Nationwide has seen a rise in Silver Surfers releasing equity from their home, with seven in ten (70%) doing so without leaving their home using the society’s Video to Member service and the pandemic change way many apply for the Society’s Over 55s mortgages.
A previous survey conducted by Britain’s biggest building society showed that those in middle age have an average of £125,350 equity currently in their home, but many don’t know where to start in order to release the equity they need to make those dreams become a reality.
Since the start of the year, nearly 358,000 people visited the Society’s website to learn more about borrowing in later life and over 45,000 people then went on to enquire about applying for one of the Society’s suite of Over 55s products including Lifetime Mortgage, Retirement Capital and Interest and Retirement Interest Only.
Many people don’t know where to start with releasing equity from their home, so in September 2020, Nationwide started running webinars so that people could learn more about the process and get their questions answered by specialist mortgage advisers who support the events. The webinars cover:
- Types of Over 55s mortgages – The difference between Lifetime Mortgage, Retirement Capital and Interest and Retirement Interest only mortgages
- The importance of advice – Nationwide doesn’t charge borrowers for advice on its Over 55s range of mortgages
- Case studies – Examples of other borrowers who have used Nationwide Over 55s mortgages to release equity to gift to family members, pay of existing debts, make home improvements to future proof their home or fund some of their dream retirement plans
Since the start of the year, more than 3,700 people have attended one of our equity release webinars, with more than 94% of attendees rating the event as good or excellent.
Henry Jordan, director of mortgages at Nationwide Building Society, said: “When we think about our retirement, we often think about living in our dream home, travelling the world and spending more time with family and friends doing the things we love, but many don’t have the funds available in retirement to make that possible.
“Older borrowers have much of their money tied up in their property, but they just don’t know where to start with how to release the equity or worry about not being able to leave an inheritance for their children.
“Nationwide is one of the most trusted brands on the high street and many are turning to the Society to learn more about equity release and other options for borrowing in retirement. There is a myth that many older people don’t use digital services, but our experience shows this isn’t the case.
“Our online webinars have proved so popular with older borrowers looking to learn more about equity release, that we have moved to holding them monthly.
“After a year of making video calls to family and friends, many are now confident to use the technology to connect to a specialist mortgage adviser, meaning they can complete the application and release the equity in their home without even needing to move off their sofa.”
