Nationwide Building Society is a British mutual financial institution, the seventh largest cooperative financial institution and the largest building society in the world with over 15 million members. Its headquarters are in Swindon, England.
Nationwide’s Lifetime Mortgage is designed to run for the rest of your life and could be a good choice if you want the flexibility of having no contractual monthly payments. The loan and interest will be repaid by the sale of your home when the borrower moves into long-term care or dies. Available to mortgage holders aged 55 to 95 years old.
Retirement Interest Only (RIO)
A retirement interest only mortgage is very similar to a standard interest only mortgage, but with some differences. The main part of the loan is usually only paid off when the borrower moves into long term care or dies. Because you only pay off the interest on this type of mortgage your payments can be lower than a typical mortgage. The maximum loan amount is £500,000. Available to mortgage holders aged 55 to 95 years old.
Retirement Capital & Interest (RCI)
Like a standard repayment mortgage with an RCI you pay back both interest and capital on a monthly basis. The main difference is that you can borrow up to a higher age than on a standard mortgage but the product is still designed to repay your mortgage in full by the end of your term. The maximum loan amount is £500,000 and repayments are made on a monthly basis. Available to mortgage holders aged 55 to 95 years old.
Nationwide offers a range of complementary products including Savings and ISAs, Current Accounts, Personal Loans and Investments.
Nationwide Reviews and Ratings
Online reviews for Nationwide Building Society are very poor. Customers have labelled the company as being untrustworthy, unprofessional and inflexible in helping customers in their time of need. Customer service is deemed poor with many reviewers giving detailed examples of bad customer experiences.
- The largest building society in the world with over 15 million members
- Reputable and long-established
- A large range of products and specialist services
- Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority
- Useful online branch finder
- Some very bad instances of poor customer service
- Many products not available for Isle of Man, Scilly Isles, Channel Islands or Northern Ireland customers
- A large, fairly overwhelming website
- No helpful online calculators or support tools
Wwebsite: Nationwide Building Society