For many homeowners in their 40s, 50s or beyond, the phrase “all good things must come to an end” might feel particularly true when it comes to long-term mortgage deals. Whether you’ve enjoyed the stability of a low fixed-rate mortgage for the past decade, or you’re one of the many with an interest-only mortgage coming to a close, the question is the same: What now?
The good news? It doesn’t have to be the end of the road or your peace of mind. In fact, with the right advice and guidance, it could be the start of a smarter, more secure chapter in your financial journey.
Coming to the End of a Fixed Rate Long-Term Mortgage
If you locked into a fixed-rate long term mortgage several years ago, chances are you’ve benefited from lower monthly repayments and immunity from market fluctuations. However, as that fixed period expires, you’ll likely be moved onto your lender’s Standard Variable Rate (SVR), which is often significantly higher. This can come as a shock, especially when interest rates have been rising in recent years.
Remortgaging can help you avoid this jump in monthly costs, but many people feel overwhelmed by the options, especially if it’s been a long time since they last reviewed their mortgage. Should you fix again? For how long? Can you access competitive rates if you’re now in your late 40s or 50s?
These are valid questions and they don’t have to be answered alone. A mortgage advisor can help assess your current situation, income, and future goals to find a product that works best for you now, not just what seemed right ten years ago. It’s likely your loan to value is significantly lower, meaning an abundance of offers may be available compared to before too.
The Interest-Only Dilemma After 50
Interest-only mortgages were once popular because of their lower monthly payments, but they often come with a looming deadline: at the end of the term, the full balance still needs to be fully repaid.
If you’re now in your 50s or 60s and your interest-only mortgage is coming to an end, the pressure can mount quickly. Many borrowers are unsure of their options. Can you remortgage into a repayment product? Is it better to sell and downsize? What if your income doesn’t support a new mortgage over a shorter term?
The answers will depend on your personal circumstances, but one thing is certain: you do have options. Even if you’re approaching retirement, lenders are increasingly open to lending past age 70 or even 75 in some cases, depending on your income and financial profile.
Equity release, retirement interest-only (RIO) mortgages, or downsizing to free up cash may all be worth considering, depending on your goals as well.
Navigating these choices without professional advice can be confusing and potentially costly, so always ensure you’re receiving the right advice from an independent and recommended mortgage broker.
Why Speaking to an Advisor First is Key
Whether you’re facing the end of a fixed term or interest-only period, speaking to an experienced mortgage advisor should always be your first step. This is especially important if you haven’t had to deal with mortgages for a long time, or if you’re unsure about how your age or income might impact your choices.
At HFA Mortgage & Protection, we pride ourselves on offering more than just internet-based or over-the-phone advice. We believe in getting to know you – face-to-face, in your home or at a location that’s convenient for you. This personal approach means we can truly understand your lifestyle, financial situation, and future plans, helping us recommend the products and lenders that are most suited to your needs.
We understand that mortgages aren’t just about rates and terms, they’re about people. Whether you’re planning to stay in your family home or make a fresh start somewhere new, we’re here to help you move forward with clarity and confidence.
Still Time. Still Options. Still Support.
It’s natural to feel uncertain when your mortgage deal ends, especially if you’re a little older and haven’t had to think about borrowing in recent years. Age is not a barrier to good financial planning and it certainly isn’t the end of your mortgage options.
With expert advice and the right approach, you can stay in control of your finances and make informed decisions about your future.
So no, not all good things have to come to an end. In fact, with the right help, they might just be about to get even better.
Contact HFA Mortgage & Protection today to book a no-obligation consultation in person. Let’s talk through your options and find the right path for you.
Important Notice:
There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £195 to £1500.
Your home may be repossessed if you do not keep up repayments on your mortgage.
