Flexible Remortgage Solution Helps Couple Secure Second Property with Peace of Mind

Customer Overview

A couple in their early 60s residing in southern England, one nearing retirement and the other a homeowner with no current mortgage, sought a practical and flexible mortgage solution. With one partner set to draw £100,000 from a pension and the other owning a mortgage-free property, their goal was to purchase a second home without missing a time-sensitive opportunity—all while planning to reduce future debt through strategic overpayments.

The Challenge

The main challenges for this couple included:

• Needing to secure a second residential property swiftly
• Ensuring lender flexibility to make substantial overpayments (up to 20%) to reduce the mortgage term
• Finding a lender who allows mortgage terms extending beyond the age of 70
• Maintaining a comfortable monthly repayment budget of around £2,400
• Avoiding long-term tie-ins due to potential plans to sell one or both properties in the near future

The Remortgage Solution

Understanding the couple’s desire for short-term flexibility and long-term affordability, a fixed-rate remortgage deal was sourced through NatWest. The selected product featured the following key elements:

Mortgage Details:

• Loan Amount: £285,000
• Term: 13 years
• Initial Fixed Rate: 4.11% until December 2027
• Monthly Repayment: £2,369.79 (initial period)
• Overpayment Option: Up to 20% per year without penalties

Importantly, NatWest was selected from a wide range of lenders due to its ability to accommodate borrowing into later life, support overpayments, and ensure no long tie-ins, making it the ideal fit despite slightly higher rates compared to some other providers.

Results and Benefits

By securing this remortgage product, the couple achieved the following:

• Full financing of the second property purchase without needing to sell their existing home
• Match between monthly payments and their budget
• Ability to reduce long-term interest costs by making flexible overpayments
• Peace of mind knowing they can restructure in two years without incurring large penalties
• Preparedness for early retirement thanks to customisable financial planning

“We didn’t want to be stuck with something long-term while our future plans were still unfolding. This deal gave us peace of mind and room to breathe. Knowing we can reduce our mortgage balance when we choose is a big relief.” — Anonymous Client

Frequently Asked Questions (FAQs)

Can you remortgage to buy a second property?

Yes, if your current property is mortgage-free or has enough equity, lenders may allow you to secure a second residential mortgage. The lender will assess your affordability, existing assets, and long-term plans.

What happens if I want to repay the mortgage early?

This specific product includes early repayment charges: 1.5% of the loan until December 2026 and 0.75% until December 2027. However, you can make overpayments of up to 20% per year without penalties or fees.

Can I get a mortgage beyond the age of 70?

Yes, some lenders like NatWest allow mortgage terms to extend past age 70, especially when affordability is supported by pension income or other verifiable financial sources.

What documents are typically required for a remortgage?

You’ll generally need:

• Proof of identity
• Proof of income (including pension statements if near or in retirement)
• Bank statements (usually 3–6 months)
• Details of current assets and liabilities

Why choose a 2-year fixed rate?

A 2-year fix offers flexibility if you plan to sell or remortgage soon, avoiding long-term early repayment fees. It’s particularly useful when your financial situation may change within a short timeframe.

Secure Your Future with a Tailored Remortgage

Whether you’re looking to buy a second home, consolidate debt, or plan for retirement, our expert mortgage brokers can help you secure a product tailored to your unique financial goals. Get in touch today and let us help you find the most flexible, affordable remortgage solution the market has to offer.

Ready to explore your remortgage options? Contact us now or use our online remortgage calculator to get started.