Nationwide’s portfolio exclusively offers lifetime mortgage for homeowners aged 55 and older, a flexible financial solution in retirement that enables you to tap into your home equity without the necessity of moving out.

A standout feature of Nationwide’s lifetime mortgage plan is the no negative equity guarantee, ensuring that the loan balance will never exceed the property’s sale value and thereby protecting your estate from potential financial overreach.

A Nationwide lifetime mortgage could unlock your financial freedom in retirement. It’s not just a plan; it’s your ticket to a worry-free future.

Explore the specifics of Nationwide’s equity release options and learn how to leverage your home’s value to its fullest potential without selling.

Keep reading to uncover these valuable insights and secure your financial future…

NOTE: EveryInvestor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of EveryInvestor 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 Role Do They Play in the Equity Release Market?

Nationwide is a leading financial institution in the UK, playing a significant role in the equity release market by offering various plans to homeowners.

Who Is Nationwide and Do They Offer Equity Release?

Nationwide is a leading building society in the UK, focusing on customer service and community values and providing equity release products to help homeowners over 55 access equity in their homes for a more comfortable retirement.

Nationwide is unique because it is member-owned, meaning profits are reinvested for the benefit of members rather than shareholders; this structure shapes their approach to products and services, particularly for those over 65.

Nationwide’s equity release options allow homeowners to leverage their property’s value without moving out.

Their offerings are designed to enhance retirement living by providing access to funds while protecting the homeowner’s estate through features like the no negative equity guarantee.

What Exactly Is Equity Release?

Equity release offers homeowners aged 55 and older a way to monetize their property’s equity without selling, through a process known as equity release lending, and Nationwide fits in by offering tailored equity release plans to meet diverse financial needs.

This financial solution has a unique repayment structure: the loan, plus interest, is paid back from your home’s sale, typically after the homeowner’s demise or move into care. This allows for financial flexibility during your lifetime.

Nationwide specialises in offering financial products that help homeowners unlock the value of their property, ensuring financial stability and freedom in retirement.

Nationwide Equity Release Mortgages: What You Need to Know

While Nationwide has ceased offering equity release mortgages, existing customers with these plans will continue to receive support.

For those considering alternatives, Nationwide’s retirement mortgage offers similar access to funds but with interest payments during the loan term, helping to reduce the overall cost of borrowing while still allowing homeowners to benefit from their property’s value.

Why Has Nationwide Stopped Equity Release?

Nationwide has shifted its focus away from equity release to other retirement products, such as retirement mortgages; this decision reflects changes in the market and the growing demand for alternatives that offer more flexibility.

For those interested in equity release, there are still several providers available in the UK.

Applying for Nationwide Equity Release: Steps and Qualifications

You could apply for Nationwide’s equity release if you were 55 or older and owned a home in the UK, and applications could be made through Nationwide branches or by consulting with their financial advisors to ensure you meet all criteria and understand the terms.

How Did Clients Apply for Equity Release via Nationwide?

Applying for equity release via Nationwide required meeting specific age and property criteria and undergoing a consultation to explore suitable options.

First, applicants had an initial appointment with a dedicated advisor who assessed their financial situation, discussed their needs, and guided them through the available options.

The advisor ensured applicants understood the implications of equity release, such as its impact on inheritance and potential changes in their tax position.

Applicants needed to provide details about their property and financial situation in the application paperwork. Once the form was submitted to Nationwide for approval, their home was professionally valued to determine the maximum amount they could release.

Upon approval, the funds were made available for access.

It’s important to note that equity release is not suitable for everyone, and seeking professional advice is crucial for making an informed decision.

How Do You Qualify for an Application for Nationwide Equity Release?

You can qualify for Nationwide equity release by ensuring eligibility for their tailored financial solutions; however, since Nationwide is not offering new equity release products at the moment, only customers with existing plans are eligible for equity release. 

They have the option to switch plans or increase the amount of equity they are releasing.

Existing customers who wish to do this can contact a Nationwide mortgage advisor by telephone on 03301 73 12 32 in the following time slots:

• Mondays to Fridays between 8am and 6pm.
• Saturdays between 8:30am and 4pm.

Nationwide’s Reputation and Compliance in the Equity Release Sector

Nationwide maintains its reputation and compliance in the equity release sector through stringent adherence to regulatory standards and a focus on customer satisfaction.

What Is Nationwide’s Track Record with Equity Release?

Nationwide’s track record with equity release showcases a commitment to ethical practices, customer satisfaction, and regulatory compliance, securing its position as a trusted provider.

In 2017, Nationwide launched its later-life mortgage range², including three types of equity release products: the retirement capital and interest mortgage, the retirement interest-only mortgage, and the lifetime mortgage.

These products were designed to help older homeowners access the equity in their homes while retaining ownership and control.

Although Nationwide has stopped accepting new applications for its later-life mortgage range, it continues to service its existing equity release customers.³ This ongoing support ensures that those who have taken out these products continue to receive the assistance they need.

Nationwide’s focus on customer needs and regulatory standards has solidified its reputation as a reliable provider in the equity release market.

What Are Nationwide’s Regulatory Credentials for Equity Release?

Nationwide regulatory credentials for equity release will show that it is authorised and regulated in the UK by the Financial Conduct Authority (FCA)¹³ and the Prudential Regulatory Authority (PRA), which ensures that consumers are protected and treated fairly. 

Nationwide’s FCA details:

What Are Nationwide’s Official Trading Names for Equity Release?

• Nationwide Building Society
• Hearth

What Services Are Nationwide Allowed to Offer?

According to the FCA, the services Nationwide are allowed to offer are listed here.

What Are Nationwide’s Registration Numbers?

• FCA Firm reference number: 106078
• Companies House number: 0000355B

Does Nationwide Comply with Equity Release Council’s (ERC) Standards?

Yes, Nationwide does comply with the ERC’s standards and is a member of the ERC.¹⁴

What Updates Have Nationwide Made to Their Equity Release?

Nationwide has made updates to its equity release by withdrawing its equity release products from the market until more favourable conditions presented themselves again.

In 2022, the equity release market was performing better than it ever has thanks to low interest rates between 5.65% to 5.85%*. 

However, September’s “mini-budget” resulted in dramatic market disruptions, which caused interest rate rises and led to the decision to withdraw its equity release products.⁵

What Makes Nationwide’s Equity Release Options Advantageous?

Nationwide’s equity release options are advantageous for their competitive rates, flexible terms, and strong customer support, appealing to a broad range of homeowners.

What Advantages Come with Nationwide’s Equity Release Options?

Nationwide’s equity release options come with advantages like low interest rates, flexibility in withdrawals, and a no-negative-equity guarantee, catering to diverse financial needs.

Although Nationwide no longer offers new equity release products, it continues to provide support and information for existing plans, and existing customers who have already received extensive advice when they took out these plans can still benefit from these advantages.

If you have a equity release plan and are considering increasing the amount of equity you are releasing or switching your plan, consider the following:⁶

• You can borrow between £10,000 and £1mln if you live in the UK. 
• Your deal period is fixed for life.
• Your interest rate will range between 5.65% to 5.85% AER*
• The maximum loan-to-value (LTV) is dependent on your age.

* While correct at the time of writing, these figures may have changed since our last update.

How Flexible Are Nationwide’s Equity Release Options?

Nationwide’s equity release options are highly flexible, allowing customised withdrawals and repayments to suit individual homeowner needs and financial circumstances.

Nationwide allows existing equity release customers to either increase the equity released on their existing plan or switch plans. 

Remember:

Paying off your equity release loan early is possible, but steep early repayment charges may apply.

What Are the Costs Associated with Nationwide’s Equity Release Plans?

The costs associated with Nationwide’s equity release plans include interest rates, application fees, and potential legal and valuation fees, transparently outlined for customers.

Nationwide Equity Release Interest Rates and Fees Explained

Interest rates and fees are a key factor when considering equity release, and Nationwide’s interest rates, like other providers, typically range between 5.65% to 5.85% AER.*

These interest rates are typically fixed for the lifetime of the loan, meaning they won’t change even if market conditions fluctuate.

Here’s what you may discover:

What Are the Current Charges for Nationwide Equity Release?

The current charges for Nationwide equity release encompass interest rates and administrative fees, detailed in their equity release product literature.

If you are an existing customer who wishes to switch plans or release more equity on your existing plan, you can consult your contract for applicable fees.

This exact information is not currently available on Nationwide’s website.

What Are the Latest Rates for Equity Release with Nationwide?

The latest rates for equity release with Nationwide ranges from 5.65% to 5.85% AER.*

Existing customers who wish to switch plans or release more equity on their existing plans can expect to do so at these rates.

* While correct at the time of writing, these figures may have changed since our last update.

What Puts Nationwide Ahead in the Equity Release Market?

Nationwide holds a competitive advantage in the equity release market due to its unique status as the world’s largest building society, or mutual, rather than a bank.

This member-owned structure sets Nationwide apart, as it is driven by the needs and interests of its members rather than shareholders.⁷ 

Members have the opportunity to provide input on how Nationwide is run, which helps shape the products and services to better serve their needs, focusing on member satisfaction and community values.

Why Consider Nationwide for Equity Release?

Consider Nationwide for equity release as it focuses on customer satisfaction, mutual ownership structure, and its innovative use of technology.

More information:

• Commitment to Customer Satisfaction: Nationwide prioritises its customers’ interests by offering a range of products and services tailored to their needs. Its high rankings in customer satisfaction surveys reflect this customer-centric approach.
• Owned by its Members: As a member-owned organisation, Nationwide focuses on meeting the needs of its members rather than generating profits for shareholders. This allows Nationwide to offer competitive rates on savings and mortgages and continually invest in its products and services.
• Innovative Use of Technology: Nationwide was one of the first companies in the UK to launch a mobile app. It has also invested in digital platforms, such as its online mortgage application system, streamlining the process for its customers. These technological advancements have enhanced customer service and attracted a loyal customer base.

What Should You Be Aware of When Using Nationwide’s Equity Release?

When using Nationwide’s equity release, be aware of the impact on inheritance, potential interest accumulation, and the importance of considering long-term financial planning.

More information:

• Limited Branch Network: Nationwide has a smaller branch network compared to larger UK banks, which might be inconvenient if you prefer in-person banking or live in an area with limited branch access.
• Limited International Services: Nationwide primarily focuses on the UK market, offering fewer international banking services than larger banks. This might be a drawback if you travel frequently or conduct business overseas.
• Higher Fees on Some Products: While Nationwide offers competitive rates on savings and mortgages, some products may have higher fees compared to other banks. Carefully review the fees and charges for each product before committing.

Overall, while Nationwide has several advantages, customers should carefully consider their banking needs and preferences before opening an account to ensure that their products and services meet their requirements.

How Can Customers Gain Insights and Manage Their Equity Release Plans with Nationwide?

Customers can gain insights and manage their equity release plans with Nationwide through online tools, personalised advice, and dedicated customer support services.

Nationwide Loan Calculator

Nationwide does have a loan calculator that helps you compare different borrowing options, including retirement mortgages and other loans. By entering key details like your income and property value, you can get an estimate of how much you can borrow and what your repayments would be.

This tool is particularly useful for comparing retirement mortgage options against traditional equity release schemes, giving an idea of what you can afford and helping you make an informed decision about your financial future.

What Do Customers Say About Nationwide Equity Release?

Customer have a lot to say about Nationwide equity release, though the reviews are mostly mixed; as the world’s largest building society with tens of millions of customers, Nationwide holds a significant market presence, yet it is not currently rated highly on Trustpilot.⁸

Customer complaints vary widely, with most negative reviews coming from customers who are in the process of finding a new service provider.

However, it is important to note that less than 4,000 of Nationwide’s several million customers have left reviews on this platform, representing less than 0.01% of their customer base.

Given this small sample size, it’s worthwhile to explore Nationwide’s equity release offerings yourself to determine if they meet your needs.

Contacting Nationwide for Equity Release Information

For more information or to get in touch with Nationwide regarding equity release, visit their website or local branches, or call their dedicated equity release team.

Where Are Nationwide’s Offices Located?

Nationwide offices are located in the UK and headquartered in Swindon, England.

Nationwide currently has 618 branches; you can find one near you on its website.⁹

The head office is located at:

Nationwide House, Pipers Way, Swindon, SN38 1NW

There are also administration centres in Northampton and Bournemouth.¹⁰

How Do You Reach Nationwide for Equity Release Queries?

To reach Nationwide for equity release queries, you can get in touch with a Nationwide representative as follows:

What is Nationwide’s Customer Service Helpline?

Nationwide’s customer service helpline is the number applying to your query as specified on its website.¹¹

How Do You Email Nationwide Regarding Equity Release?

Nationwide does not provide a unique email address through which to contact them; instead, follow the instructions on its website to get in touch with them based on the type of help you need.¹²

Does Nationwide Offer Job Opportunities?

Yes, Nationwide does offer job opportunities.

Nationwide advertises vacancies on its website for roles across all of its branches in the UK.¹⁵

The roles available fall into the following categories:

• Tech Talent
• Head Office Roles
• Our Society
• Customer Support and Advice

Frequently Asked Questions

Wrapping Up with Nationwide’s Equity Release

Nationwide is a large company with over 15mln members. Founded in 1884, it has, no doubt, weathered several storms.

Although its online rating leaves a lot to be desired, determining whether Nationwide is the best provider for you can not be done by reading a review. 

If you are an existing Nationwide equity release customer and are looking to switch plans, find out more about equity release, or release more money then contact an advisor to help you through the process.

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.