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peteyh

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kingstreet

There are lenders who will lend to her (sole mortgage and purchase) with a gift from partner who will reside in property.

Alternatively, there are lenders who will lend to a selected retirement age of 80 without evidence of income in retirement for a joint purchase/mortgage.

The broker doesn't sound very experienced.

peteyh

That's great, I've advised her - Can you or anyone advise who those lenders are? Are Barclays and Lloyd's for example as regards accepting partner who will gift a deposit. She told me at lunch they had seen better rates with those two lenders. But is there any list of banks who will only accept direct approach from customer and those that accpet broker or direct.

Thanks 

kingstreet

As a regulated intermediary, I won't name drop lenders. However, they are well-known to any experienced broker. No, neither Lloyds (direct only) nor Barclays would be included.

peteyh

Ah OK, can you advise on pros and cons of going for the waiver option or the extended mortgage beyond pensionable age? And once they choose one route for any subsequent mortgages can they easily go the other route. They have concerns being trapped down one avenue. I suggested once the initial. Waiver is signed the money for any other mortgage only become about borrowing not the source of funds any longer so no waivers are signed? 

But then can he go on the deeds anyhow? Therefore gaining some legal ownership back? She wanrs him to feel. Secure down the line if not now 

Is there no way of obtaining a list of lenders for them that provide the options stated? 

MWT

peteyh said:

Is there no way of obtaining a list of lenders for them that provide the options stated? 

They need to find a better broker, if they are just using one of the 'free' services it may be time to look for a more experienced broker and that may involve a fee...

Providing a list of lenders tailored to their needs without full disclosure of their circumstances crosses a line that the brokers who post on here cannot cross...

peteyh

He has come back to them with options, he just it seems didn't initially guarantee he could - the cheapest option being the waiver at a 4.89 fix for 2 years, which they themselves could only beat with barclays and Lloyd's who seem to be not viable for this purpose. Would a fee paying broker have any wider choice. I even told them to check he has whole market access. And he said he has? Does that sound a decent rate in current market? 

peteyh

Would. Assume a fee payer may advise also on lenders who she can go direct too... But given fees unless there is a direct lender much lower then the differential would be minimal.

Would  fee charging broker advise a rate atleast they can achieve before charging their fee and entering into a contract with her to arrange mortgage? 

kingstreet

peteyh said:

Ah OK, can you advise on pros and cons of going for the waiver option or the extended mortgage beyond pensionable age? And once they choose one route for any subsequent mortgages can they easily go the other route. They have concerns being trapped down one avenue. I suggested once the initial. Waiver is signed the money for any other mortgage only become about borrowing not the source of funds any longer so no waivers are signed? 

But then can he go on the deeds anyhow? Therefore gaining some legal ownership back? She wanrs him to feel. Secure down the line if not now 

Is there no way of obtaining a list of lenders for them that provide the options stated? 

If I might be frank, your request is a little close to actually wanting someone to 'work' on here. That's the kind of detail we would lay out to our prospective clients following some detailed factfinding and discussions which hopefully have an end result. I use this place to decompress and not to attract/obtain business although some of the others might welcome a private message.

Whichever broker is selected to handle this will lay out the options and the advantages and disadvantages before selecting a lender and providing illustrations and ultimately, submitting an application for which they will be remunerated by commission, fee or both. Suggesting there are options and any decent broker will know what they are is about as far as I would go on here.

No. There is no list. A broker sourcing system allows us to establish an order in which to research lender criteria for the characteristics needed. Much is still based on experience, knowledge and hard work speaking to lenders.

peteyh

It's a forum for advice, no ones is being asked to fill out the application for and do the legwork, just pass opinion. if unwilling to provide then that's anyone's pergogative they just wish to have an independant non biased opinion, if you're not related to this transaction and educated enough to know it would be helpful to those wishing to make appropriate decisions to provide that guidance. The brokers currently engaged are giving opposing opinions about best route to her it seems. So it would be value to gain an opinion. 

kingstreet

peteyh said:

It's a forum for advice, no ones is being asked to fill out the application for and do the legwork, just pass opinion. if unwilling to provide then that's anyone's pergogative they just wish to have an independant non biased opinion, if you're not related to this transaction and educated enough to know it would be helpful to those wishing to make appropriate decisions to provide that guidance. The brokers currently engaged are giving opposing opinions about best route to her it seems. So it would be value to gain an opinion. 

Sorry, I may have been a little pompous in my reply, but this;-

"can you advise on pros and cons of going for the waiver option or the extended mortgage beyond pensionable age? And once they choose one route for any subsequent mortgages can they easily go the other route.

is not something any of us will do on here. As I said, it's work and we can't possibly give such "advice" for regulatory reasons.

I'll bow out and leave it to others to assist.