Shopping around for mortgage

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Adnerb

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Hi,I am in my early 60s and getting a 12 year 200k mortgage as moving house due to recent divorce. Do I need to shop around or are rates pretty much standard? The only quote I have is from Avant and it looks good. Also should I be getting fixed or variable rate. Are there any pitfalls to watch out for with this?It’s my first time doing all this stuff as while I have always worked and earned etc my ex-husband did all the financial stuff throughout our Marriage. Any tips appreciated. Thank you.
 
Some banks have an age limit of 65 to 70 and look for your age of job retirement. I could only get a mortgage to 67 or 68. Income after retirement has to be able to cover mortgage, even if you intend to pay off then with a lump sum.
 
Adnerb said:
The only quote I have is from Avant and it looks good.
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Have you actually got an offer from them, or just an online repayment calculation?

As above, your biggest barrier will be your age. Banks can only lend for a term where you can demonstrate capacity to repay, so in the main you're limited to your normal retirement age. There are some exceptions, particularly if you are self-employed, or have significant pension assets (or a DB pension).

To get an Avant mortgage, you need to go through an appointed broker. All the brokers also deal with other lenders. I'd start with a conversation with one of them, and they'll be able to assess your circumstances to see which lenders will be best for you.
 
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