The latest figures from the Office for National Statistics indicates the income level for pensioners has continued to increase through the years.  This is not only quite promising for those who rely on pensions to provide for their daily needs, but also those who are no longer working but looking to remortgage after their career concludes.  The ONS figures show an increase of more than 2.4 times of pensioners’ incomes in the last thirty four years.

The cost of administration of a remortgage can be handled more easily if pensioners are seeing a rise in income levels over time.  Even though a remortgage is a homeowner choice and only their choice, it can help by drastically lowering a monthly mortgage cost which pensioners are in the habit of paying.  A pensioner is on a fixed income.  Any cost cutting measure at this point in their income-earning lifetime will be noticed.

One factor which has positively affected the financial position of pensioners is the rarely interrupted periods of working with no break in rising house prices.  If they were able to remortgage or sell up and purchase a nicer house, they did so.  Also many pensioners had access to favorable pension plans, which are often obsolete in many employee handbooks.  Many of these plans were auto-enroll type plans as well.

Even though pensioners are sometimes at the end of term for paying off a mortgage entirely, an increased income level will surely make remortgaging a much more possible prospect.  Excellent remortgage deals are still available to benefit many homeowners.