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Yes, you can remortgage a lifetime mortgage, but it depends on your circumstances and the terms of your existing deal.
Many homeowners explore this option to secure a better interest rate, release more equity or switch to a more flexible product.
While lifetime mortgages are designed to last for life, they do not always have to. If there is a more suitable option available, remortgaging could make financial sense.
If remortgaging is right for you, the process involves switching to a new deal that better suits your needs.
Before making any changes, it is important to understand the benefits, potential costs and eligibility criteria.
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One of the most common reasons to remortgage is to lower the interest rate.
If rates have dropped since you took out your lifetime mortgage, switching to a better deal could slow down the accumulation of interest, preserving more of your home’s equity.
Some homeowners remortgage to access additional funds. If your property has increased in value, a new lifetime mortgage might allow you to release more equity, whether for home improvements, supporting family or covering retirement costs.
There is also the option of switching to a product with greater flexibility. Some lifetime mortgages allow voluntary repayments, helping to manage the interest build-up over time.
If your current deal does not offer this, remortgaging could provide a more suitable solution.
Before making any changes, it is important to check whether your current lender imposes early repayment charges. These fees can sometimes be high and may reduce the financial benefits of switching.
Lender criteria also play a role. Your age, property value and remaining equity will all influence what options are available.
Some lenders have stricter requirements than others, so it is worth exploring different products to find the best fit. Another factor is the overall cost.
While securing a lower interest rate or additional funds can be appealing, it is essential to weigh up all the fees involved, including arrangement fees, legal costs and potential valuation charges.
If you are considering remortgaging, the first step is to review your current deal and check whether a more competitive option is available.
A mortgage advisor can assess your circumstances and compare products from different lenders to find the most suitable deal.
The application process for remortgaging a lifetime mortgage is similar to taking out a new one.
Your property will need to be valued, and the lender will carry out checks to ensure the new mortgage meets their lending criteria.
Once approved, your new mortgage will pay off the existing one, and any additional funds released will be available for you to use.
Remortgaging a lifetime mortgage is not always the right choice, but for some homeowners, it can offer significant financial benefits.
If you are thinking about switching, speaking to one of our mortgage advisors can help you explore your options and determine whether remortgaging is the best move for you.
Our team has access to a wide range of lenders and can compare different lifetime mortgage products to find the most suitable deal for your circumstances.
We will assess factors like interest rates, repayment options and any potential early exit fees to ensure remortgaging works in your favour.
If you are unsure about the process, we will guide you through each step, from reviewing your existing mortgage to securing a new deal that better suits your needs.
With expert advice from UK Moneyman, you can feel confident that you are making the right decision for your future.
Whether you are looking to reduce interest costs, access more equity or find a more flexible mortgage, our mortgage advisors are here to help you weigh up your options and take the next steps with clarity.
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UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© UK Moneyman Limited 2025.
UK Moneyman Limited is Registered in England, No. 6789312
Registered Address: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© UK Moneyman Limited 2025.
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