While not everyone will be eligible to remortgage a lifetime mortgage, it is worth exploring whether it could offer benefits in your situation.
How Lifetime Mortgages Work
A lifetime mortgage is a form of equity release that lets you borrow against the value of your home while continuing to live there.
Unlike a traditional mortgage, there are usually no required monthly repayments. The loan is repaid when the property is sold, typically when you move into long-term care or after you pass away.
Interest is added to the loan balance over time, which means the amount owed increases if you do not choose to make repayments.
Why Remortgage a Lifetime Mortgage?
There are several reasons why customers in Leicester may wish to remortgage their lifetime mortgage.
In some cases, property values have risen, and a new lender might offer a better interest rate or allow additional funds to be released.
Others may want to switch to a more flexible lifetime mortgage product that allows for voluntary repayments, helping to control how the interest builds up.
If your personal circumstances have changed, remortgaging may provide a better fit for your current needs.
It is important to take advice before making any changes.
Seeking equity release advice in Leicester will help you understand whether remortgaging is available to you and whether it offers a genuine benefit.
Things to Think About
Remortgaging a lifetime mortgage is not always straightforward.
There may be early repayment charges on your existing product, and switching to a new deal needs to be financially worthwhile.
Eligibility will depend on factors such as your age, the value of your home, and the terms of your existing lifetime mortgage.
Our mortgage advisors in Leicester, will help you weigh up all these factors and compare what different lenders can offer.
It is also worth considering alternative routes, such as looking at other mortgages for over 50s in Leicester or reviewing whether remortgaging your existing property might be a better fit than equity release.
How Our Mortgage Advisors Can Help
If you are thinking about remortgaging your lifetime mortgage, our team of mortgage advisors in Leicester can explore what is possible and explain your options clearly.
We will check whether switching is in your best interests and whether you would benefit from remaining with your current lender or moving to a new one.
With access to a wide range of lifetime mortgages in Leicester, we can help you make an informed choice that suits your needs today and in the future.
Date Last Edited: June 13, 2025
