Mortgage broker - ask me anything

K_S

@sotts Fair enough. In that case I think what you are looking for is a snagging survey as opposed to a homebuyer's report. Some developers do not allow snagging surveys pre exchange but as long as you get it done as early as possible within the specified initial period (I think its 2 years) you should be fine. Brokers will have tie-ups with surveyor firms for this sort of thing, but that doesn't necessarily mean they can get it done any faster.

Might be worth asking in the home-buying section for buyer experiences of snagging surveys for new build flats. Good luck!

Sotts

K_S said:

@sotts Fair enough. In that case I think what you are looking for is a snagging survey as opposed to a homebuyer's report. Some developers do not allow snagging surveys pre exchange but as long as you get it done as early as possible within the specified initial period (I think its 2 years) you should be fine. Brokers will have tie-ups with surveyor firms for this sort of thing, but that doesn't necessarily mean they can get it done any faster.

Might be worth asking in the home-buying section for buyer experiences of snagging surveys for new build flats. Good luck!

That's so helpful, thanks very much 

bassguitarist

My wife and i will be looking for a mortgage soon. we are 63 and 69. we are likely to have 60% of the price of the next purchase. We can afford ( from our point of view! ) the repayments on an 11 year mortgage for the amount we might need. All our income is pensions. Our age seems to mean we are ' niche '. We did get an AIP before the pandemic
which i am about to ' redo '. Any lenders ( or brokers ) worth trying?

K_S

@bassguitarist Assuming your pension income meets affordability, there are three factors involved here. You need a lender who will accept applicants who are already retired, meet max age at application and max age at end of term. I would recommend getting in touch with a broker who can do the legwork of placing this with the right lender. Good luck!

longtimelurker2020

K_S said:

longtimelurker2020 said:

Some other questions have touched on the topic of mortgages into retirement, but I’m not sure this has been specifically asked - is there an absolute maximum age that lenders will not exceed? For some reason I have 75 in mind, not sure if I read that somewhere or am imagining it.
Are there any regulations around max age or is it up to each lender to establish its policy on this? 

@longtimelurker2020 If based on earned/employed income, most lenders max out at the lower of declared retirement age or 70. A few may consider up to 75 if plausible.

If post-retirement income can be evidenced and covers affordability requirements, most lenders will go up to 80, some can go to 85 and a handful will go even beyond that.

Thank you. Sent you a PM 

K_S

@longtimelurker2020 I've responded to your PM.

IAMIAM

Do Nationwide send out valuers for 75% LTV, is there a tolerance of 5k or so?

K_S

@iamiam If you're asking about how Nationwide decides whether to do a desktop or physical valuation, I don't think it's based just on LTV.

Not sure what you mean by tolerance of 5k

IAMIAM

K_S said:

@iamiam If you're asking about how Nationwide decides whether to do a desktop or physical valuation, I don't think it's based just on LTV.

Not sure what you mean by tolerance of 5k

I am wanting to apply to nationwide for a 140k plus 20k additional lending. The LTV will be around 60%. I was concerned as to whether they would send someone out if I put 250k vs 240k etc on the value and they think that's too far out, and they send someone out which then results in me having a LTV of 70% and then a less favourable rate! Hence is there a tolerance before they do this.
On that, is it best to apply for 140k (current MTG with HSBC) and then apply for 20k (home improvements) 1-6 months later after completion or just do it all at the same time? - I ultimately want the cheapest rate on both the 140k and the 20k and want to make it as favourable to me as possible. So I would rather have 140k @ 60% LTV and 20k @ 70% LTV instead of all of it at 70% LTV. But if that's a wait of 6 months....

K_S

IAMIAM said:

K_S said:

@iamiam If you're asking about how Nationwide decides whether to do a desktop or physical valuation, I don't think it's based just on LTV.
Not sure what you mean by tolerance of 5k

I am wanting to apply to nationwide for a 140k plus 20k additional lending. The LTV will be around 60%. I was concerned as to whether they would send someone out if I put 250k vs 240k etc on the value and they think that's too far out, and they send someone out which then results in me having a LTV of 70% and then a less favourable rate! Hence is there a tolerance before they do this.
On that, is it best to apply for 140k (current MTG with HSBC) and then apply for 20k (home improvements) 1-6 months later after completion or just do it all at the same time? - I ultimately want the cheapest rate on both the 140k and the 20k and want to make it as favourable to me as possible. So I would rather have 140k @ 60% LTV and 20k @ 70% LTV instead of all of it at 70% LTV. But if that's a wait of 6 months....

AFAIK, whether you put the value down as 240k or 250k should not influence whether it'll be a desktop val or a physical val. Surveyors are perfectly capable of downvaluing properties even on desktop vals.

With regard to the second part of your question, it's impossible to say without actually doing a cost comparison on the two options. But you would expect lenders to price it in such a way that balances out the two routes of borrowing the same amount.