Remortgaging – Thomas


Thomas was aged 89 when he came to us for advice. He lived in a house worth £1.4 million and had an existing lifetime mortgage, which had been taken out in 2001 for £110,000. This had been arranged with a fixed rate for life of 8.25% (with the loan doubling every 8.7 years).

His outstanding loan was £440,000 with a £50,000 exit penalty. Understandably, Thomas was very concerned about the speed with which the loan in increasing and wanted to consider his options.

What we did

We secured a new lifetime mortgage for Thomas of £490,000 at a 3.76% repayment rate, which will take 19 years to double. The existing loan was then cleared.


Thomas now has peace of mind that the loan will not increase at the exceptional rate he had previously experienced, and he is happy that he will now be able to leave bigger inheritance for his children.