If you’re over 60 and exploring ways to make your homework better for you financially, a remortgage in Manchester could be a smart move.

Whether you’re looking to lower monthly payments, release equity, or switch to a product that suits your income in retirement, there are several routes available.

Lenders now offer more flexibility for older homeowners than ever before, meaning a remortgage can help you maintain stability and achieve the financial freedom you want.

Why Homeowners Over 60 Remortgage

As people move into their 60s, priorities often change. Income may shift, or a mortgage deal might be coming to an end.

A remortgage provides the chance to reassess your options and make sure your finances match your current lifestyle.

Many homeowners remortgage to reduce their monthly outgoings, pay off existing borrowing, or access some of their property’s value to use for other purposes.

With the right approach, a remortgage in Manchester can provide flexibility and control without the need to move home.

Reducing Monthly Payments

Remortgaging to a better deal can make a noticeable difference to monthly costs. Some customers move to a lower interest rate, while others switch from a repayment mortgage to an interest-only structure.

For those whose income has changed through retirement or part-time work, this can be an effective way to keep finances manageable while maintaining homeownership.

A mortgage advisor in Manchester can compare deals and find lenders who understand pension income and other sources of funds.

Releasing Equity from Your Property

A remortgage in Manchester can also release some of the value built up in your home.

The money released can be used for home improvements, family support, or additional financial comfort in retirement.

Some homeowners use this option to clear outstanding borrowing, while others choose to invest in property upgrades that make the home more comfortable or energy efficient.

The right product will depend on your property’s value, current mortgage balance, and how you intend to use the funds.

Retirement Interest-Only Mortgages

A Retirement Interest-Only mortgage (RIO) is one option that appeals to many homeowners aged 60 and above. It allows you to pay only the interest each month, keeping repayments low.

The balance is repaid later, usually when the property is sold. This can be a suitable choice if you want to stay in your home long term without the pressure of large monthly payments.

Lifetime Mortgages

For those who prefer not to make any monthly repayments, a lifetime mortgage could be worth considering.

It allows you to access a lump sum or regular withdrawals while continuing to live in your property.

Interest is added to the loan over time and repaid when the property is sold, either after you move into care or pass away.

This type of product offers flexibility, though it’s important to understand how it may affect your estate or inheritance plans before proceeding.

Part-and-Part Mortgages

A part-and-part mortgage combines features of repayment and interest-only products. You pay interest on one portion and gradually reduce the capital on the other.

This can be a practical choice for homeowners over 60 who want to keep payments lower but still reduce some of the balance over time.

It’s often seen as a middle-ground approach between affordability and long-term planning.

Consolidating Debts Through Remortgage

If you have several forms of borrowing, such as loans or credit cards, consolidating them into a remortgage in Manchester could simplify your finances.

This approach can reduce interest costs and bring everything under one manageable payment.

That said, it’s important to review the long-term impact. Extending short-term debt into a mortgage term can increase the total amount repaid, so professional advice is always recommended.

Planning for the Future

For many homeowners, remortgaging at 60 or over isn’t just about saving money now. It’s about ensuring their finances are set up to provide security and freedom for the years ahead.

Our team offers clear, straightforward remortgage advice in Manchester, helping you compare lenders, explore flexible options, and make the best use of your property’s value.

Making the Most of Your Mortgage in Manchester

A remortgage in Manchester can open up new opportunities, from releasing equity to securing a more manageable payment structure.

Whether your goal is financial flexibility, supporting family, or simply feeling more comfortable in your home, there’s usually a solution that fits.

At Manchestermoneyman, our advisors specialise in mortgages over 60 in Manchester, guiding you through your options with practical advice and a personal approach.

The right remortgage could help you achieve the balance between security and independence you’ve worked hard for.

Date Last Edited: November 5, 2025