Many Halifax homeowners with a lifetime mortgage reach a point where they wonder if it is possible to switch to a better deal.
The answer is yes, remortgaging a lifetime mortgage can often help you save money or access additional funds. As a mortgage broker in Halifax, we regularly help customers explore their remortgage options and find the right solution.
What are the reasons for remortgaging?
There are several reasons why you might consider remortgaging your lifetime mortgage in Halifax. In some cases, interest rates on newer products are lower than when you first arranged your mortgage, offering the chance to reduce the amount of interest building over time.
You might also want to release more funds from your property, especially if your home has increased in value. This can help you cover unexpected costs, support family members, or improve your lifestyle in retirement.
Some customers also look to switch products for greater flexibility or to access features that were not available when they originally took out their age 50+ mortgage in Halifax.
What should you check before switching in Halifax?
Before deciding to remortgage, it is important to check whether your current lifetime mortgage includes early repayment charges. These fees can affect whether switching is worthwhile.
You will also want to compare the terms of any new offer carefully. Our mortgage advisors in Halifax can help you assess whether a new deal will genuinely benefit you in the long run.
It is equally important to consider how much additional borrowing you might need and whether this fits your plans.
What’s involved in the remortgage process?
The process of remortgaging a lifetime mortgage involves a few key steps. First, you will need to review your current mortgage and understand any restrictions or charges.
Next, your mortgage advisor in Halifax will search the market for suitable alternatives, helping you compare offers. Once you choose a new product, an application will be submitted, and your property may be revalued.
If approved, your existing lifetime mortgage in Halifax will be repaid using funds from the new lender, and any remaining funds will be released to you if applicable.
Should you speak to a mortgage advisor in Halifax first?
It is always a good idea to speak with a mortgage advisor in Halifax before making any decisions about remortgaging a lifetime mortgage. Our team can help you understand whether switching will benefit you financially and ensure you are aware of any potential costs involved.
They will also take time to explain how different age 50+ mortgage products work and which ones might suit your needs today. With expert mortgage advice in Halifax, you can approach the process fully informed and confident in your choice.
Date Last Edited: June 9, 2025
