Remortgage of a Retirement Property
At Rockhopper Later Life Finance we help customers aged 55 and over who are thinking about downsizing to a retirement property. Downsizing is a lifestyle decision as much as a financial one, and it does not always need a mortgage. Where the sale of your current home does not fully cover the move, we explain the options without pushing any particular route.
We work with customers who:
- Are thinking about moving to a smaller or age-restricted home
- Expect the sale of their current home to cover most but not all of the purchase
- Want to release some money for retirement while moving
- Are weighing up downsizing against staying put and releasing equity
- Are unsure whether they need a mortgage at all
- Want to understand the costs involved in a retirement scheme
- Are helping a parent or relative plan a move
Deciding whether to downsize is a personal choice with a lot to weigh up, from the home itself to the costs and the move. We set out the options plainly and let you reach your own decision, rather than steering you towards any particular outcome.
Downsizing often frees up money, because the new property may cost less than your current home. In many cases no mortgage is needed at all, and any surplus can support your retirement. Whether downsizing is right for you depends on the homes involved, the costs of moving, and what you want from the next stage of life.
Where the retirement property costs more than your current home releases, perhaps because it is in a more expensive area or a scheme with a premium, a shortfall can remain. In that situation a mortgage may help bridge the gap.
The options for any shortfall include a standard mortgage, a retirement interest only mortgage, or a lifetime mortgage used towards the purchase. Each works differently and affects your estate and monthly budget in different ways, and your adviser will explain the trade-offs.
Downsizing is not always the right answer. Some customers prefer to stay in their home and release equity instead. We are happy to talk both routes through, and tax and the lease terms may need specialist advice alongside our mortgage advice.
The Process
Your first conversation is an informal discussion about the move you are considering, your current home, and your circumstances. There is no cost or obligation, and we are happy to include family.
If a mortgage is needed for any shortfall, we complete a full fact-find, consider the retirement scheme, and research suitable lenders. We compare the routes and provide a written recommendation.
Every move is different, and the pace is entirely yours.
Speak to a Retirement Property 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.