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Why would you need a deposit? If mortgage was 70% LTV at origination it would now be 35% LTV so you'd just refinance, no pay down necessary, obviously subject to your income. Your interest rate would come down with LTV so affordability will be helped slightly.
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If your house has doubled in value you're going to need a sizeable deposit
You're only remortgaging the original value, not the new value - So your loan-to-value will be far lower. You may not even need a deposit at all.
[Edit] Already been written above. #latetotheparty
NickCJ
NotThamesWater
@rhowe
Depending on people's circumstances they may not be able to obtain a repayment mortgage at the end of their interest-only one I guess.
If your house has doubled in value you're going to need a sizeable deposit and if you're already 50 they probably won't give you a 25 year term to pay it off.
So, you're looking at finding a large deposit and needing a high income in order to pay the large repayments.