Remortgaging in Later Life
At Rockhopper Later Life Finance we help customers aged 55 and over remortgage for all the common reasons: switching to a better deal, raising capital for home improvements or family support, consolidating existing debts, or changing product type (for example from interest only to repayment, or from residential to equity release). Remortgaging in later life can be more complex than remortgaging in your 30s or 40s because lender criteria tighten with age, but the market remains active and options exist for most circumstances.
We work with customers who are:
- Coming to the end of a fixed rate and looking to switch lenders
- Owning their home outright and wanting to raise capital without disturbing their lifestyle
- Looking to consolidate existing loans or credit cards into a more manageable monthly payment
- Funding home improvements or adaptations for ageing in place
- Switching from an interest only mortgage to a different product type
- Holding an existing lifetime mortgage and wondering if a better rate is available
- Releasing equity for a specific purpose such as helping family or funding care
Remortgaging in later life often comes with more paperwork and more questions than it did earlier in your career. This is partly regulation and partly lender caution, and it can feel frustrating when you know your own finances well. We walk you through what each lender will want to see and why, and we aim to keep the process as straightforward as possible.
Remortgaging falls into several categories. A rate switch or product transfer moves you to a new deal with the same lender, usually at the end of a fixed or discount period. A full remortgage moves you to a different lender entirely, which may offer a better product or be more willing to lend given your age and circumstances. A capital-raising remortgage increases the loan amount so you can release equity for a specific purpose. A debt consolidation remortgage combines unsecured debts into the mortgage, which can reduce monthly outgoings but usually increases the total amount repaid over the long term.
For older borrowers, the lender pool narrows at each age milestone. A remortgage at 55 has broader options than at 65, which has broader options than at 75. We work with lenders across the full age range, including specialist later life lenders whose criteria accommodate older borrowers that the high street may decline.
Where consolidation is being considered, the important question is whether it is sensible to secure previously unsecured debt against your home, and whether the longer repayment period outweighs the lower monthly cost. We walk through this carefully with every customer considering this route, because the decision has implications that extend well beyond the first few monthly payments.
The Process
Your first conversation is a relaxed discussion about your existing mortgage, your reason for remortgaging, and what you would like to achieve. There is no cost or obligation.
We complete a full fact-find, research the market, and come back to you with a written recommendation. For debt consolidation cases the recommendation will always include a clear explanation of the trade-offs, with independent signposting where appropriate.
Every remortgage case is different. A simple product switch may be straightforward. A complex capital-raising remortgage with age and health considerations will take longer and involve more detail, and we will set realistic expectations from the start.
Speak to a Remortgage Specialist
Call 0203 621 5696
Lines open 9am to 5pm Monday to Friday. Alternatively, complete the enquiry form and we will call you back at a time that suits you.