Homeowners who have an existing mortgage against their property could have the option to remortgage their home to receive a cash lump sum. That includes retirement mortgages, as age is not the barrier it once was. You could be eligible to remortgage your home as long as you meet the affordability criteria, no matter how old you are.
Typically, the cash released through a remortgage is used to pay off other existing debts, such as credit cards or loans, or to add value to the property via home improvements.
Can you afford to remortgage?
Remortgaging your property to release a cash lump sum is a decision which must be thought about carefully. If you decide to go ahead, your monthly repayments will likely increase to cover the bigger loan amount, and extending your mortgage's term means it will take you longer to pay it off.