Plan Ahead to get a Mortgage in Manchester

Fast & Friendly Mortgage Broker in Manchester

Buying a home isn’t something that you decide in a day, there is planning that comes with it. Nevertheless, you’d be surprised at the number of people we have encountered on a daily basis who are more impulsive in their buying behaviour. By doing this, many people don’t plan for a mortgage ahead of time.

A First Time Buyer in Manchester might decide to jump into such a big financial commitment like purchasing a property if they are buying from a family member who is now moving home. Another reason might be as simple as finding a property with a ‘For Sale’ sign that has piqued their interest despite having no intention of buying in the past. You might already have your own rented property and your landlord is deciding to sell it and giving you first refusal.

The issues with not planning for a mortgage

Potential errors can occur because buyers have not planned in advance for a mortgage. Below are just a few hurdles we find customers are regularly faced with:

  • Not enough time to save money which means less deposit
  • Not seeing your credit score as important in the past leading to having a poor credit score
  • Conducting your bank account poorly
  • Your lastest accounts not looking their best as a self employed applicant

Deposits

When it comes to saving up your deposit for a mortgage, we understand that it can be challenging, in particular, if you are renting at the moment from a local council or private landlord. Large outgoings and essential purchases coming out each month can limit what you save, even if you have a constant income.

With the help of Gifted Deposit, family members have the chance to provide financial support. This can be a common option with First Time Buyers in Manchester, with a large number of buyers’ family members trying to help whenever they can. If this is something you are looking to do, it’s best to give the family member who’s gifting the deposit some notice in order for them to get their own finances sorted.

Credit Rating

Obtaining an up to date credit report is pretty simple. There is a range of credit reference agencies that you may be aware of, however, we personally would recommend Check My File. This is because they have the ability to collate the data from these sources into one, for you to compare.

When you have a copy of your report, you can send it to a Mortgage Advisor in Manchester to look over. Our team see these reports on a daily basis and have a good understanding of the sort of things lenders like to see, as well as identifying what they do not want to see.

Bank Accounts

Lenders look at your bank account to identify any unnecessary bank charges or gambling transactions. If you do have any on your statements, you need a good explanation of the goings-on with your account, as well as how you are going to resolve this going forward, should any issues arise again.

Self Employed

When it comes to self-employed applicants, we know that Accountants try to minimise tax liability for their customers. With this in mind, if your year-end has come around, then you can submit another set of accounts earlier than you might usually do. This can be beneficial if you feel your business has grown in the last 12 months. In some cases, lenders might disregard the initial years’ figures if the up to date ones are more favourable.

Regardless of your circumstances, if you feel your situation applies to any of the issues above, we are able to help. Here at Manchestermoneyman, we love a challenge, so don’t hesitate to Get In Touch!

9 Questions to Ask When Buying A House in Manchester

First Time Buyer Mortgage Advice in Manchester

As a First Time Buyer in Manchester, you may be stepping into the mortgage world with little to no knowledge of the process which can make it a daunting process. Luckily, it doesn’t have to be that way. It’s all about preparation which is why we have collated a list of nine questions to ask when you are house hunting.

The 9 most common questions:

1. How much interest has there been in the property/development?

If you have been looking at a variety of properties and there is one that you are interested in, it’s wise that you think about it before you commit, Remember, it’s very likely that this will be the biggest financial commitment in your life.

The amount of ‘thinking’ time you have before making your final decision can differ depending on the number of people who have viewed or enquired about the house. Therefore, it’s good to ask about how much interest the property has got because a property that has a large amount of interest will mean you will need to make a final decision sooner rather than later.

2. Is there a property chain?

Another element that can have a big impact on certain parts of your mortgage process is if your property is part of a chain or not.

If the property is a new home or bereavement or emigration etc is involved, this means there will be no onward chain. In this situation, you may be able to move quickly, in particular, if you’re a part of a property chain yourself. For those who don’t need to sell their property first, then you will be in a more favourable position compared to others as you won’t be holding up the home buying process.

It’s good if you use this to your advantage when it comes to property price negotiations.

What is a Property Chain? | MoneymanTV

3. What’s included in the sale?

In the circumstances that you’re not buying a new build property, it can be possible that the previous owner has decided to leave some items behind, which has been a massive benefit for many. Usually, this includes white goods such as washing machines, fridges, freezers etc. or sheds that have been left behind for the next person.

This can save time and money which is brilliant news for buyers, however, if you don’t want or need these items, you will need to factor in disposing of them. For individuals who are buying a new build property, you may be offered optional extras you can buy which will be in the property on the day you move in.

4. What are the neighbours like?

Having an idea of what your neighbours are like can definitely help you if you are moving into an area you are not familiar with. For many, having a neighbour you may or may not get along with can be a make-or-break experience. Whereas the development of new homes can create a clean slate where the residents can build the community. On the flip side, this can become a risk due to the uncertainty of what the neighbourhood would be like.

5. How much does it cost to run?

With running costs, this comes down to the type of house you are looking at the location you are looking to live in. Look into different aspects including the cost of Council Tax, the average spend on utilities. You can find these out by asking the seller or researching online. Knowing this information will help you with budgeting each property accordingly.

6. Which way does the house face?

When it comes to a homebuyer’s wishlist, many would like to live in a property with a garden that provides lots of sunshine on late summer evenings for reading books in natural light. Therefore, it can be important to some on what direction the house is facing. If you are interested in this, you may find that a property like this will come with a premium price because of the south facing garden and because you will receive the most sun throughout the day.

7. How much work will be required after moving in?

This can have a significant impact on your budget. With this in mind, below are some key things you need to find out to help with budgeting:

  • Improving energy efficiency
  • Addressing damp problems
  • Changing the décor

8. Are you open to offers?

A common part of the house-buying process is starting negotiating discussion on a property. It’s key that you are fully prepared to make an offer on a property that you like. If you are wondering what you need to do for this, check out our article on How to Make an Offer article.

As well as this, it’s good to speak to the seller or estate agent to get ballpark estimates on what the seller will see as a too high or too low price for the property and see if any other offers that have been made and rejected before your offer.

9. When can we move in?

Having a date set in your diary will help you plan any other jobs in advance including instructing a conveyancing solicitor, packing your belongings and organising a removal van to transport your belongings to the new property.

Moving Home Mortgage Advice in Manchester

Manchestermoneyman.com & Manchestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

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www.financial-ombudsman.org.uk

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