are we being misadvised?

witchy1066

SPM and Goldiegirl , I will be ringing MB tomorrow so fingers crossed,

my pension has not been included in affordability, that has been calculated on partners income alone ,

my partner will have a MOD pension and has been told he could take longer year mortgage but we are happy with the mortgage to retirement age,

I have just had a thought and would like your thoughts if that's ok,

if anything happens to OH I will get a portion of his pension, this was sorted when he worked as a fireman for the MOD

I get a war widows pension, at the moment I donate the pension to the SSAFA (have done for the last 25 years ,since I been with my partner) I do not consider myself a widow , so do not feel entitled to it BUT if anything was to happen to my partner I would consider drawing it for myself ,
its not a fortune

please bear with me I am getting there

now I am not sure how much my current pension, and other pensions would come to but should I mention this to the broker ?

would it make our case any better do you think ?

sorry I should have mentioned we have been offered a DIP from the Monmouthshire if we buy within local area , which we will be doing in any case

Thank you all I think you are right I need to trust the Broker

xxx

Let_Us_See

witchy1066 wrote: »

now I am not sure how much my current pension, and other pensions would come to but should I mention this to the broker ?
xxx

Whilst I agree you should give your adviser time to present a solution, I am very surprised they haven't already asked about pensions when considering possible lending into retirement?

amnblog

holly_hobby wrote: »

The max mortgage term will be based on the age of the oldest applicant, regardless of whether the primary applicants income covers the mge or not - due to the fact as joint mortgagors you are both jointly and severally (singularly) liable for the mge debt, hence age dictating term IS an issue for all applicants based on the fact, that most lenders have a max redemption age ceiling of 75 yrs for all mortgagors (borrowers).

Not like you Holly to be offline - there are some lenders who will underwrite on the younger age if the older applicant's income is not needed to support the lending.

amnblog

witchy1066 wrote: »

Thank you all I think you are right I need to trust the Broker

Since you are paying your broker you should trust her.

If you don't, get (and pay) someone else.

witchy1066

Let_Us_See wrote: »

Whilst I agree you should give your adviser time to present a solution, I am very surprised they haven't already asked about pensions when considering possible lending into retirement?

originally I was not going to be on the mortgage, because of my age
the mortgage would not be going past my partners retirement age, and the MB did look into his pension status and we were told he could borrow up to 25 years if he wanted to

my pensions was never an issue, nor has it ever been mentioned

it was the MB that said I should go on the mortgage but would only take the affordability off partners earnings,
any pension I have has never been questioned,

my concern and reason for posting was I have read and been told by other MB's (mainly EA ones) that lenders always take the age of the oldest applicant when working out years for the mortgage,

I doubt that my pensions would be enough to cover mortgage and bills if anything was to happen to my partner

but TBH if anything awful was to happen I would sell up and go back home to Lancashire , where all our family live

My MB is off until Wednesday , so will have to wait until then to get definite answers to my concerns

once again, thank you all for you input :T

Senior_Paper_Monitor

Which only goes to show the average standard of 'EA mortgage brokers' !!

holly_hobby

Senior_Paper_Monitor wrote: »

Which only goes to show the average standard of 'EA mortgage brokers' !!

Its probable that they are working from a restricted panel, and their panel lenders top out at 75.

Which why its always wise to seek a whole of market/independent mge broker, whom will have access to the whole market (although employed EA/bank advisers do also tend to be less experienced than independents, using their employed status and support, to gain knowledge and exposure before venturing off on their own).

Hope this helps

Holly