Lifetime mortgage quotes

Cannyshopper

Is it better to obtain more than one mortgage broker to give quotes for a lifetime mortgage?

RogerPensionGuy

Cannyshopper said:

Is it better to obtain more than one mortgage broker to give quotes for a lifetime mortgage?

My guess is yes, why not get 3 and see who provides best offering. 

MWT

Take care regarding advice fees, make sure you understand at which point in the process you will become liable to pay the fee and do ask about the products they are working with as some will be limited to a particular lender or small group of lenders products.

Some individual lenders may be prepared to arrange advice without charging a fee, other advisors/brokers may charge from a few hundred to a few thousand for the advice.

I would be honest and tell them you are talking to more than one broker if that is the case, as there is a lot of time involved in giving the advice and selecting the most suitable product.

ACG

Generally speaking because our industry (and lifetime mortgages especially) you would like to think they would all come back with the same deal so unlikely to make much difference. 

There can be exceptions, maybe a broker does not have a particular lender on panel or maybe they have access to a special product. But even then, unlikely to make a massive difference. 

But I dont do lifetime mortgages so could be wrong. I know that regulation in that part of the market though is a higher standard than a conventional mortgage so your not going to be getting a broker trying to pull a fast one.