Whether you’ve inherited a property or managed to pay your mortgage off already, it's a great feeling to know that you’re mortgage-free and own your home outright. But you may be wondering: "I own my property outright, can I remortgage?"

With no current mortgage, your home's value is all equity you can tap into by taking out a mortgage. 

Remortgaging a home, you own outright lets you access a large amount of money. However, just like with any loan, you’ll need to pay the loan back in full by the end of the term. Furthermore, as the loan is secured against your property, you could risk losing your property if you fail to make the repayments.

How Do I Remortgage a Home I Own Outright?

Remortgaging a home you already own works in pretty much the same way as remortgaging any property. As soon as you’ve made the decision, get in touch with one of our expert advisers. Our brokers have a broader range of mortgage offers that you can access as opposed to going direct to a bank or Building Society.

Once you've gotten in touch with an adviser and they’ve weighed up all your options, they will assess your application based on their eligibility and affordability criteria. This is where the mortgage lender will consider how much you want to borrow, the value of your property, your income, any current loans or debts you have and your ability to repay the loan. As part of you will be raising capital on your property the lender will require that you what you’re going to do with the money. This could be refurbishing your home or buying a second property.

How Much Can I Remortgage a House I Own For?

While it largely depends on the lender, the highest loan-to-value typically available when remortgaging a property you already own is 80%. This equates to £80,000 for every £100,000 of the property's value. However, the maximum amount you can borrow will usually depend on your income and circumstances. Therefore, it's a good idea to ask the lender about this before applying for the mortgage.

Try Our Borrowing Calculator

Our How Much Can I Borrow? Calculator uses your income to work out the maximum amount you could potentially borrow. Give it a try!

Is Remortgaging Different from Equity Release?

Taking out a mortgage on a property you own outright is not the same as equity release. With a remortgage, you have to make monthly payments until the end of the term. With equity release, the borrower can choose to pay the interest on a monthly basis or let the interest roll up and pay it and the loan back when the property is sold after their death. There are also different eligibility criteria, most notably in terms of age limits. An equity release product is only available to homeowners aged over 55. A remortgage requires you to make monthly repayments, but equity release provides a lump sum or a drawdown facility.

Can I Remortgage When I'm Retired or Over 60?

Remortgaging your home once you turn 60 can be challenging. The reason for this, is that lenders will use your retirement income when assessing your affordability, which means you won’t be able to borrow as much as when you were working. While some will lend to older homeowners, it’ll get increasingly difficult to remortgage once you get to 65 and over. If you’re now retired with no regular income, you may find you cannot get a mortgage at all. In this circumstance, equity release may be an option.

Speak to one of the expert mortgage advisers at John Charcol to find out which lenders are most likely to consider mortgage applications from older people.

Contact Us

If you own your home outright and wish to have it mortgaged, it's not always easy to know which mortgage product is right for you. But that's where we can help. At John Charcol, our team of experienced, independent advisers is here to help you find the best mortgage product for your personal circumstances. To learn more, give us a call on 0330 433 2927 or enquire online.


There are many valid reasons to remortgage. If you’re considering remortgaging your home but need help finding the right option for you, contact John Charcol. Our team of experienced mortgage advisers can recommend a range of remortgage options to suit you. Request a call back or call us on 0330 433 2927 to get in touch.