means balancing these pros and cons to determine if their offerings align with your financial goals and needs.

These are all the pros and cons:

What Advantages Does Nationwide Offer in Its Equity Release Schemes?

Nationwide offers several advantages with its equity release schemes, including competitive interest rates, personalised financial advice, and flexible repayment options.

Here are the pros:

• 100% Ownership: You retain full ownership of your property.
• No Fees: There are no product or valuation fees.
• Free Advice: Obligation-free advice is provided to help you make informed decisions.
• Cash Back: Receive £1,000 cash back upon completion of your signup.
• Future Borrowing: Potential to borrow more in the future.

What Are the Limitations of Nationwide's Equity Release Options?

The limitations of Nationwide's equity release options include interest accumulation and eligibility.

Here are the cons:

• Eligibility: You must be an existing Nationwide mortgage client looking to switch between plans.
• Interest Accumulation: Interest can compound quickly if left unpaid, which may reduce the inheritance you leave behind.
• Commitment: Equity release is a lifelong commitment, and you may encounter early repayment charges.
• Costs: There are certain costs associated with equity release, which should be carefully considered.

What Equity Release Products and Services Does Nationwide Provide?

Nationwide offers equity release products that include home reversion plans and lifetime mortgages, catering to homeowners seeking tailored financial solutions.

These are your options:

Can You Obtain Equity Release or Lifetime Mortgages Through Nationwide?

No, you can no longer obtain equity release or lifetime mortgages through Nationwide; these or any other retirement mortgages are not available to new customers.⁴

However, if you have an existing lifetime or retirement mortgage, Nationwide will help you with updates and changes to your plan.

What Equity Release Schemes Does Nationwide Offer?

Nationwide offers equity release schemes that include lifetime mortgages, retirement interest-only (RIO) mortgages, and retirement capital and interest (RCI) mortgages. 

Here's more information on these options:

What Are the Features of Nationwide's Lifetime Mortgage?

The features of Nationwide's lifetime mortgage includes catering to homeowners between the ages of 55 and 75—with an existing Nationwide plan—and allowing them to unlock the value of their property, featuring flexible repayment options and no required monthly payments.

With no monthly repayments, the loan and interest will be paid back when you pass away or move into long-term care, and your house is sold. 

How Does Nationwide's Retirement Interest-Only Mortgage Work?

Nationwide's retirement interest-only mortgage works by allowing retirees to borrow against their home's value, paying interest monthly with the principal due upon the property's sale or the borrower's passing.

This prevents the loan from growing to an unmanageable amount, and the maximum amount that you may borrow is £500,000.

What Is Nationwide's Retirement Capital and Interest Mortgage?

Nationwide's retirement capital and interest mortgage is a plan that works in much the same way as a standard mortgage, where the interest and some of the capital are repaid monthly, you're required to be between the ages of 55 and 75, and be an existing Nationwide mortgage client to qualify. 

The maximum amount you may borrow is £500,000, and monthly repayments are due immediately. 

Besides Equity Release, What Services Does Nationwide Provide?

Besides equity release, Nationwide provides services such as credit cards, current accounts, and insurance.

These are all the services offered:

• Loans
• Investments
• Current accounts
• Savings and ISAs⁵
• Credit cards
• Insurance
• Mortgages

How Can You Determine Your Eligibility and Potential Loan Amount With Nationwide?

You can determine your eligibility and potential loan amount with Nationwide by using their online calculator and through seeking personalised and professional advice.

Here's what you need to know:

What Are the Eligibility Requirements for Nationwide’s Equity Release Schemes?

The eligibility requirements for Nationwide's equity release schemes mean you typically need to be a homeowner over 55, with a property located in the UK valued at a minimum threshold set by Nationwide.

The amount of equity you can release will depend on factors such as your age, the value of your property, and your health status; each application is assessed individually to ensure the product is suitable for your needs and circumstances.

How Can You Use Nationwide’s Equity Release Calculator to Estimate Your Loan?

You can use Nationwide’s equity release calculator as a handy online tool to give you a preliminary estimate of how much equity you could release from your home and how it might impact the value of your estate.

By entering details such as your age, property value, and any outstanding mortgage, you can receive an instant estimated calculation.

What Are the Qualification Criteria for Nationwide Equity Release?

The qualification criteria for a Nationwide lifetime mortgage, retirement interest-only mortgage, or retirement interest and capital mortgage include that you must be an existing client looking to switch plans.

You can do so in two ways:

• Existing lifetime mortgage plan holders can borrow more equity if it is available to them.
• If your RIO or RCI is coming to an end, you can remortgage to a new plan.

What Key Features Do Nationwide’s Equity Release Schemes Offer?

The key features that Nationwide's equity release scheme offers include the no negative equity guarantee, downsizing protection, fixed interest rates, and flexible repayment opportunities.

More information about each:

How Does Nationwide's No-Negative Equity Guarantee Work?

Nationwide's No Negative Equity Guarantee works by ensuring borrowers will never owe more than their home's value, protecting estates from debt beyond the property sale proceeds.

Equity Release Council members are obligated to include a no-negative equity guarantee in their plans. 

If your loan is greater than your final home value, your lender will absorb the additional debt.

What Is Nationwide's Downsizing Protection in Equity Release?

Nationwide's Downsizing Protection allows equity release borrowers to repay their loan without penalty if they decide to downsize to a smaller property in the future.

This protection will only take effect five years after the initial loan.

Does Nationwide Offer a Fixed Lifetime Interest Rate for Equity Release?

Yes, Nationwide offers a fixed lifetime interest rate for equity release, ensuring borrowers' rates remain constant throughout the loan term.

Nationwide’s Lifetime mortgage equity release plans feature a fixed interest rate for the rest of your life, protecting you from any interest rate fluctuations. 

How Flexible Are Repayments With Nationwide Equity Release?

Nationwide has quite flexible repayment options, meaning that you can make annual voluntary repayments of up to 10% without incurring early repayment charges.

All early repayment charges will fall away once your lifetime mortgage reaches fifteen years.

What Financial Implications Come With Choosing Nationwide’s Equity Release Schemes?

Choosing Nationwide’s equity release schemes may have financial implications that impact inheritance and state benefits, and could accumulate interest over time, necessitating careful consideration of the financial implications.

What Fees and Charges Are Associated With Nationwide Equity Release?

Fees and charges associated with Nationwide equity release do not include valuation, product, or advice fees. 

If you signed up for a Nationwide equity release plan, you would have received a £1,000 cash-back payment. 

Are Nationwide’s Equity Release Interest Rates Competitive Within the Market?

Yes, Nationwide's Equity Release interest rates are designed to be competitive within the market, offering fair terms in line with current financial conditions and designed to be attractive when compared to other lenders in the market.

Their rates are structured to provide value while ensuring the product remains sustainable for both the lender and the borrower.

It's important, however, to compare these rates with other offerings and consider the overall cost, including any fees, to ensure you're getting a deal that suits your financial situation best.

What Are the Current Interest Rates for Nationwide Equity Release?

Current interest rates for Nationwide equity release currently range from 5.97% to 6.28%* on its Lifetime Mortgage and are fixed for life. 

Read more on equity release interest rates here.

The interest rate applied to your lifetime mortgage will depend on your age and the total value of your property and will remain fixed for the duration of your loan. 

Nationwide’s equity release interest rates on its Retirement Interest-Only Mortgage range from 5.97% to 6.28% APCR* (on a 10-year fixed mortgage) and 5.97% to 6.28% APCR*(on a 2-year tracker mortgage).⁷

Nationwide’s rates on its Retirement Capital and Interest Mortgage range from 5.97% to 6.28% APCR* (on a 10-year fixed deal) to 5.97% to 6.28% APCR* (on a 2-year tracker rate).

APCR refers to the Annual Percentage Rate of Charge.

It gives you a sense of how much you could pay over a year and helps you compare the 'cost' of borrowing between different mortgage lenders (also referred to as the ‘overall cost for comparison’).

The above rates reflect the current Nationwide mortgage rates available to their existing clients who may be considering switching plans.

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

Is There an Equity Release Calculator Available From Nationwide?

No, there is no available Nationwide equity release calculator, since they no longer offer equity release products.

Please feel free to use our own below for an approximation of what you may potentially borrow.

What Do Customers Say About Their Experience With Nationwide Equity Release?

Customers often share positive feedback on their experience with Nationwide Equity Release, highlighting the ease of process, clarity of information, and supportive customer service.

What Do Customer Reviews Say About Nationwide Equity Release?

Nationwide online customer reviews can be seen below.

• UK.TrustPilot.com review for Nationwide reviews
• Customer reviews of Nationwide on ReviewCentre.com
• Nationwide reviewed on Reviews.io

How Do Customer Experiences With Nationwide’s Equity Release Compare to Industry Standards?

Customer experiences with Nationwide's Equity Release often surpass industry standards, noted for exceptional customer service and transparent, customer-friendly policies.

Many customers appreciate the competitive rates and the no negative equity guarantee, which ensures they will never owe more than their home's value.

While experiences can vary, Nationwide’s commitment to adhering to the Equity Release Council's standards appears to contribute positively to its reputation in the industry.

How Does Nationwide Handle Equity Release Complaints?

Nationwide addresses Equity Release complaints with a dedicated process, aiming for swift resolution and maintaining high standards of customer satisfaction.

If you are unhappy with Nationwide and would like to lodge a complaint, the best way to do this would be to reach out directly on their website.

The alternative is to use a review site such as Trustpilot or Feefo, and leave a review.

Where Can You Find More Information or Get Support Regarding Nationwide Equity Release?

More information and support regarding Nationwide Equity Release can be found on their website, through customer service helplines, and at local branches.

How Was Information on Nationwide's Equity Release Reviewed?

We reviewed Nationwide based on the following:

• Reputation and History – How many years they have been in business, customer reviews, and industry rewards received.
• Financial Strength – Ensuring it is going strong and has adequate funds to meet long-term commitments.
• Product Range – We favour companies offering a variety of equity release schemes with greater product flexibility.
• Interest Rates and Fees – We review competitive rates compared to industry averages and they must be fully transparent about rates and fees without hidden costs.
• Customer Service and Support – When and how it is available, response times, and available online educational resources. As well as online tools, like a calculator.
• Code of Conduct and Compliance – We only consider companies that adhere to recognised industry standards and codes.
• Industry Insights and Peer Reviews – We care about a company’s industry-wide reputation.
• Innovation and Technology – Is there a streamlined, digital application process?
• Client Testimonials – Success stories and the Complaint resolution process.

What Are Nationwide's Details According to the FCA?

Here are Nationwide's details according to the FCA:

Under What Trading Names Does Nationwide Operate?

• Nationwide for business
• Nationwide International
• Nationwide Financial Solutions
• The Derbyshire
• Dunfermline Building Society
• Dunfermline Direct
• Cheshire Building Society
• Derbyshire Building Society
• Derbyshire Direct
• Nationwide UK (Ireland)
• Nationwide for Business
• Nationwide International
• KPR Debt Collection
• Salt Commercial

What Services Is Nationwide Permitted to Offer by the FCA?

• Banking
• Insurance
• Mortgages and Home Finance
• Consumer Credit
• Pensions
• Investments

Which Regulators Oversee Nationwide's Financial Activities?

• Financial Conduct Authority (FCA)⁵
• Prudential Regulation Authority (PRA)⁶

What Are Nationwide's FCA Registration Numbers?

• FCA Ref Number: 106078
• Companies House Number: 0000355B

Where Can You Find Nationwide's FCA Regulatory Information?

• FCA Link: FCA Link
• Companies House Link: Companies House Link

How Can You Contact Nationwide for Equity Release Inquiries?

• +44 345 788 8444
• contact@nationwide.co.uk
• Nationwide House, Pipers Way, Swindon SN3 1TX.

Answers to Your Common Questions on Nationwide Equity Release

Summing Up Nationwide's Equity Release Offerings

If you are an existing Nationwide mortgage customer and are considering unlocking additional capital or switching plans then it is worth exploring it's current options.

As an award-winning financial services provider that is a member of the ERC, you can rest assured that you remain in good hands.

If you are happy with the experience you have had as an Nationwide equity release customer, an alternative plan may be the answer for you!

Additional Reading:

• Age Partnership equity release
• Aviva Retirement Plan
• Legal and General & Lifetime Mortgage
• Key Retirement Solutions
• Halifax Mortgage Review

The features mentioned and the amounts raised, are subject to the lender’s criteria, terms and conditions. These may take into account the age, health and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.