Mortgage Advisor and Mortgage help

Sally133

A bit about our situation first:

-We're currently renting but want to buy as renting is not long term anymore. I work full time in Brighton, I've been there 20 years. My salary is £37,099. I'm 49 years old. My partner is 69, works full time, but looking to retire. He's been with his company 7 years, on around £23k, he gets a state pension of around £1126.00per month and has a private pension of about £130per month. We both have good credit ratings. We've been together just under 20 years, been living together for the past 2 years in a rental. I have a loan that finishes next January 2025, but my partner can pay that off sooner if needed. We have no other credit or responsibilities.

From the sale of my partner's recently deceased Mother's house, he can put down a deposit of £55k. We are looking to move into our own home, if possible, in February 2025. Separately, we have both owned properties in the past, my last ownership was 2014 and my partner's was some time in the 1990s

I work in brighton, but my employer is allowing remote working with a couple of weeks a year spent in the office, so we can look anywhere in England and are considering moving North as property is cheaper-

I've contacted Mortgage Advisors, but noone seems to tell me exactly how much I could borrow on my own, length of term, what the repayments would be OR borrowing with my partner, length of term and repayments. 

How does the process work with a mortgage advisor? I made the initial enquiry, they respond they can help and their fee on application, but they don't give me specifics to my case so I can't choose who to go with. Are my assumptions wrong? Do you have to choose the advisor before they give you relevant details? Thank you for any help.

kingstreet

Usually, they gather the required data then provide the information you require. Illustrations are then issued, authority to obtain an agreement in principle requested and that's done when you give the go-ahead.

ACG

Your situation is not really straight forward. 
There is going to be a lot of work involved. Maybe the brokers are sensing you are not really committed to using them, meaning they are reluctant to put in the work in the hope they win your business. 

I know thats a bit of a catch 22, but you have to also understand we speak to a lot of tyre kickers so with something as complex as yours, they might hear it in your voice that you are looking around. 

The way I generally work is to have a chat with people, get an idea of the situation, give an indication of what I think we could do but explain that we need documents to check everything properly. In your case as it is not my bread an dbutter type of application meaning the indication I give would be very ball park. 

But realistically to get you the information you want, I know I would probably end up putting in maybe 5-7 hours work. If you sounded like you were speaking to several other brokers, I would probably not try to win your business for fear of putting in a lot of work for no reward. Thats not a dig btw, its more a case of explaining why you are probably not getting anywhere. I only get paid if you get your mortgage, thats fine if it is adverse or straight forward as I know what I am doing and I can probably give a good indication of the options in 10 minutes. 

Yours is that quirky, most brokers are going to be reluctant to put a days work into something which could end up with a number of other brokers. 

I think what you need to do is flip it around and find a broker you like and trust. Then proceed with them rather than trying to shop around. 

Dogsasleep

Could you go to one of the free mortgage brokers listed on here?  Rather than a fee taking one?

Edi81

Dogsasleep said:

Could you go to one of the free mortgage brokers listed on here?  Rather than a fee taking one?

A free mortgage broker isn’t going to put in the work on this! 

dunstonh

Could you go to one of the free mortgage brokers listed on here?  Rather than a fee taking one?

This site lists the "free" ones as they have the capacity to handle the business this site will generate them.  However, they are factory line services.  They are targeted to complete the phone call as quickly as possible and move on to the next one.  It then gets passed to unqualified staff to handle the processing.    The system can work well for easy cases that are not pushing limits and know what they want.   The OP is not at all suited to that type of broker.  Those factory line services are not going to want a case like this.

 Do you have to choose the advisor before they give you relevant details?

Absolutely yes.   Otherwise they can do all the work and you take the information they tell you and you say thank you very much and do it with someone else.   A bit like your employer telling you at the end of the month that you are not getting paid.