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.

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.

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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

• Financial Conduct Authority (FCA)⁹
• Prudential Regulation Authority (PRA)¹⁰

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

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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.