mortage advisor or not?

missquackers

I am 66 years old and remortgages, last year, from an interest only mortgage to a repayment one.The mortgage is portable.
I have recently sold my property and found my "dream, forever home".
I have been told by my mortgage provider (Nationwide) that I have to submit a completely new mortgage application.
My dilemma is: should I go it alone, or employ the services of an independent mortgage adviser?
I should add that I have a 5 year fixed rate mortgage and will have to pay a 5% penalty if I take out a different product.
Thanks in anticipation
Lizzie

Jimbo1976

Hello Lizzie

In theory there seems little need to approach an intermediary as you are seeking to "port" your 5 year fixed rate to another property.

In practice I think it is worthwhile. Fixed rates have plummeted since last year and it may be worth you paying the 5% penalty if you can save yourself 5% in interest during the course of the mortgage. Intermediaries will have a wide range of lenders who will consider borrowers aged over 65.

Good luck