Which mortgage broker?

AliceBanned

Hi I have recently sold a flat and am temporarily renting whilst searching for a new property. This is taking some time - I had an offer on a ground floor leasehold flat but turned out it had no EWS1 and the broker (L&C) said I was turned down on that basis.

However I am 58 and so can only borrow for max of 17 years. I have £80k deposit and £60k salary, buying on my own looking at max £350k. Broker has now said I probably can't borrow more than £255k - though AIP was higher. Should I look at another broker, eg Tembo a few months ago came up higher. I am in the south east and need a longer term home so not looking at cheaper ones, not that anything is that affordable here. Just wonder whether to go back to L&C or try another broker. Thanks 

ACG

Did the AIP take into account service charges? 

There is no harm getting a second opinion. L&C are geared up for the easy cases, you do not sound the easiest so your probably not really a good match for each other. 

poseidon1

Not clear why 17 years ( age 75) has been set as your maximum term when lenders such as Halifax and Leeds will consider age 80 and 85 respectively.

Even  Barclays were able to  give me  a mortgage term to age 80 and would have gone beyond that age had I requested.

Might be worth an online quote from some of these other lenders to see the possibilities before enquiring of another broker.

AliceBanned

ACG said:

Did the AIP take into account service charges? 

There is no harm getting a second opinion. L&C are geared up for the easy cases, you do not sound the easiest so you’re probably not really a good match for each other. 

I think it took into account service charges. The broker said the issue was the EWS1 but now I’m not convinced. The housing market would collapse if lack of EWS1 made a place unmortgageable.

AliceBanned

Also I always thought brokers were for people like me so that they could find lenders suitable. So now I should apply direct? I don’t know why it’s become so complicated!

dunstonh

AliceBanned said:

Also I always thought brokers were for people like me so that they could find lenders suitable. So now I should apply direct? I don’t know why it’s become so complicated!

There is a world of difference between a small localised mortgage broker and a factory line service that only wants the easy stuff and has time constraints on the staff.

AliceBanned

Thanks dunstonh so would you recommend unbiased to find one? I also know a local broker who helped me previously but the second time I used them they didn’t give me great advice - ie they recommended I put my debt onto the mortgage and yet I found a way to avoid this so wasn’t impressed when they did this. So hard to navigate all this, now the EWS1 issue making me nervous.

ACG

AliceBanned said:

Also I always thought brokers were for people like me so that they could find lenders suitable. So now I should apply direct? I don’t know why it’s become so complicated!

Large firms like L&C are geared up for simple cases. 
Smaller local brokers are for more complex cases. 

AliceBanned

Thanks I’m enquiring now with local broker used before. Will get their advice as maybe this flat ok or I’m viewing others if not!