Avant Money launches a new mortgage today from < 2%

I
Itchy said:
The term remaining with my current lender is X. I want to extend X to 30 (I'm a spring chicken). The broker informs me that the maximum term that Avant will allow me to pay off the mortgage over is X.

Which seems like an arbitrary (ridiculous) position to me.
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Not to suggest your spring isn't as sprung as others but I would imagine your original term was in line with your previous providers lending policies. It's not crazy to assume lending standards are similar across lenders.

Would 30 years take you over 65/68?
 
Hi Itchy

Ask your existing lender to extend the term to 30 years. Then switch to Avant.

But make sure that by doing so, it does not damage your credit record.

Brendan
 
skrooge said:
Would 30 years take you over 65/68?
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As it happens, no. Even though Avant mortgage until age 70. In any case, its not like they are taking that into consideration as I cant even apply to do it in the first place!

Brendan Burgess said:
Ask your existing lender to extend the term to 30 years. Then switch to Avant.

But make sure that by doing so, it does not damage your credit record.
Click to expand...

Grief!
 
Hi Itchy

Most people switching do so for the same term or for a reduced term.

So Avant or any other lender would would want to know why you want to increase the term to 30 years. If you wanted to increase it and it was a sign of financial stress, then they would not give you the loan over any term.

Why do you want to extend the term?

Brendan
 
I doubt that they will ever do LTI exemptions.

They have low rates because they have a simple business model and conservative lending.

Brendan
 
Brendan Burgess said:
So Avant or any other lender would would want to know why you want to increase the term to 30 years. If you wanted to increase it and it was a sign of financial stress, then they would not give you the loan over any term.

Why do you want to extend the term?
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Well the point is they don't want to know. As they/the broker wont even consider it! (I asked them to double check so ill see what comes back).

Its not a major problem for me, the plan is to maximise AVCs now that the LTV is <60%. I might even invest some outside of my pension fund if I'm feeling fruity! LTV would be low, well covered by LTI and stressed payments shouldn't be an issue. Not sure what circumstances could be considered 'stress'.
 
Why do you want to extend the term?

It's possible that they have found that people extending the term tended to get into difficulties.

Brendan
 
I can see why Avant don’t facilitate term extensions. They’re all about minimising their risk and that increases their risk.
 
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