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Key Takeaways
- Nationwide no longer offers equity release to new clients, but existing lifetime mortgage holders can still apply for additional borrowing or port their mortgage.
- Nationwide does not provide direct equity release alternatives, but offers personal loans, home improvement loans, and credit cards as other borrowing options.
- Eligibility for Nationwide’s alternatives varies, with different age, income, and account requirements for each financial product.
- Interest rates and borrowing limits differ across Nationwide’s options, with loans available up to £50,000 and credit cards offering balance transfer deals.
- Seeking financial advice is recommended to determine whether Nationwide’s alternatives or another solution best suits your needs.
If Nationwide equity release has come under your radar, there are some important questions you'll need to ask.
In this article, we've compiled everything you need to know about Nationwide's options.
This article explores the following topics, drawing on our expertise in the field:
COMMENT: TimeBank is an independent third-party data provider, and the information shared here reflects their views alone, not necessarily those of Nationwide. This article is for informational purposes only and should not be considered financial advice or a recommendation to engage with any products offered by Nationwide.
Request a FREE call back discover:
- Who offers the LOWEST rates available on the market.
- Who offers the HIGHEST release amount.
- If you qualify for equity release.
Does Nationwide Offer Equity Release?
Nationwide does not offer equity release to new clients anymore.
If you already have a Nationwide lifetime mortgage, however, nothing has changed for you.
Existing Lifetime Mortgage Clients
Existing lifetime mortgage clients can still apply for additional borrowing and are able to port their lifetime mortgage when moving to a new home.1
If you're an existing lifetime mortgage holder and you want to borrow more, you can apply to access between £10,000 and £1 million (in England) or £515,000 (in Wales and Scotland).2
Does Nationwide Offer Equity Release Alternatives?
Nationwide does not offer equity release alternatives like other retirement mortgages, but other options are available.
These include:
- personal loans
- home improvement loans
- credit cards
Comparing Features and Eligibility
Comparing features and eligibility can help you work out if one of Nationwide's alternatives could be an option for you.
An illustrative table like this could be helpful:
| Personal Loan3 | Home Improvement Loan4 | Credit Card5 | |
|---|---|---|---|
| Who qualifies? | Nationwide current account members | Nationwide current account members | Holders of a Nationwide savings account, current account or mortgage |
| What is the age bracket for qualification? | 18 to 79 | 18 to 79 | 18+ |
| Are there geographic criteria? | Yes; applicants from the Channel Islands and the Isle of Man are excluded | Yes; applicants from the Channel Islands and the Isle of Man are excluded | Open to UK residents |
| Is there an income requirement? | Yes; £700 a month after tax | Yes; £700 a month after tax | Yes; £5,000 or more a year before tax |
| How much can you borrow? | £1,000 to £50,000 | £1,000 to £50,000 | Not specified |
| How long can you borrow for? | 1 to 7 years | 1 to 7 years | N/A |
| Are monthly payments fixed? | Unspecified. | Yes | No. |
| What is the interest rate? | 6.1% to 14.9% Representative APR (fixed) on loans between £1,000 and £50,000 (over 1 to 5 years)6 | 6.1% to 14.9% Representative APR (fixed) on loans between £1,000 and £50,000 (over 1 to 5 years)7 | 24.9% APR (0% interest on balance transfers for 15 or 18 months) |
Take a look at Nationwide's website to read more about their interest rates.8
Could Nationwide's Alternatives to Equity Release Be Right for You?
To find out if Nationwide's alternatives to equity release could be right for you, speak to a qualified financial advisor.
How Did We Review the Info on Nationwide?
We reviewed the info on Nationwide by studying their personal loan, home improvement loan, and credit card offerings.
We also consulted online client reviews.
Nationwide Client Reviews
Nationwide client reviews can be found online.
Reviews include:
- Trustpilot client reviews of Nationwide
- Smart Money People client reviews of Nationwide
- MoneySavingExpert Forum discussions of Nationwide
Contact Nationwide
You can contact Nationwide in a few ways.
Your options include:
- using their contact page: available here
- phoning their credit department: 03457 30 20 10
- sending them a letter: Nationwide Building Society, Nationwide House, Pipers Way, Swindon SN38 1NW
Nationwide's Regulatory Details
Nationwide's regulatory details may be of interest to you if you are considering their equity release alternatives.
Trading Names
- Nationwide Building Society
FCA Permitted Services
- Accepting Deposits
- Advising on investments (except on Pension Transfers and Pension Opt-Outs)
- Arranging (bringing about) deals in investments
- Dealing in investments as agent
- Making arrangements with a view to transactions in investments
- Administering a regulated mortgage contract
- Advising on regulated mortgage contracts
- Arranging (bringing about) regulated mortgage contracts
- Entering into a regulated mortgage contract as lender
- Making arrangements with a view to regulated mortgage contracts
- Credit Broking
- Debt Adjusting
- Debt Administration
- Debt-collecting
- Debt-counselling
- Entering into regulated credit agreement as Lender (Excluding high-cost short-term credit, bill of sale agreement, and home-collected credit agreement)
- Exercising/having right to exercise lender's rights and duties under a regulated credit agreement (excluding high-cost short-term credit, bill of sale agreement, and home-collected credit agreement)
- Making arrangements with a view to transactions in investments
- Advising on investments (except on Pension Transfers and Pension Opt-Outs)
- Arranging (bringing about) deals in investments
- Dealing in investments as principal
- Making arrangements with a view to transactions in investments
Regulators
Registration Numbers
- FCA Ref Number: 106078
- Mutuals Public Register Number: 355B
FCA & Mutuals Public Register Link
- FCA Link: Nationwide Building Society
- Mutuals Public Register Link: Nationwide Building Society
Common Questions
Can I access home equity without taking out a lifetime mortgage?
Can I downsize instead of using equity release?
How does remortgaging compare to equity release for accessing home equity?
What government schemes exist for homeowners seeking financial support?
How do I know which equity release or alternative is right for me?
Where can I get expert advice on equity release alternatives?
Conclusion
While Nationwide no longer offers equity release to new clients, existing lifetime mortgage holders still have borrowing options.
For those seeking alternative ways to access funds, Nationwide provides personal loans, home improvement loans, and credit cards, each with its own eligibility criteria and terms.
Before making a decision, it is essential to compare these options carefully and seek professional financial advice.
Exploring all available choices will help you determine whether Nationwide equity release alternatives could be the right fit for your needs.
