Being in your 60s doesn’t mean you no longer have options when it comes to remortgaging your home in Scunthorpe. Mortgages for borrowers over 50 & 60 are now more accessible than ever before.
Along with standard mortgage options, there are a wide variety of routes you can now take that will support your retirement goals.
In this guide, we’ll look at the different remortgage options for over 60s in Scunthorpe and the main reasons why an older borrower may be looking to do something different.
What Are My Remortgage Options?
Here are some of the most common remortgage options we see for homeowners in Scunthorpe:
Standard Remortgage
The first and most common one you’ll come across is a regular remortgage.
When homeowners are nearing the end of their introductory period, such as a fixed term they may have had for a few years, it’s common to think about what comes next.
It’s important to stress with mortgages for over 60s in Scunthorpe, that just because you’ve reached a set age, doesn’t mean you’re suddenly limited.
People will look to remortgage for reasons such as to release equity from their home, often for home improvements. Other people will remortgage in Scunthorpe for a better rate of interest.
The latter can be especially effective as you are getting older, to manage living expenses better.
Mortgage lenders will typically consider your income and any pensions at this stage, though there are now plenty who will cater to people over 60 in Scunthorpe.
Retirement Interest-Only Mortgages (RIO)
Another increasingly popular option, is to move onto a retirement interest-only mortgage. When looking at mortgages for the over 60s in Scunthorpe, we find this is a great option for many homeowners.
The way these work, is you only pay the interest on the loan every month, which means that overall, your monthly payments will become much more affordable than it would be with a standard mortgage.
Similarly to a regular interest-only mortgage, a retirement interest-only mortgage has a capital balance to be repaid.
The difference here is that similar to other options for older borrowers in Scunthorpe, this occurs when you die or move into long-term care, at which point the property is sold and the loan is paid off.
Once again, these can be a great way to retain your home and lower your monthly payments, which makes it no surprise to see them growing in popularity all the time.
Lifetime Mortgage
If you’re wanting to get some equity out of your home in Scunthorpe and are wanting to do so without the need to make as many or any monthly repayments, taking out a lifetime mortgage could be for you.
The most common form of and what we think of when we talk about equity release, a lifetime mortgage has optional monthly repayments and can provide you a lump sum or regular payments of equity.
They have the potential to be a great option for homeowners in Scunthorpe who are looking to get some cash out of their homes, without having to sell it.
A lifetime mortgage is repaid when the property is sold, which is usually done when you either die or move into long-term care.
The downside is that if you don’t make monthly repayments, the interest will build up and this can greatly impact any inheritance you wish to have left for your beneficiaries, so it isn’t always the right choice.
Our mortgage advisors in Scunthorpe will always look at alternatives before suggesting a lifetime mortgage (equity release), as there are often better suited options available to you at this stage in your life.
Part-and-Part Mortgages: A Hybrid Solution
Part-and-part mortgages are a flexible type of mortgage that can allow you to split your mortgage into two parts, with one side being a standard repayment mortgage and the other being interest-only.
This allows you to keep up monthly repayments on a portion of the mortgage balance, with the rest being paid off at the end of the term.
Crucially, because you’ve already paid off some of the balance with your repayments, the amount at the end left to pay back, won’t be as high it would’ve been on a full interest-only or lifetime mortgage.
Especially with the latter, this means you have more options when it comes to estate planning.
Why Consider a Remortgage for Over 60s?
We’ve looked at just some of what you can do, but why do so many people over the age of 60 in Scunthorpe look at their mortgage options?
Below are some of the reasons we come across most often when speaking to people over 60 looking to remortgage in Scunthorpe:
Reducing Monthly Outgoings
As you get older and closer to retirement, you mind find changes to your income that see you wanting to lower your monthly outgoings, to make your later years easier and much more comfortable.
In taking out a remortgage in Scunthorpe, you have the potential to secure a lower rate of interest or to even move onto a mortgage that reduces outgoings, such as an interest-only or even lifetime mortgage.
Releasing Equity for Lifestyle Choices
For a lot of homeowners in Scunthorpe, retirement means you can take more time for yourself, explore the world, maybe renovate your home.
With a remortgage in Scunthorpe, you have the option to release some of the equity built up within your property in order to achieve these things and without the need to downsize.
Providing Financial Support for Family
Over 60s homeowners in Scunthorpe may also be wanting to provide some type of financial support to their family, such as children or grandchildren. Often this is to help them onto the property ladder.
Both a remortgage and equity release in Scunthorpe can be a way to achieve this, without having an impact on your own financial position.
Improving Property for Comfort or Value
Getting older can also see a need for more accessibility features. Many will remortgage in Scunthorpe in order to modify their home to be better suited to their needs, so they don’t need to move.
Other ways to achieve this can include equity release via a lifetime mortgage in Scunthorpe. Our mortgage advisors will be able to advise on the best options for your needs
Debt Consolidation
Finding a way to consolidate and combine debts that you have outstanding, such as credit cards or personal loans, can be something that you may look at no matter how old you are.
A remortgage for debt consolidation can be a good way to manage these and allow you to simplify your monthly outgoings.
It is important to speak to a trusted specialist in Scunthorpe before doing anything like this. Debt consolidation can be complex and has both pros and cons to it.
Getting the Right Advice for Over-60s Remortgaging
Whilst homeowners over the age of 60 and looking to remortgage in Scunthorpe have access to a variety of options, it’s always important to speak to a mortgage advisor in Scunthorpe before making any decisions.
Our mortgage advisors can look at what is best suited for your needs as you head towards retirement and help you factor in future plans such as inheritance, home improvements and reducing your outgoings.
Date Last Edited: June 4, 2025
