Use a mortgage broker?

bouicca21

I'm going to offer on a house for which I will need a very low ltv -about 16%. I'm over state retiring age, so would be looking for a shortish mortgage term. I will either be going part time in 2 years or retiring with sufficient lump sum to pay the mortgage off. I have the option of staying full time but prefer not to. According to the mse mortgage calculator a mortgage in the range that I want for say 5 or maybe 7 years is well affordable and actually rather less than I currently pay in rent. I'd be aiming for regular overpayments.

One of the EAs that I have dealt with has set up an appointment with a mortgage broker. Is this likely to be a good move? I was simply going to go to my bank. I've never used a broker before ...

ACG

If your over 60-65 (depending on the lender) some may decline it based on your age.

There is nothing wrong with speaking to your bank, but there is probably also nothing wrong with speaking to the broker - if one or the other can save you money then happy days. Just do what is best for you.

bouicca21

Ta. Last year Halifax said age wasn't a problem seeing as my job requires brains rather than brawn But I could't sell my house so the AIP lapsed ... I can quite see that it would bother some lenders. I can't say I look forward to it myself but if I am to get the house I want, there's not a lot of choice.

witchy1066

some smaller building society's have an age limit of 80 , providing income/pension will cover the mortgage, some also offer a good discount rate if you are buying in certain post code areas,
as you don't state your age but even if you are 70 and with your LTV you should be able to get something sorted but i am only speaking from personal experience and would advise you speak to a MB but not the EA agent one


HTH

bouicca21

I'm 63! And I've no idea where to find a reputable mortgage broker - I've only got this appointment as the EA suggested it. And suggested it quite forcefully which makes me suspicious ...

witchy1066

I did a Google search for MB in my area , spoke to a few on the phone and picked the one I felt understood our case the best

I think others on here will advise you to stay clear of EA brokers unless your case is a simple straight forward one and even then you might be better with an independent one,

dunstonh

https://www.unbiased.co.uk and seach for mortgage advisers. Most IFAs employ mortgage advisers in their offices as well (or have a business relationship with them).