Yes, you can remortgage a lifetime mortgage in London. This may be worth considering if your current plan no longer meets your needs or if better deals are available.

While lifetime mortgages are designed to last for life, that doesn’t mean you’re tied to the same product forever.

Homeowners often explore switching to access a lower interest rate, release more funds, or find a mortgage with greater flexibility.

What Are the Reasons for Remortgaging?

Many homeowners remortgage to reduce the long-term cost of their mortgage.

Interest rates can change over time, and moving to a lower rate can help reduce how quickly the balance grows. This may preserve more of your property’s value in the long run.

Another reason is to release additional funds. If your home in London has increased in value, a new lifetime mortgage may allow you to access more equity than before.

This could be used to support family, fund home improvements, or help with retirement income. In some cases, the motivation is to switch to a more flexible mortgage.

Some lifetime mortgages now allow voluntary repayments, which help you control the interest and limit how much is owed later.

If your current mortgage doesn’t offer this, moving to a different product could be a better fit.

What Should You Check Before Switching?

If you’re thinking about remortgaging a lifetime mortgage in London, there are several things to consider.

First, you’ll need to look at your existing plan and check whether any early repayment charges apply. These fees can sometimes be high, especially in the early years of the mortgage.

Next, lenders will assess your eligibility for a new product based on your age, the value of your home, and the amount of equity remaining.

Not every lender has the same criteria, so it helps to look at a range of providers offering mortgages for over 50s in London.

There are also costs involved in switching. These can include legal fees, property valuation charges, and product arrangement costs.

It’s important to make sure that the benefits of a new deal outweigh any fees required to set it up.

What’s Involved in the Remortgage Process?

The process begins with a full review of your current mortgage.

If switching looks suitable, a new lifetime mortgage is arranged to replace the existing one. The new lender will value your property and carry out checks before approving the loan.

Once approved, your current mortgage is paid off using the new funds. If any equity is released as part of the new deal, this will then be made available to you.

This process is similar to taking out a new lifetime mortgage in London, but with a focus on improving your current position.

Should You Speak to a Mortgage Advisor First?

Yes, professional advice is essential before making changes to a lifetime mortgage.

Not every product will suit your situation, and early repayment charges or lender criteria could affect whether remortgaging is worthwhile.

Our mortgage advisors can help you compare lifetime mortgage products and offer clear remortgage advice in London based on your circumstances.

We’ll take the time to look at interest rates, product flexibility, and fees to ensure switching offers genuine benefits.

Whether you’re looking to reduce costs, access more funds, or explore equity release in London as part of your long-term plan, we’ll guide you through each step with clarity and care.

Date Last Edited: June 5, 2025