If you have a lifetime mortgage in York, you might wonder whether it’s possible to switch to a new deal.

While these mortgages are designed to last for life, circumstances can change, and better options may become available.

Remortgaging could offer benefits like lower interest rates, additional funds, or more flexible terms.

Understanding Lifetime Mortgages

A lifetime mortgage is a type of equity release in York that allows homeowners aged 55 and over to access the equity in their property without selling it.

The loan, plus any accrued interest, is typically repaid when you pass away or move into long-term care.

While these mortgages are intended to be long-term solutions, they are not set in stone.

Reasons to Consider Remortgaging

One of the main reasons people look to remortgage a lifetime mortgage in York is to secure a better interest rate.

If the market has shifted since you first took out your plan, you could find a deal with a lower rate, which may help reduce how much interest accumulates over time.

Another common reason is to release more funds. If your property’s value has gone up, or if you didn’t borrow the full amount available initially, a new lender might offer you access to more of your equity.

This could be used to support your retirement lifestyle, carry out home improvements, or help family members financially.

You might also be interested in more flexible features.

Some newer lifetime mortgage products now offer voluntary repayment options, which can be helpful if you want to reduce the overall balance and leave more behind for your loved ones.

This flexibility wasn’t always available with older plans.

Things to Consider Before Remortgaging

Before moving forward, it’s important to check whether your current lifetime mortgage includes any early repayment charges.

These can reduce or even cancel out the benefits of switching, depending on the size of the fee and the timing of your change.

You’ll also need to meet certain eligibility criteria when applying for a new deal. Lenders will consider your age, how much equity is left in the property, and whether your home meets their requirements.

Not everyone will be accepted for a remortgage, so it’s good to check in advance.

Lastly, don’t forget about the associated costs. Remortgaging a lifetime mortgage can come with legal fees, arrangement charges, and valuation costs.

It’s worth comparing these costs with the benefits of the new deal to make sure it’s worthwhile.

Date Last Edited: June 3, 2025