When it comes to buying your first home, it can be difficult to work out how much it’s all going to cost. Whether it’s the actual cost of the property, arrangement fees or deposit size, you’re going to have to think about everything that comes with buying a home.
You will need to put down a deposit to get a mortgage. There are many different ways to make up your mortgage deposit, such as utilising one of the Help to Buy schemes, using a gifted deposit or just simply saving up. It’s up to you how you make up your deposit, however, it must be fully evidenced.
Gifted deposits are one of the most popular forms of deposit for a First Time Buyer in Manchester. If you’re buying a property for the first time, this may what you need to help you get onto the property ladder.
A gifted deposit is a lump sum that is gifted to you to cover or make up some of your mortgage deposit. Gifted deposits are not loans, they’re strictly gifts that don’t need to be repaid.
Your gifters will need to sign an agreement that you don’t need to repay the money.
Gifted deposits help when you’re struggling to save up for a mortgage deposit. You may be able to afford your monthly repayments, but the initial deposit is just that little bit too much.
If you receive a gifted deposit, combining it with some of your savings will raise your deposit even further, possibly allowing you to get above the minimum deposit percentage. This minimum is usually around 5%, therefore you could pass this threshold and roughly get to 7%.
Occasionally, gifted deposits can open you up to better rates from lenders, which can help if you’re on a lower salary.
Usually, it’s the applicant’s parents that gift the deposit. This can be both birth and adopted parents. On the rare occasion, you may also see a friend of the applicant offer a gifted deposit.
Depending on the lender, there may be some limitations to who can and who can’t give you a gifted deposit. For further Mortgage Advice in Manchester in this area, feel free to get in touch with our fantastic team.
As a Mortgage Broker in Manchester, we always find that applicants aren’t even aware of gifted deposits and even more so, that the parents don’t think that they can help them out.
The majority of the time, parents are eager to help out their children get onto the property ladder. Sometimes, it may do no harm to ask!
Statistically, taking out a mortgage is better than renting, due to you being able to potentially pay less per month. The deposit can often come from inheritance, although parents have been known to gift it earlier on in life if they already have enough saved or have released a certain amount of equity from their own property.
Most lenders hate accepting loans as your deposit, as you’re essentially paying off two sets of large loans and are borrowing 100% of your mortgage.
You won’t be paying off your gifted deposit as it’s been gifted to you, not loaned.
There’s no limit to the amount that you can receive as a gifted deposit. We see that most people gift between the 3%-5% mark.
If you are a First Time Buyer in Manchester or Moving Home in Manchester, a gifted deposit will massively benefit you. It can also be useful when in conjunction with a Help to Buy in Manchester, as the required 5% deposit, depending on the lender, can be paid via gifted deposit.
You will need to provide evidence of where you got your gifted deposit from and where the person gifted you got it from.
Proving your gifted deposit is also much easier if you leave the proceeding within the gifter’s account. Then once you progress through your mortgage application, your Mortgage Advisor in Manchester will help you evidence this as a gifted deposit.
When it comes to buying a property, you can go down one of two routes: you can either buy it upfront or take out a mortgage to pay off the property over time.
Both routes will be costly, but of course, you’d expect that when buying a house! Undoubtedly, paying upfront will cost you a lot more money at the time of purchase, however, getting a mortgage will cost you more money in the long run.
It’s likely that you’re going to have to pay the price that’s on the tag when purchasing with cash, whereas a mortgage will allow you to take out a loan and pay it back over a long period of time.
If you can afford it, buying a property upfront is a great investment. It doesn’t matter whether you’re planning to live in the property or use it as a buy to let in Manchester, getting yourself on the property ladder can put you in a great financial position in years to come.
In the majority of situations, you’ll have the upper hand over someone who’s taking out a mortgage if you’re buying with cash. One of these reasons is down to your reliability.
From the viewpoint of a seller, if a cash buyer approaches you and makes an offer, it’s hard to say no. One reason behind this is that it would be a quick sale. There is no chance of your buyer getting caught up in the property chain as they have the money there and then.
‘Getting stuck in the property chain’ is when a property is being sold and the buyer cannot move in yet as they are waiting for their home to be sold. As you can imagine, this chain can go on and on.
Also, a cash buyer will not have to pass any affordability checks, as they already have everything in place. They can proceed right away!
Moving home in Manchester can already be stressful enough, especially when the process starts to slow down. A cash buyer can only speed up the process, not slow it down. The mortgage process can sometimes bring trip-ups and hurdles along with it, particularly in specialist situations.
Equally, buyers taking out a mortgage can speed up the process too if they’re prepared. This means having an agreement in principle in place, being credit checked and had an affordability assessment carried out and early as possible.
A mortgage broker in Manchester like us can help you with this. In a lot of cases, we see mortgage applicants shoot through the moving home process just as fast as a cash buyer would.
When you take out a mortgage, you are taking out a loan. This loan is a huge financial commitment; it’s likely to last well over 20-25+ years. With a cash offer, you are avoiding owing money back.
You also won’t receive interest on your offer, as you’re paying with cash. If you had a mortgage, the interest would possibly push up your monthly payments.
When you don’t have the funds in place to make a cash offer, your next choice is to take out a mortgage.
Instead of using your life savings on a property purchase, you have the choice to save that money and take out a mortgage. Both options result in the same thing! And, depending on your credit score, obtaining a mortgage may only require 5% of the property’s value as a deposit.
You’ll pay back a mortgage in monthly instalments. This allows you to pay back a bit at a time and in some cases overpay if you want to. Monthly costs will vary depending on your interest rate, mortgage product and the property that you’re purchasing.
If you’re viewing properties and the listing says “cash buyers only”, you should be careful with this property. It’s quite likely that the property has something wrong with it. If it is the case that the property is damaged/need repairs, you probably won’t be able to get a mortgage on the property anyway. You could be dodging a bullet if you are choosing a mortgage over cash here, as a cash buyer may be buying into a bad property.
Despite not having to, we’d always recommend that you get a property survey carried out on the property you’re planning to buy. This applies to both cash buyers and mortgage applicants.
Diving into a purchase blind could put you at a slight disadvantage to someone who has a mortgage advisor in Manchester by their side. Your advisor will make things as simple as possible when helping you through your moving home process.
We aim to deliver a fast and friendly advice service. A mortgage broker in Manchester could be the thing that you need to get you through your moving home process. Get in touch with our team for a free consultation.
The government’s Lifetime ISA is a fairly new scheme that was introduced in 2017. Most people, if they’ve heard of it, confuse this ISA with the Help to Buy scheme. The Help to Buy ISA was actually discontinued in 2020 when the government decided that they were going to push the Help to Buy Equity loan over its predecessor.
Surprisingly, the lifetime ISA is completely different, it can help you build up savings for your first home or save for later in life. As a Mortgage Broker in Manchester, we are going to show how the Lifetime ISA can help you buy a home as a First Time Buyer in Manchester.
The Lifetime ISA is a government-led scheme that helps First Time Buyers raise money for their first home or people wanting to save for later in life. ISA stands for Independent Savings Account, so the Lifetime ISA works exactly how it sounds, it’s a savings account and the best thing is that your money grows tax-free.
There is no minimum to how much you can save each month, there is just a £4,000 a year cap. Also, as a bonus, the government top up your total annual savings by an extra 25%, so if you meet the £4,000 mark, you will receive an extra £1,000. This brings your total yearly savings to £5,000.
Even if you save £60 a month (£720 a year), you will recieve a £180 free bonus from the goverment. You should know that once the money is inside of the savings account, it cannot be withdrawn without a fee.
There are two different ways to how you can spend your savings. You can either use it to buy your first home or save it up for later in life.
You can use your Lifetime ISA savings to purchase your first home. This has to be your first purchase, it does not affect you if you’re currently renting. If you want to withdraw from the Lifetime ISA without using it to purchase your home, you’re going to have to face a 25% withdrawal charge. This is why you have to be careful of how much you’re putting into it.
As a Mortgage Broker in Manchester, we recommend looking at the Lifetime ISA when you are struggling to afford your deposit or you are planning to buy your first home within the next 5 years or more. You can keep building up your ISA until you want to withdraw the funds for your property purchase.
We only see clients who are using the ISA as their deposit for their first home. So if you are wanting to save for later in life, you can find more information here on the government’s official webpage: https://www.gov.uk/lifetime-isa.
There are a couple of things that you’ll need to consider when it comes to qualifying for the Lifetime ISA. Here are the requirements for when you are looking to use it to purchase your own home.
Lifetime ISA to buy your first home:
If you are interested in the Lifetime ISA scheme and think that it is for you, feel free to get in touch with your Mortgage Broker in Manchester and we can help you get the ball rolling with your ISA.
Are you interested in the Lifetime ISA and want to begin your mortgage journey or maybe you are curious about other schemes that could match your situation? If so, now could be the perfect time to get in contact with an experienced Mortgage Advisor in Manchester.
We don’t just specialise in Lifetime ISAs, we have experience with Self Employed mortgages, Remortgages, Buy to Lets. We love a good challenge and we would love to try and help you make that first step onto the property ladder.
As life goes on, you will undoubtedly want more living and breathing space in your home, it’s only natural. There are always ways to make more space; when it comes to living space, you can either physically move home or extend your current home, the choice is yours. Generally speaking, it can be cheaper to remain inside your current home as you don’t get all of the fees that are attached to moving home. So, if you’ve found a home that you can see yourself living in for years to come, it may be more beneficial to carry on living in the property.
If you choose to extend your home over Moving Home in Manchester you have to think about what you want from extending your home. Do you want a kitchen extension? A conservatory? Maybe a bigger garden? Whichever option you choose, you will still need to decide how you are going to do it.
This article is going to focus on the Remortgage side of things and how you can Remortgage your home and come out with an extension.
Improving your home through a Remortgage could be the smartest thing to do, especially if you’re looking for a better mortgage rate anyway.
When you Remortgage / take out a product transfer, you are replacing your current mortgage deal with a new one. A Remortgage is when you swap deals through another lender and not your current one and a product transfer is when you swap products but stay with the same lender.
When Remortgaging for home improvements, you’re taking out another mortgage deal (through either way of remortgaging) to incorporate the costs for the intended home improvements. Your payments might be slightly more per month or your mortgage term may just extend for a few years or more. You may be paying more, but you end up with a lovely, new home extension.
Not only does Remortgaging for home improvements give your property a makeover, but it may also save you money on all of the fees that are associated with Moving Home.
Home improvements will likely increase your property’s value too. When it comes to selling the property further down the line, this can become incredibly useful when you are trying to get more money for your property.
Whilst it can save money, it’s worth noting that home improvements come with some significant costs of their own. These can include:
In order to Remortgage for home improvements, you may need to release some equity within your property. You can do this at the point of Remortgaging.
Equity Release can be quite a specialist subject, so we would recommend that you speak with a Mortgage Advisor in Manchester before making any decisions. You may not even need to go down the equity release route so it’s best to find out whether you need to or not first.
You’ll need to speak with a Mortgage Broker in Manchester in order to get the ball rolling on something like this. Remortgages tend to go a lot smoother and quicker than the first time you took out a mortgage, so you’ll hopefully be enjoying a nice and easy process once you’ve been assigned your Remortgage Advisor in Manchester.
Here at Manchestermoneyman, we have Mortgage Advisors in Manchester working all throughout the day to help with our customer’s needs. If you’re looking to Remortgage your current property for home improvements or would like to further discuss the pros and cons of that versus moving home, get in touch and an advisor will run through all your questions.
The thought of separating from a partner can be quite upsetting. Unfortunately, if things don’t work out and you end up in this situation, there will be lots of things that you will need to sort out, one being your financial situation. If you are financially linked with one another, you may need to try and remove that link so that you are financially independent. This isn’t as easy as it sounds; removing your financial links from others can sometimes be complicated.
An example of a financial link to another person is a joint mortgage. Joint mortgages are mortgages in multiple names, so in this example, the mortgage would be in your’s and your ex-partner’s name. Usually, when people separate, both parties will want to have their name removed from the mortgage. Depending on your situation and your ex-partner’s situation, this can be achieved in different ways.
If you are going through a divorce or separation in Manchester, it’s never going to be easy. As a Mortgage Broker in Manchester, we’ve seen lots of different situations where a divorce or separation has impacted a mortgage. When people come to us for specialist help, we usually receive the same questions:
When you are trying to remove your ex-partner’s name from a mortgage, things can get a little tricky. It isn’t just as simple as asking your lender “can you take their name off the mortgage?”, your ex-partner has to agree with it and your lender will have to determine whether both you and your ex-partner will be financially stable after the name is removed.
Firstly, before your ex-partner’s name is removed from the mortgage, you will have to demonstrate your ability to pay the mortgage payments on your own. This also means that you aren’t allowed any help from your ex-partner, whether or not they’ll let you remove another name depends on whether your sole income allows you to meet the mortgage payments. You should also know that at the point of your application, you both were associated with the deal, therefore if you fall into arrears, the lender can pursue either of you.
Typically, if you are trying to remove your ex-partner’s name from a mortgage, you are going to remain living inside of the property. We find that if there are children involved, it’s usually the case that the mother stays inside the family home, however, regardless of gender, it’s entirely up to you to decide who carries on living on within the property.
In the past, we have seen struggling customers have family or friends who were willing to step in and offer a helping hand. If you have this option available and you can get someone to help you with your mortgage payments, the lender may be more likely to accept your application to get your ex-partner removed.
Depending on your situation, it can sometimes be easier to remove your own name from a mortgage. From our experience, if you’re removing your own name from a mortgage, it’s likely that you are the person planning to move out of the property. If you move out of the property before being removed from the mortgage, you should know that you are still liable for the mortgage payments. This is still the case even if you have made an arrangement with your ex-partner that you will not contribute to any of the payments.
If you are still tied into a mortgage with an ex-partner and you try to get another mortgage, you should know that your chances of being accepted might be lowered. A lender may be put off if they can see that you are linked with another mortgage that you still hold accountability for. If you manage to remove yourself from the mortgage and you can evidence that you’ll be able to meet your mortgage payments, you will stand a higher chance of being accepted by them.
As a Specialist Mortgage Broker in Manchester, we deal with situations like this all of the time. Occasionally, there is someone, perhaps a new partner or family member, willing to offer a helping hand. If you are lucky enough to be in this situation, the lender may be more likely to accept your application for a new mortgage despite you being linked to another one.
Lenders will always consider both sides of the argument. They will look at whether your ex-partner can successfully afford the payments on their own or whether they still need your help. On the other hand, they will also look at your situation, will you be able to manage a mortgage on your own? When they are making this decision they will factor in your current mortgage payments and see if you were handling them okay too.
Some lenders may be more generous when it comes to the amount they’re willing to lend you compared to others. A Mortgage Broker in Manchester like ourselves is specialised in this area, we know what lenders are looking for in applications and which lenders offer these specialist products suited for your situation. We have access to thousands of mortgage deals across our panel of specialist lenders in Manchester.
Although it’s entirely possible to obtain two mortgages (or more in some cases), a mortgage lender will only lend you a second mortgage if they are certain that you’ll be able to manage both of them.
When going through a divorce or separation and you are linked to a mortgage with your ex-partner, even if you aren’t contributing towards the mortgage payments, you are still financially tied with it and therefore you may oppose a threat to lenders. If your ex-partner fails to meet their payments, the lender has the complete right to pursue you to get money off you. This is why if you are planning to get a second mortgage, yet are still paired to another deal, your chances may be lowered of being accepted for a mortgage.
We are not saying that it’s impossible to get a second mortgage when you are linked to an ex’s mortgage, it may just be a little harder. It’s more likely to be made possible through the use of specialist lenders and a good credit score. If you decide to get Specialist Mortgage Advice in Manchester, you could get a bigger picture of your situation and all of the options available to you.
Of course, you could go directly to your bank, however, if you think smartly and approach a divorce and separation mortgage specialist, you may get the ball rolling a lot quicker and could be looking at deals in no-time. Our mortgage service includes calculating how much you could borrow, working out a budget for you and how much deposit you’ll need to put down.
Moving on from previous joint financial commitments can be quite difficult. Just bear in mind that as far as lenders are concerned, it’s all about the risk. They ideally look to avoid repossession situations at all costs. For further Specialist Mortgage Advice in Manchester, get in touch with our fantastic mortgage team today.
Life insurance helps protect those you love if you die before you paid off all your mortgage payments. It will provide them with a lump sum to pay the remaining balance and have one less financial strain in an already difficult time.
Here Malcolm has compiled a video to talk to you about the significance of having the correct life insurance in place for your situation.
If you are looking for life insurance advice in Manchester, please get in touch to speak to a Life Insurance Specialist in Manchester. We give all/existing customers a free, no-obligation protection review that can often be arranged on the same day.
During this consultation, you’ll get teamed up with one of our Specialist Mortgage Protection Advisors in Manchester.
They will look at any existing policies you have in place and assess their suitability, then recommend you with the best insurance policy that matches your circumstances and meets your monthly budget.
Many companies offer their employees family a lump sum payment if the staff member dies while the firm employs them; you have to be on the payroll at the time of death to qualify for a payment, and this cover will most likely end as soon as you leave the company.
Family income benefit designed to help pay a regular income if you die. An alternative to level term insurance, family income benefit aims to replace lost income if the person insured dies.
Joint Mortgage Life Insurance is a type of Life Assurance designed to repay a mortgage loan should one partner pass away. It can be cheaper than paying the premiums on two separate policies, but bear in mind that joint policies only payout on the first death. After that, the cover ends.
Term Assurance is life insurance where the sum assured under the policy only gets paid out if death occurs within a specified term so that in the event of death before the end of the mortgage, the capital balance outstanding can get repaid.
The whole of life insurance is a policy that helps ensure your family get a payout when you pass. Unlike term life insurance, which has a policy end date, whole of life insurance only ends when you pass away.
You don’t have to take out life insurance for a mortgage; it’s not a legal requirement. But some providers might want you to have a policy in place as a condition of their mortgage offer.
If you fall ill and are unable to work, critical illness cover provides a lump-sum payment that can pay off your mortgage or pay towards it.
If you’d like that extra security, critical illness insurance is available either as a policy addition or in combination with your existing mortgage life insurance policy.
A County Court Judgment, or more commonly known as a CCJ, is a court order in the UK that will be issued to you if you fail to pay back any money that you owe.
Having a CCJ associated with your name can put a negative impact on your credit file which could reduce your chances of obtaining a mortgage in the near future. If this is your situation, you will benefit from taking Specialist Mortgage Advice in Manchester from us. We are very experienced within this area and have been dealing with CCJ mortgages for years now. Don’t be afraid to get in touch with our fantastic team, we will be more than happy to try and help.
When applying for a mortgage with a CCJ, you should expect your Mortgage Advisor in Manchester to look at a few things:
???? How many CCJ’s are currently registered to your name
???? The value of the CCJ
???? Are the CCJ’s settled or unsettled
???? How much your deposit is
???? The date that the CCJ(‘s) was/were registered
You will be issued a CCJ if you fail to pay back any money that you owe. This could be as simple as not paying off a small loan to consecutively missing your mortgage payments. A CCJ can have a negative impact on your credit score.
When you are issued a CCJ, you will get a 30-day period to pay it off (satisfied CCJ). If you manage to meet this deadline, the CCJ may be stripped from your credit file, however, if you fail to meet this payment, it will stay on your records for 6 years in total (unsatisfied CCJ).
Yes you can! Luckily, with the helping hand from a reputable Mortgage Broker in Manchester like ourselves on your side, it may be possible to get a mortgage with a CCJ.
If you managed to meet the 30-day deadline, the CCJ can be withdrawn from your records, hence increasing your chances of getting a mortgage. When you fail to meet the payment within this time frame, you will have the CCJ linked to your name for 6 years.
If the CCJ has been issued recently, it may be more difficult to get accepted for a mortgage. Generally, depending on the remaining total of the CCJ that has still not been paid off, the longer it has been since you were given the CCJ, the more likely that it is that you’ll be accepted for a mortgage.
We work with lots of different specialist mortgage lenders who each have their own lending criteria relating to CCJ’s and how much deposit you’ll require. It’s our job to know this lending criteria well, in order to recommend the best mortgage for you and your personal situation.
When you have a CCJ linked with your credit file, lenders will want to know more information relating to the CCJ. They will look for any underlying issues such as you owing money to another mortgage lender, the effect your financial state could have on the property and how you manage your overall finances.
It may be harder to get accepted for a mortgage with a CCJ, however, it can still be made possible with a few different techniques – one is trying to improve your credit score.
With difficulty and enough sufficient evidence, you may be able to remove your CCJ from your records.
If you feel like you wrongly received the CCJ, you can ask for the court to re-open the case against you. This will come with costs, however, if you manage to get it removed, it will massively benefit you down the line. To appeal your CCJ, you will need to fill out an N244 form and send it to the court. If the case is reopened and the court agrees that the CCJ was wrongly imposed, they will remove the CCJ from the Register altogether and get it cleared from your name.
An unsatisfied CCJ will be removed from your credit file after 6 years has passed since the date that it was issued. Like we have mentioned before, the longer it has been since you were issued the CCJ, the more likely it is that you’ll be accepted for a mortgage. Also, if the debt hasn’t been settled within the 6 years of you being issued the CCJ, this may also negatively impact your chances of being accepted.
Their confidence will also be increased the quicker that you manage to pay off the CCJ. Each lender will look at a CCJ differently though, some lenders may not even work with you if you have a CCJ. It’s likely that you’ll need to approach a specialist mortgage lender to secure a CCJ, on the other hand, if you are lucky, the occasional high street lender may be more lenient.
To get your credit score back on track, you will definitely benefit from taking Bad Credit Mortgage Advice in Manchester. Sometimes you need a bad credit mortgage specialist’s help to guide you back onto the right path.
You will need to keep up-to-date with your mortgage payments, current financial commitments and your CCJ over the 6 years. Even if you’ve paid it off within the 30-day window, you should still be wary of your finances and make sure that this doesn’t happen again, as multiple CCJ’s can hurt your credit score even further.
If you want more free mortgage tips on how to improve your credit score in Manchester, feel free to check out our guides or get in touch with our amazing team of Mortgage Advisors in Manchester today.
Revamped business models and the rise of Self Employed workers are the main reasons why home offices are gaining popularity. With the whole nation under new lockdown rules and regulations, people are going to be working from home for the foreseeable future. There is only so long that you can continue working from your kitchen table, right…?
If you are looking into the possibility of converting a room into a home office then you must know that there are multiple ways to go about this, but we are going to tell you the easiest one – through Remortgaging.
Here is a helpful remortgaging guide from our YouTube channel MoneymanTV:
Firstly, what is remortgaging? Remortgaging is renewing your mortgage deal or switching over to a new mortgage deal to replace your current one.
There are many reasons why you may want to remortgage, for example, you may want a more competitive mortgage deal with a better rate, your mortgage term could be coming to its end so you need a new deal to lapse onto or you may want to remortgage for home improvements.
Potentially, a Remortgage in Manchester could extend your mortgage term for a little longer, however, it could be pay off down the line as you could be on a better rate or have a brand new home office for example.
When you remortgage for home improvements, your mortgage payments will slightly increase per month. This is because you paying for the home improvements on top of your mortgage as a collective amount.
If you feel like a home office is for you and you want to remortgage for a home office, your mortgage payments shouldn’t increase by that much. If you consider the average cost of £5,000 – £10,000 for a home office, you could be looking at as little as a £20 – £60 increase over a 25-year term. As we said before, yes your term will increase, but in the long run, you will have a brand new home office that you will hardly notice the payments for.
You will also have equity built up in your property, and this will be used to fund the work on your home. Remortgaging for a home office would save you money down the line, whereas if you choose to pay for it there and then, you could have to pay hundreds over pounds over a much shorter period.
There are many reasons to invest in a home office, especially during these uncertain times. Whether you are Self Employed in Manchester or have been told by your company that you will be working at home in your role now, there are many reasons to why a home office may benefit you when working from home:
Yes, Moving Home in Manchester is an option, you could move into a bigger place with an office already built-in if you want to. On the other hand, you need to weigh up the costs of this option. On top of the property price, you will have to consider the costs of Moving Home in Manchester, these include removal fees, property survey fees, mortgage arrangement fees etc.
If you want to go ahead and remortgage for a home office and don’t want to move home, now is your best opportunity to get Remortgage Advice in Manchester.
For expert advice in Manchester from a remortgage professional, feel free to get in touch today. We offer a free remortgage consultation in Manchester where all remortgage situations are considered. So, if you are interested in slightly increasing your monthly mortgage payments to get a home office, you know who to contact.
We know that it can be frustrating working in your kitchen or from a make-shift desk; don’t tire yourself out and make a nice and peaceful place to work from home in.
When beginning your mortgage process, if you choose to use a large estate agent, they will encourage you to use their in-branch Mortgage Advisor and their recommended conveyancers. Just because they want you to use their own advisors, doesn’t mean that you have to. In fact, you can go elsewhere and still receive the same deal if you want to! Unfortunately, First Time Buyers are often the ones that get caught out and stay in-house.
Searching for an external Mortgage Advisor in Manchester could be your best option. An estate agent’s advisor will never give you a view from both sides, they just want you to stay on with them alone. If you do your research and still end up back with your in-house advisor, fair enough, however, there are loads of different places where you can obtain transparent Mortgage Advice in Manchester. For example, a Mortgage Broker in Manchester will give you more options rather than a one-point perspective.
Our view consists of both transparency and efficiency; we want to give you the best advice for your personal and financial situation but also deliver a fast yet friendly service.
If you end up choosing to use your estate agent’s in-house mortgage advisor and conveyancer, you have to think about where is the money coming from? Maybe they are charging you for their services without asking you and adding it to other fees. When you go to a Mortgage Broker in Manchester, you know exactly what you are paying for as your advisor will break each cost down for you. Also, anything you are unsure about, we can answer honestly and say why we have done things in certain ways.
Even though this is illegal, your estate agent may refuse to put forward your mortgage offer if you have not taken their in-house mortgage advice. For example, you could be using a broker and they may push another offer to completion over yours just because you aren’t using their services. Remember, these situations are illegal.
If estate agents are really pushing their luck, they may try and charge you with extortionate in-house conveyancing fees. Even if your purchase is straightforward, they could try and charge you with £1,500+ fees. If this is anything that you come across during a purchase, you have all rights to ask them where they have got these prices from and for them to break down the costs for you.
Again, opting for a Mortgage Broker in Manchester will let you avoid all of this. In Manchester, we can assure you that we work for your best interests only.
Choosing the right Mortgage Advisor in Manchester can be hard; but can it be made easier?
What happens if you don’t have to choose an advisor, more so, you are appointed one that is best suited to your personal and financial situation. This is exactly what Manchestermoneyman’s services can offer; after a free mortgage consultation and 24 hours to whip up an agreement in principle, you could be linked with your perfect advisor and be starting the mortgage process right away.
Our Mortgage Advisors in Manchester have been helping struggling customer take that leap into the mortgage market for over 15 years now. You can find out more about our excellent mortgage advice service by taking a look at our outstanding reviews.
If you would rather take on the mortgage process by yourself, you should know that it’s perfectly okay to do so. You can do everything online if you want to, same as most things nowadays! Along with the use of price comparison websites, you may be able to find a great mortgage deal off your own bat.
The positive of doing things online is that you’ll save money on additional fees. As long as you are confident in what you are doing and know what to look for, the process could be completed very quickly.
Although, shopping around online and switching could be harder than it seems. You will need to make sure that you’ve found the right deal that corresponds to your situation before agreeing to anything. Here are some things to look out for when choosing to find a deal by yourself:
It’s easy to make an appointment with your bank’s Mortgage Advisor, however, it may not be the best option for you. If you do choose this route, here are a few things to look out for:
Using a Mortgage Broker in Manchester that is not associated with the estate agent ensures you have someone working purely on your behalf as a First Time Buyer in Manchester. This also ensures there’s no risk of conflict of interests.
Everything is strictly kept between you and your designated Mortgage Advisor in Manchester. If you choose Manchestermoneyman, you should also know that we are also not tied to any particular estate agent or conveyance, so we work solely for you!
Our Mortgage Broker in Manchester has your best interests at heart. Managing Director Malcolm Davidson is here to explain the advantages and disadvantages of using a Mortgage Broker in Manchester…
The British Prime Minister Boris Johnson announced that another lockdown will take place from 6th January 2021 in his recent coronavirus update. Although lots of people may look at the negatives, there are some positives to take from this recent announcement.
Like the November 2020 lockdown, the property market has remained open and is still functioning as normal. You can still attempt house viewings, carry out a home purchase or home sale.
Here is a mortgage market update from Malcolm the ‘moneyman’ himself:
In the November 2020 lockdown, there was a huge fluctuation in the number of mortgage enquiries in the UK. Home purchases shot up to 105,000 during the November lockdown, which is the highest that it has been since August 2007.
In October 2020, purchase approvals were at 98,300. This is an increase of 6,700, which is quite impressive considering we were in a national lockdown.
Focussing on the property market, this January 2021 lockdown is looking very similar to the November 2021 lockdown. You are still able to do everything that you could prior to the lockdown. Whether you want to start your mortgage journey off your own bat or through a Mortgage Broker in Manchester is entirely up to you.
January is a busy time of year for the property market, it particularly attracts First Time Buyers, Home Movers and even landlords, etc. The market is still catching up to speed and more products are slwoly becoming available. The more options that are on the market, the more chances you have of finding a mortgage perfect for you.
Yes, that’s right, 90% are back. They took a time to make their way to the forefront of the market, however, they are here now and lenders are much more confident in giving them out. If you have a 5-10% deposit, now could be your time to take a step up the property ladder.
If you are looking for alternative ways to access a 90% mortgage, you could consider the Help to Buy Equity Loan scheme or the Help to Buy Shared Ownership scheme. Taking advantage of a Help to Buy mortgage scheme could be a great option for you and could help you start your mortgage process with ease. If you have a 5-10% deposit and are interested in Help to Buy, feel free to get in touch with your Help to Buy Mortgage Advisor in Manchester today.
Just like the property market, Manchestermoneyman is running as normal too! If you want to begin your 2021 with a new mortgage deal, you know to contact. We have Mortgage Advisors in Manchester available 7 days a week.
Our free mortgage consultation also applies to every customer in every mortgage situation, so don’t hesitate to call. We can’t wait to hear from you in 2021.