Remortgage of a Retirement Property
At Rockhopper Later Life Finance we help customers aged 55 and over remortgage a retirement flat or age-restricted home. You might be coming to the end of a deal, looking to raise funds, or wanting to move from one type of arrangement to another. Retirement leasehold is more specialist, so the choice of lender is narrower than for a standard property.
We work with customers who:
- Are coming to the end of a current mortgage on a retirement property
- Want to raise funds against a retirement flat they own
- Are unsure which lenders consider age-restricted leasehold
- Have service charges or event fees that affect affordability
- Want to compare repayment, interest only, and later life options
- Own the retirement property outright and want to borrow against it
- Want to understand how resale restrictions affect lending
Remortgaging a retirement property can feel harder than expected, because not every lender treats these schemes in the same way. We help you understand which lenders are comfortable with your scheme and what the realistic options are, so a remortgage is approached with a clear view of the costs.
Remortgaging a retirement property means replacing your existing mortgage, or taking a new one if the property is owned outright. As with any later life remortgage, the lender assesses the value of the property, the amount you want to borrow, and your income across the term, including pension income where relevant.
Retirement and age-restricted leasehold narrows the lender pool. Service charges, ground rent, event fees, and resale conditions all affect lender appetite and the amount that can be borrowed, so the scheme itself is part of the assessment.
Depending on your circumstances, a repayment basis, an interest only basis, a retirement interest only mortgage, or a lifetime mortgage may be suitable. Which route fits depends on your income, the property, and your plans.
We research the market and recommend the route we believe fits. The lease terms are a legal matter, and we may suggest your solicitor reviews them. We cannot say in advance that a particular lender will lend, because each case is assessed on its own facts.
The Process
Your first conversation is an informal discussion about the property, the scheme, and what you want the remortgage to achieve. This helps us focus on lenders comfortable with retirement leasehold.
We complete a full fact-find, include the scheme charges and lease terms in the assessment, and research suitable lenders. We then provide a written recommendation explaining our reasoning.
Every scheme is different, and the pace is yours. We keep you informed at each stage.
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.