The number of searches for remortgage terms across 10-15 years by people aged over 50 years old has increased by 156% year-on-year, Legal & General (L&G) has found.

The firm’s Ignite platform revealed that the number of over-50s searching for these products has also increased by 44% quarterly.

Furthermore, those looking for 16-20 and 21-25-year terms have increased by 83% and 136% respectively year-on-year.

According to UK Finance, the average first-time buyer will be paying off their loan until the age of 64, which is the oldest age since records began since 2005.

L&G added that alongside the increase in the number of older people looking for long-term remortgage deals, the average loan amount for these remortgages is also increasing.

Between Q1 2023 and Q1 2024, the average loan amount searched for advisers on behalf of all remortgage customers aged between 51 and 55 increased from £197,343 to £234,716, an increase of 18.9%.

L&G said that this year-on-year increase "reflects a tangible rise in the volume of older remortgagers liable to carry large amounts of mortgage debt well past retirement".

Managing director at L&G Mortgage Services, Kevin Roberts, said: "As our data has revealed, there is a significant increase in homeowners aged over 50 looking to remortgage on a term that is likely to spill over into their retirement, although how and when people retire looks to be changing.

"In a challenging and dynamic interest rate environment, a large uptick in remortgaging requests was perhaps inevitable. If interest rates remained low, many homeowners might have stayed put and renewed with their existing lender. But in a newly competitive market, more people than ever are carefully considering their options to ensure they can access the best rate possible.

"It’s encouraging to see that customers are still seeking professional advice to inform their remortgaging journey. The market is flush with available options, so it’s really important homeowners seek advice to pinpoint the products that are best for their individual financial situation. After all, a traditional mortgage may not be the right choice for everyone, especially with the recent injection of hybrid mortgages and later-life products that can help customers manage mortgage debt in retirement."

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