In the right circumstances, switching to a new lifetime mortgage deal can offer valuable benefits, whether to access a better interest rate, release more funds, or take advantage of new product features.

While remortgaging a lifetime mortgage in Leeds is not suitable for everyone, it is certainly an option worth exploring with the help of a qualified mortgage advisor.

How Lifetime Mortgages Work

A lifetime mortgage allows you to release some of the value from your home without having to move out.

The money is usually provided as a lump sum, through flexible drawdown, or a combination of both.

The loan is repaid when the property is sold, typically when you move into long-term care or pass away.

Interest is added to the amount borrowed and rolls up over time.

Many modern products now offer features such as the ability to make voluntary repayments, helping to control how the interest builds up.

Lifetime mortgages are designed to run for the rest of your life.

It is possible, in some cases, to remortgage to a new product if this would leave you in a better financial position.

Why Remortgage a Lifetime Mortgage?

There are several reasons why remortgaging a lifetime mortgage might be worth considering:

If property values in Leeds have risen since you first took out your lifetime mortgage, you may be eligible to release additional funds.

Alternatively, you may be able to switch to a product with a lower interest rate, reducing how quickly the debt grows.

Newer lifetime mortgages often offer more flexibility than older ones, for example, allowing regular repayments or offering downsizing protection.

Moving to a more modern product could give you features that better suit your current needs.

Things to Consider Before Switching

While remortgaging a lifetime mortgage can provide benefits, it is not always the right choice.

Some existing products carry early repayment charges, which could outweigh the savings or additional borrowing you would gain from switching.

You will also need to meet the criteria for a new lifetime mortgage.

Lenders will consider factors such as your age, the value of your property, and how much you already owe.

It is essential to take professional advice before making any changes.

Our mortgage advisors in Leeds will help you work out whether switching is in your best interests and whether it makes sense financially.

Date Last Edited: June 13, 2025