A lifetime mortgage in Sunderland is one of the most flexible ways to release equity if you’re aged 55 or over. These plans are designed to last for the rest of your life, with no need to make monthly repayments unless you choose to.

But what if your circumstances change, or better deals become available? Many homeowners wonder if it’s possible to remortgage a lifetime mortgage, and the answer is yes, it can be done.

Why Remortgage a Lifetime Mortgage?

People usually look to remortgage in Sunderland when they’re hoping for a lower interest rate, a better deal, or access to more funds.

If your home has gone up in value since you took out the original plan, you might be able to unlock additional equity.

Others choose to remortgage to take advantage of new product features, such as drawdown options or flexible repayment terms.

People remortgage because they’ve changed their mind about how they want to use the money. You might need more for a renovation, want to gift to family, or simply prefer a plan that suits your current lifestyle better.

What Should You Watch Out For?

Before switching to a new lifetime mortgage, it’s important to understand whether early repayment charges (ERCs) apply to your current plan.

These fees can affect whether it’s worth making the move. Some lenders offer fixed ERCs that reduce over time, while others structure them differently.

Also, the new lender will likely assess your current age, property value, and how much you’ve borrowed.

Your health can sometimes play a role too, especially if you’re applying for an enhanced lifetime mortgage, which may allow you to borrow more if you have certain health conditions.

Can You Borrow More When Remortgaging?

If your home’s value has increased and you haven’t borrowed the full amount you qualify for, remortgaging could allow you to release more funds.

You can use the extra cash however you choose; popular reasons include home improvements, helping family with deposits, or boosting your retirement income.

It’s important to note that borrowing more may impact the amount left to your estate.

That’s why many people choose lifetime mortgage products with features like inheritance protection or interest repayment options, to help manage the long-term impact.

Is it the Right Time to Switch?

Timing matters. If interest rates have dropped since you took out your plan, switching now could help reduce the overall cost of borrowing.

But even if the rate is slightly higher, a new deal with better features might still be the right choice. It all comes down to what you need your mortgage to do for you today and in the future.

Switching from one lifetime mortgage in Sunderland to another is a big decision, and it’s not something to jump into without a good look at the numbers.

Our team of expert mortgage advisors in Sunderland can assess your current plan, compare it with what’s available now, and help you decide whether it’s worth making the change.

Date Last Edited: 03/06/2025