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Nationwide Mortgages For Over 55s – UK Low Rate Finance – 5.37% MER For 2024

Nationwide mortgages for over 55s
  • Release equity from your house or buy a house with Nationwide mortgages for over 55s
  • No regular monthly repayments- or repayment- or just interest
  • Free valuation
  • Use the money to keep another family member away from a high LTV mortgage
  • 5.37% MER Fixed for life
  • Continue to stay in your home

How much money can I get?

You can achieve 70% of your home’s valuation. For example, if your house is worth £290000 you can borrow £203000.

  • Free No Obligation Quote

  • Please enter a number from 3000 to 2000000000.
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Cash tied up in home

Hard to finance property types can include pre-fabricated reinforced concrete (PRC), properties with any externally applied insulation to the walls after construction, studio flats located within the M25, privately developed flats in blocks of five storeys or more and freehold flats (England, Wales, Northern Ireland).

West London Home

Hard to mortgage home variants include properties where proposed building works have not yet commenced, properties where the owner is set up on a tenancy in common basis, freehold houses and bungalows (England, Wales, Northern Ireland), leasehold properties (with the exception of flats and maisonettes) and properties where the borrower(s) own the freehold with any connected party.

Aviva lifetime mortgage

Some of the most common loan to value percentage ratios of Aviva retirement interest only mortgages over 75, Shepherds Friendly lifetime mortgages for over 60s, Leeds Building Society interest only mortgages for people over 70, Principality Building Society interest only mortgages for people over 70, West Bromwich Building Society interest only retirement mortgages for over 70s and Progressive Building Society mortgages for over 65 are 35%, 55% and 65%.

Canada Life - Lifestyle Gold

Common LTV percentages of Liverpool Victoria mortgages for over 50 year-olds, More to life mortgages for people 60 plus, One Family equity release schemes for people over 70, Yorkshire Building Society mortgages for over 50-year-olds, Principality Building Society over 60 lifetime mortgages and Axa mortgages over 70s are 50%, 55% and 70%.

Canada Life Home Finance lifetime mortgage for properties in Scotland
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The lender will want to know if the property is a Semi detached freehold house or a Leasehold flat and if the resident is an Assured shorthold tenancy tenant.

  • More 2 Life Tailored Choice Plan
  • Liverpool Victoria LV= Flexible Lifetime Mortgage
  • Stonehaven Interest Only Lifetime Mortgage
  • Nationwide Equity Release Plans
  • Aviva Equity Release
  • Nationwide Mortgages For Over 55s
  • Liverpool Victoria LV Equity Release Plans
  • Nationwide Interest Only Lifetime Mortgage
  • Royal Bank of Scotland Lifetime Mortgage
  • Saga home reversion plan
  • Age Partnership Interest Only Lifetime Mortgage
  • More to life Flexi Choice Drawdown Lite Plan
  • Bridgewater Equity Release
  • Liverpool Victoria LV Equity Release Plans
  • More 2 Life Flexi Choice Voluntary Payment Super Lite
  • Stonehaven Interest Select Plan
  • Aviva Lifetime Mortgages for Pensioners
  • L&G Legal & General Flexible Max Scheme
  • More 2 Life Capital Choice Plus Plan
  • Age Partnership Interest Only Lifetime Mortgage
Over 60 Equity Release Retirement

Towns of the UK where Lifetime Mortgages are routine – Nationwide Mortgages For Over 55s

  • Devizes
  • Surbiton
  • Saltash
  • Bilston
  • Tonbridge
  • Redenhall with Harleston
  • Grange-over-Sands
  • Whitchurch
  • Dinnington St Johns
  • Barnard Castle
  • Bradley Stoke
  • Minehead
  • Downham Market
  • North Petherton
Over 60 Equity Release Scheme

Successful business owners who could benefit from Home Reversion Scheme estate planning

  • Wholesale of hardware, plumbing and heating equipment and supplies Melton Mowbray
  • The building of pleasure and sporting boats Denholme
  • Sewerage Cinderford
  • Administration of financial markets Corsham
  • Real estate agencies Stockport
Legal & General - Premier Flexible Black

Tough to mortgage home variants include properties built on contaminated land, ground rent where the lease or any deed varying the lease provides for a ground rent exceeding, or where the escalating provisions would result in the ground rent exceeding £250 per annum (or £1000 per annum where the property is in Greater London), property is uninhabitable, asbestos construction and concrete frame.

How much is it common to release from a home

  • 55% lump sum lifetime mortgages Fortify Insurance Solutions
  • 60% loan to value (LTV) interest-only lifetime mortgages Equifinance

Does Nationwide offer Equity Release?

Yes, Nationwide Equity Release is 1.8% MER.

It is often found to discover individuals searching for a monthly payment lifetime mortgage, lump sum lifetime mortgages or home reversion schemes, however, Key Solutions like VitalityLife Equity Release are keen to see proof of your circumstances in the form of bank statements.

Equity Release Lenders similar to Nationwide Mortgages For Over 55s

  • Lifetime Mortgage from L&G
  • Norwich Union
  • Age Concern

Drawbacks of Equity Release Plans

Lump-sum lifetime mortgages can reduce the value of your estate. Home reversion plans may impact the ability to claim benefits. You may need to pay a valuation fee, and you could be exposed to changes in interest rates with some products.

What percentage can be released?

The more elderly you are and the sicker you are, the more cash you can release.

Does Nationwide offer Pensioner Mortgages?

Yes, Nationwide Pensioner Mortgages are 1.96% APRC.

Canada Life

Challenging to mortgage property titles include properties with land in addition to the domestic grounds up to a maximum property size of five acres, where the land is for normal domestic use, properties converted from modern commercial premises, properties without direct access to an adopted highway or which are accessed over an unmade road, properties using rooms, land or outbuildings for business purposes which are not personal to the borrower(s) or which extend to more than 50% of the property to be secured and properties with mobile phone masts which are within influencing distance of the house.

Hodge Lifetime Drawdown Lifetime Mortgages

Do Nationwide do Retirement Mortgages?

Yes, Nationwide Retirement Mortgages are 2.05% APRC.

Legal and General

Demystifying Equity Release Rates

Equity release rates have revolutionised the way senior homeowners manage their assets, especially their primary residences. As these financial instruments grow in popularity, understanding their nuances is vital. Let’s deep dive into the world of equity release rates, and what they mean for different age groups.

Mortgages Over 55: A New Horizon in Home Finance

For most, crossing the age threshold of 55 signifies a transition towards retirement. However, it also opens doors to specific mortgage products tailored for this demographic.

Benefits of Mortgages Over 55

This age-specific mortgage allows homeowners to leverage the equity they’ve accumulated over decades, potentially offering better rates and more flexible terms due to the reduced risk for lenders.

Factors Influencing Rates

Factors such as market trends, a homeowner’s credit score, and the overall health of the economy can impact these rates. Furthermore, the larger the equity in the home, the more favourable the rates.

Mortgages Over 60: Refinancing for the Future

With retirement imminent or already in effect, mortgages over 60 present an opportunity to reassess financial standings and make necessary adjustments.

Why Consider Mortgages Over 60

Besides tapping into the home’s equity, these mortgages may also offer competitive rates, especially for those who have substantial equity and a good credit history.

Rate Determinants

Just like the younger age bracket, rates for this category depend on economic indicators, personal financial health, and the percentage of home equity.

Mortgages Over 65: Aligning with the Golden Years

Most individuals in this age bracket are in retirement. Therefore, financial instruments must align with their fixed income status and long-term needs.

The Appeal of Mortgages Over 65

Lenders design these products with retirees in mind, offering flexibility in terms of repayment and potentially lower rates due to the higher amount of equity in the home.

How Rates are Configured

While general economic factors play a role, lenders might also factor in the individual’s health, life expectancy, and the amount they wish to borrow against their home’s equity.

Mortgages Over 70 and Over 75: Advanced Financial Planning

This age group often represents individuals who are deep into their retirement and may need to tap into their home’s equity for various reasons.

Key Features

Given the age and potential life expectancy, these mortgages might come with specific features like more extended drawdown periods or more flexible repayment structures.

Interest Rate Implications

With age and potential health risks, the rates for these mortgages might differ slightly, often affected by the individual’s health and the overall amount they wish to release from their home equity.

Retirement Remortgages: A Fresh Financial Perspective

Why Opt for Retirement Remortgages

Retirement brings about a significant shift in financial dynamics. A retirement remortgage can help align a homeowner’s mortgage with their new financial reality.

Rate Insights

These rates are reflective of market conditions but are tailored to accommodate the financial circumstances and needs of retirees.

Pensioner Remortgage: Bridging Pensions and Properties

Decoding Pensioner Remortgages

Specifically designed for those drawing a pension, these remortgages offer solutions tailored for consistent pension incomes.

Rate Considerations

Steady pension incomes can often lead to more predictable rate structures, offering stability and clarity for homeowners.

Lifetime Mortgage: Unlocking Long-term Value

Understanding Lifetime Mortgages

These allow homeowners to borrow a portion of their home’s value. Interest accrues over time and is repaid when the homeowner sells the property, moves into care, or passes away.

Impact of Rates

The rates can significantly impact the eventual repayment amount, especially considering the compounding nature of the interest.

Release Equity and Equity Release: Maximising Home Value

Exploring Equity Release Schemes

These schemes allow homeowners to access the wealth locked in their homes without selling them.

Effect of Rates

Understanding the rates and how they compound over time is crucial in determining the long-term viability of these schemes.

RIO Mortgage: An Innovative Home Financing Solution

What is a RIO Mortgage?

Retirement Interest Only (RIO) mortgages are unique, requiring homeowners only to pay the interest, with the capital repaid under stipulated conditions like selling the home.

Rate Dynamics for RIO Mortgages

General market conditions, the age of the applicant, and other individual factors can influence rates for RIOs.

To fully benefit from these equity release options, homeowners must be well-informed. Engaging with a financial advisor and understanding the intricacies of rates and terms can lead to a financially secure and comfortable retirement.

Standard loan to value percentages of Lloyds equity release schemes for over 55’s, Barclays Bank interest-only mortgages for over 65-year-olds, Post Office later life interest-only mortgages over 60, L&G mortgages for over 65, Royal Bank of Scotland interest only mortgages for people over 60 and Nationwide BS mortgages over 65 are 45%, 60% and 70%.

Do Nationwide do Equity Release Under 55?

Yes, Nationwide Equity Release Under 55 is 1.88% APR.

Locations of our
head offices

Nationwide Head Office Address – Swindon
Nationwide Building Society
Nationwide House
Pipers Way
SN38 1NW
GPS/Geographical Post Code Only: SN3 1TA

Nationwide Administration Centre address – Northampton
Nationwide Building Society
Kings Park Road
Moulton park

Portman House Bournemouth Administration Centre
Richmond Hill

Some of the most popular retirement loan offerings are Lloyds Bank over 60 mortgages, Barclays interest-only lifetime mortgages, Halifax mortgages over 65, Legal & General lifetime mortgages and Nationwide retirement interest-only mortgages.

Does Nationwide offer Lifetime Mortgages?

Yes, Nationwide does lifetime mortgages at 2.07% MER. Nationwide Lifetime Mortgages have a loan-to-value of 75%.

In conclusion, equity release or equity drawdown are terms used to describe a homeowner’s release of funds from a property without the need to move or sell the property. If a homeowner has a home with equity, he or she may be looking to make the most of their money or to unlock the potential of their home’s value to have more funds to live on in retirement.

The borrower and lender will have to ensure they understand the property, the loan and the legalities of the property title.

Does Nationwide do a retirement remortgage for pensioners over 55?

Yes, Nationwide retirement remortgages for the over 55s are 3% MER fixed.

Does Nationwide do pensioner remortgages for the over 55s?

Yes, a Nationwide pensioner remortgage for homeowners over 55 is 3.37% AER fixed for life.

Does Nationwide do a later life remortgage for people over 55?

Yes, Nationwide later life remortgages for the over 55s are 3.73% MER fixed for life.

Does Nationwide do the best remortgage for retired homeowners over 55?

Yes, Nationwide best remortgages for retired for over 55s are 3.47% MER variable.

Does Nationwide do remortgaging options for the over 55s?

Yes, a Nationwide remortgaging option for retired homeowners over 55 is 3.85% APR variable.

Does Nationwide do a mortgage calculator for retired homeowners over 55?

Yes, Nationwide mortgage calculators for over 55s shows 3.78% MER variable.

Does Nationwide do a RIO mortgage for people over 55?

Yes, Nationwide RIO mortgages for the over 55s are 3.03% APRC variable.

Does Nationwide do a retirement interest only mortgage for over 55s?

Yes, Nationwide retirement interest only mortgages over 55 are 3.7% MER fixed for life.