The Pros & Cons of Using a Mortgage Broker in Manchester
It can be daunting taking that first step into the mortgage world for the first, second, or third time. With many options for first time buyers in Manchester, home movers and buy to let landlords’ to take for themselves, it is time and cost effective to get it right the first time.
Regardless of your mortgage goals and situation, we offer a tailored and friendly service to try and help you through your mortgage journey.
We understand the process can be complicated. Therefore, we have great confidence in our ability to help our customers through the mortgage process and provide expert mortgage advice in Manchester to new and existing customers.
In this article, we have collated an overview of the pros and cons of approaching a mortgage broker in Manchester which may help you, and why many people prefer coming to us for mortgage advice in Manchester.
Why use a mortgage broker in Manchester?
Cost-Effectiveness
Many believe that by doing direct and finding your own mortgage deal, you are more likely to save money. This is not entirely the case, as most mortgage brokers in Manchester may charge a fee, however, this does base on circumstances and company you go towards.
It could be easier and more cost-effective if you have a lot of knowledge and have a simple case, but it can be more complex depending on your situation so approaching a mortgage broker in Manchester would be useful.
Not having much knowledge could result in ending up on the wrong deal or being unsuccessful on your mortgage application. Either of these conditions could end up you spending more money than you must or harming your credit score. Which can impact your chances of applying for a mortgage in the future.
With a dedicated mortgage advisor in Manchester by your side, they will aim to help you achieve your mortgage goals. Their goal is to get their recommendation right for the first time, at the best price. As much as this comes with a service fee, it could mean that you save much more money overall.
Local Bank Branch Relationship
Loyalty can be one reason many customers approach the bank directly and how the mortgage process was previously run. This was the way before the rise of technology and online banking, in which loyal customers approached their local branch every day, usually talking to the same person.
In terms of the mortgage process, your best bet would have been to get the best person to approve a mortgage for you because you get help and guidance from the bank manager himself, who is an expert and has a thorough knowledge of your finances. Now, the process is significantly different with the credit scoring being digital.
Because of this, the bank manager will not physically go through the case themselves; it will go through a complex online system to see if you are eligible for a mortgage. Everything is fair regardless of which bank you are with.
Exclusive Mortgage Products
Many believe that you are open to better, exclusive offers by going directly. Again, this is true, though, it can be limited. That is because they only offer their company the best deals.
Not all mortgage lenders are banks, and there are many more options available. Therefore, the deal that the bank considers suitable for you may not be the best deal beyond the bank you could have gone with.
Getting specialist mortgage advice in Manchester can be the best way to get a competitive deal that is suitable for you. One of our expert mortgage advisors in Manchester will be able to go through your case and find you the best deal from our large panel of lenders.
This is another advantage of approaching a mortgage broker in Manchester rather than just a bank.
After the topic of deals, you can find approaching a mortgage broker in Manchester can provide you with exclusive deals that you cannot find anywhere else. There will be a broad range of options when you are with a mortgage broker regardless of if you are a first time buyer, moving house, or looking to remortgage in Manchester.
Changes to Regulation & Consumer Protection
In the wake of the 2007-08 credit crunch, a huge improvement in the mortgage market had to occur. One of these changes was stated in the 2014 Mortgage Market Review. Which instructed lenders without extensive expert advice to sell mortgages to their customers.
Because of this, people could not just approach a bank to tell them they wanted a mortgage and were promptly granted without checks. Not every employee in the bank could grant you a mortgage. Which was something that happened regularly regardless of whether they were qualified to do so or not.
As well as this, these changes also bought about consumer protection, which a bank would not have given you. Now, you can place a complaint with the Financial Ombudsman if you feel misadvised. Another way to make a claim is through the Financial Services Compensation Scheme.
This means reassuring a customer that they will be safe and advised accordingly regardless of their mortgage journey. This applies to mortgage brokers in Manchester and lenders.
Book an Appointment with a Mortgage Advisor in Manchester
Another drawback you get approaching a bank instead of a mortgage broker in Manchester is the timing. When you approach a bank, it can take months to talk to someone in a bank. Moreover, when you start the process, you are not updated as much through the mortgage journey.
Here at Manchestermoneyman, our responsive team will contact you at a time that is best for you and your day to day life. From early to late, 7 days a week, including weekends, our mortgage advisors in Manchester will be available to answer any of your questions and keep you up to date. You might find us being contactable on some bank holidays.
In some cases, you may attend your appointment on the same day, but this should not be the case. You can talk to someone whenever you are ready and available.
We understand that the lifestyle of each customer is different. As a result, our advisors in Manchester are available throughout the day, which means you can book an appointment beyond 9-5 or even on weekends! Our online booking system is simple, where you can find a slot to speak to a mortgage advisor in Manchester.
Responsiveness is a fundamental value within our company. Whether you are at the beginning of the process or towards the completion of the mortgage, our friendly team will always keep you up to date. If there are changes, your mortgage advisor in Manchester will contact you as soon as possible.
Providing this high-quality service is why many mortgage brokers in Manchester, like us, are favoured in the public eye. With this popularity, many people prefer to approach local experts rather than national banks.
Handling of Complex Scenarios
Thanks to our extensive industry experience, we have found that some cases are more difficult than others. Below are just some scenarios that are slightly more difficult than the usual case:
- Mixed Depsoit – This means auditing two different sources like a gifted deposit and money from savings.
- Zero Hour Contract Workers – Will there be a consistent income?
- Looking to Make a Second Purchase – Can they afford to make that additional purchase?
- Self-Employed with No Fixed Income – This can be challenging for anyone who is self employed in Manchester.
- Poor Credit History – A lender will not look favourably upon an applicant who has mismanaged in the past.
- Affordability – Can they afford a mortgage full stop?
Previously, mortgage lenders could easily compete by offering better deals than the others. Now, the main change in which deal you go with is if you match the criteria.
You can find a cheaper deal, but it may not meet your criteria. To see if you can have a mortgage, the mortgage lender carries out a hard search (resulting in a footprint on your credit file).
In the case where you apply for the mortgage with a lender and refuse a deal in principle, this could harm your credit file. The most frustrating thing about all this is that it is very unlikely that you will be given a reason you have been rejected.
Agreement in Principle
Mortgage brokers in Manchester will be able to go through your case and advise you on ways to increase your chances of being accepted. With access to a wide range of lenders, they can find you the most suitable deal that perfectly matches you with its criteria and then start getting an agreement sorted for you in principle.
If you get an agreement in principle through Manchestermoneyman, it will usually be sorted for you within 24 hours of your free mortgage appointment.
Keep in mind that this doesn’t automatically mean you agree or guarantee a mortgage at the end. However, it makes your credit file much safer by having an expert go through it in advance. Our team of Mortgage Advisors in Manchester will always aim at getting our recommendation right the first time.
Should I use a Mortgage Broker in Manchester?
There are pros and cons of approaching a mortgage broker in Manchester. On the hand, there are many pros and cons to going direct too. The difference is how fast you want your service to be, as well as how safe you want to be.
As a dedicated mortgage broker in Manchester, we have extensive experience in dealing with a wide range of clients who go through the mortgage journey. Whether you are a first time buyer in Manchester taking that first step into the mortgage world. Somebody who is coming towards the end of their fixed period, or looking to remortgage in Manchester, our team are more than happy to help!
Book yourself in for a free mortgage appointment or remortgage review to speak with an expert mortgage advisor in Manchester. Our team is here to help with your mortgage goals, with availability that suits you, subject to availability.
For more information about our service, check out our brilliant customer reviews. These show the high level of service we give our happy customers daily. We also have a YouTube channel MoneymanTV if you are looking for more insight into the mortgage world.
Sole Name Mortgage Advice for a Married Applicant in Manchester
Mortgage Advice in Manchester
When you start applying for a mortgage, we usually find that the vast majority of applicants in relationships will opt for a joint mortgage instead of applying for a mortgage in one of the couples’ sole names.
With property prices continually fluctuating ahead of wage increases, lenders prefer first time buyers in Manchester to have two incomes, rather than both of them living there, and only one person is liable for the mortgage.
Sometimes there are situations where it’s acceptable for a sole name to apply for a mortgage. Be that it’s a personal choice or down to circumstances, it can be anything from one of the applicants not keen to have their name on the mortgage to a financial issue that cropped up.
Financial issues could be bankruptcy to county court judgment, factors like these that could affect the other applicant, and their chances of obtaining a mortgage. In situations like these, it’s much better than having no tied finances, and only one applicant applies for the mortgage in their name.
It’s worth noting that if one half of a couple gets into trouble financially, it can significantly harm the other half attempts to apply for credit, especially something as significant as a mortgage loan.
Mortgage Application Borrowing Capacity
The maximum borrowing capacity for a couple with only one applicant in employment will be lower than it would’ve been if the applicant who is employed had applied in their sole name.
Age is another factor that can affect the maximum amount you can borrow. For example, if you are over 50 and plan to take out a mortgage with a younger partner with a higher paid job, they have more time to pay off the mortgage. It’s then best to apply in their sole name, as they may have access to a much higher mortgage amount.
Implications on Tax
The effects of stamp duty or something else relating to tax may be a potential reason a couple may choose only to have one of them apply for the mortgage in their name rather than as a couple.
Speak to a Dedicated Mortgage Advisor in Manchester
You’ll find that there are many lenders with strict criteria regarding married mortgage applicants, as it is a mortgage that will involve two people who are connected firmly. Whilst applying under a joint name gives the lender security, it can have its problems.
The main reason is that if you happen to get divorced, it’s a complex process trying to remove one of your names from the property. Our team of mortgage advisors in Manchester can help with this, but you should give plenty of thought before jumping in headfirst with your partner.
Here at Manchestermoneyman, we have Specialist Mortgage Advisors in Manchester available 7 days a week to help you find the most suitable mortgage for your circumstances.
We are proud of the level of service we can provide home buyers and homeowners alike, so please do book yourself in for a free mortgage appointment, and we’ll see how we can help!
What is a Gifted Deposit in Manchester?
First Time Buyer Mortgage Advice in Manchester
When you are looking at buying your first ever home, it can be challenging trying to figure out the cost of everything. From the cost of the property, mortgage arrangement fees and deposit size, to name but a few, there’s a lot to consider.
The latter is the primary focus of our topic here. For any purchase and subsequent mortgage, you will need to put down a deposit on the property. Be it a gifted deposit, your savings or a Help to Buy Scheme, there are many different ways to make up that deposit.
You can use any of the methods to achieve this, so long as you are able to evidence where that deposit came from, as though it will only be a portion of the much larger property purchase price, it will still be a considerable amount of money being put down.
We find that gifted deposits are typically 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 be crucial in helping you to own your own home.
Gifted Deposit Mortgage Advice in Manchester
What is a gifted deposit?
A gifted deposit is a lump sum of funds that is given to you as a gift, allowing you to cover all of or make up some of your mortgage deposit. Gifted deposits are not loans, they’re strictly gifts that will not be repaid at a later date.
Your donors will need to sign an agreement confirming that this is to be the case, before you can proceed.
How can gifted deposits help?
Gifted deposits are useful when you’re struggling to save up for the deposit on your mortgage. You may be able to afford the monthly repayments with your income, but saving up a bulk of income for a deposit can be quite tricky.
If you receive a gifted deposit from somebody, combining it with some of your savings can help to raise your deposit even further, possibly allowing you to gain much better interest rates.
This minimum required deposit is typically around 5%, though some lenders may want to see 10-15%. If this has been gifted and you can make up a further 5% of your own, you could be going to the mortgage lender with a 15-20% deposit, which would be incredibly beneficial.
Lower interest rates are useful if you happen to be working on a lower salary.
Who can gift the deposit?
Generally speaking it will be the mortgage applicant’s parents that gift the deposit. This can be both birth and adopted parents, as well as carers and legal guardians in some cases. You will also sometimes find that friends can also gift this.
Depending on the mortgage lender that you are applying for a mortgage with, there may be some limitations to who can and who can’t gift you the deposit for purchasing a property.
If you already know who is gifting you the deposit prior to making any applications, it is worth speaking with a qualified mortgage broker in Manchester. They will be able to match up your circumstances with an appropriate mortgage lender and product.
Do your parents know you need help?
As a team of expert mortgage advisors in Manchester, we regularly find that not only are applicants hardly aware that a gifted deposit is an option, they don’t consider that their parents may actually be able to help.
Contrary to what you may believe, we find that most parents are more than willing to help their children finally get onto the property ladder and become a homeowner. It certainly doesn’t hurt to ask!
Many consider the concept of taking out a mortgage to be much better than renting a property, as you could be paying much less per month than you would be paying to a landlord.
A gifted deposit can sometimes come from inheritance, though this isn’t always later in life. Parents have been known to gift much earlier on in life if they already have enough in savings or have done equity release in Manchester.
Gifted Deposit vs Loans
Most mortgage lenders will dislike the idea of 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 this will only be a gift to you and you will not owe anyone any money, as per the agreement signed by your donor.
Is there a maximum or minimum gifted amount?
There is no limit to the amount that you are able to receive as a gifted deposit. We see that most people gift between the 3-5% mark, sometimes more.
Who can benefit from a gifted deposit?
If you are a first time buyer in Manchester or moving home in Manchester, a gifted deposit will be of a great benefit to you during your home buying process.
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 also be paid via gifted deposit!
What proof is required?
You will need to provide an audit trail of where you got your gifted deposit from and where the person who gifted it to you built up the funds from.
Proving your gifted deposit is also much easier if you leave the proceeding within the gifter’s account, as later into your application process, your mortgage advisor in Manchester will help you evidence this as a gifted deposit.
What do Lenders Look for When Assessing my Bank Statements?
Why does a lender need my bank statements, and how do I obtain them?
A lender will need to see your bank statements to learn more about your spending habits. They will analyse your bank statements to determine whether or not you are the sort of person who can manage your money responsibly and can afford to keep up regular mortgage payments.
After all, a mortgage is likely the most significant financial commitment you will ever make in your life and is not something to be taken lightly.
You have several ways to obtain your bank statements either by post, over the counter at your local bank or print from your online banking platform.
What will lenders be looking for on my bank statement?
As stated above, they need to know you’re responsible with your money. One of the things they’ll be looking at is if there are any overdrafts. Using this often is not necessarily a bad thing; regularly exceeding the overdraft limit is not ideal.
More factors to be careful with are potential returned direct debits, showing a lender you are not consistently reliable, and not disclosing loans at the application stage won’t look good if the lender finds any outgoings on your bank statements that you failed to mention.
Another awareness is if you have missed payments for personal loans and things such as credit cards. What will impress the lender is demonstrating that you handle your money well and meet payment deadlines.
Will gambling affect my chances of getting a mortgage?
If you have a history of gambling, the occasional bit of fun is harmless, but if you are frequently wagering significant amounts of money, whether you’re making it back or not, the lender will consider whether or not these transactions are reasonable and responsible.
For more information, check out our article “Do Gambling Transactions Look Bad on My Bank Statements?”
What can I do to show the lender I am reliable?
The answer is simple – be sensible. Typically, a bank would ask for up to three months of your most recent bank statements. These will show your salary credits and all your regular bill payments.
Ensure that your bank account is conducted in a manner that shows you are reliable and manage your finances well.
The first thing we’d suggest is that if you are a frequent big spender, you take a break for some time. During this break, you will find yourself in a better financial state and could improve your mental health.
If you need to save some extra money, some choose to cook at home instead of takeaways, stop treating yourself to unnecessary large purchases, and limit your subscriptions; this will help free up additional cash to ensure you can pay bills on time.
This boils down to simply being sensible and planning with plenty of time ahead of what you’re looking to do. The further away you find yourself from bouts of debt and financial uncertainty, the better your chances will be with a lender.
Speak to a Dedicated Mortgage Advisor in Manchester
Whether you’re a first time buyer, moving home, or self-employed in Manchester, it’s always essential to keep on top of your finances.
If you have a history of bad credit history and are unsure of what to do next, you can always enquire about specialist mortgage advice in Manchester by getting in touch with us today. We’ll advise as best as we can to help you through your mortgage journey.
Do Gambling Transactions Look Bad on My Bank Statements?
Why does the lender need my bank statements?
Regardless of your mortgage situation, you could be a first time buyer in Manchester, a home mover or looking to remortgage. Your lender will always want a copy of your bank statements.
They will analyse your bank statements to determine whether or not you are the sort of person who can manage your money responsibly and can afford to keep up regular mortgage payments.
It would help if you thought about your statements and what other elements of your banking say about you. One trend that has come into highlight is the question of gambling transactions on bank statements.
What has it got to do with the lender whether l gamble or not?
There is nothing illegal about having an annual flutter on the grand national or regular use on licensed gambling sites. However, even the bookmakers and gambling advertisers urge customers to ‘gamble responsibly’.
This is the same message to bear in mind when it comes to applying for a mortgage. It is not the lenders’ job to tell you how to live your life, how you spend your money or preach on moral rights and wrongs of gambling. They do however have a duty to lend responsibly.
If lenders need to prove to the regulators that they are making careful lending decisions, it isn’t entirely unreasonable to expect the people they lend to be responsible for their finances.
Will gambling affect my chances of getting a mortgage?
As we mentioned above, just because you have the odd gambling transaction on your bank statements doesn’t mean your mortgage application will get declined. The lender will consider whether or not these transactions are reasonable and responsible.
Your lender will mainly look at the frequency of transactions and the overall impact on the account balance. If these gambling transactions are small and infrequent, making no significant impact on your overall regular credit bank balance, then they are likely to be overlooked.
On the contrary, if you bet most weeks and are constantly overdrawn, the lender is likely to view this as irresponsible and could decline your application.
What will lenders be looking for on my bank statement?
Remember, lenders are financial institutions that either directly or as part of a wider group often provide various products, such as current accounts, overdraft facilities, credit cards and personal loans. The way in which you conduct these accounts will impact your ability to obtain a mortgage.
For example, having an overdraft facility and occasionally using it is not inherently wrong; regularly exceeding the overdraft limit is not ideal.
Your lenders will look for excess overdraft fees or returned direct debits because these would generally show that the account is not being well conducted.
Other things to look out for include credit transactions from pay-day loan companies; “undisclosed” loan repayments. They would look out for any missed payments and consider how much of a typical month is spent overdrawn.
What can I do to show the lender I am reliable?
The answer is simple – be sensible and, if possible, plan ahead. Typically, a bank would ask for up to three months of your most recent bank statements. These will show your salary credits and all your regular bill payments. Making sure that your bank account is conducted in a manner that shows you are reliable and manage your finances well.
If you are a regular gambler, maybe think about taking a break or setting limits, there are features on most gambling apps that can help with this. As well as helping your mortgage application, this may also be good for mental health.
Get in touch with a mortgage broker in Manchester
If you are a first-time buyer, home mover or looking to remortgage in Manchester but need some support or guidance, you should get some specialist advice from a mortgage advisor in Manchester.
Our advisors can guide you through the whole mortgage process and help you with your application and get you on track so that lenders will be impressed.
What to do if I Miss a Mortgage Payment?
Most homeowners in Manchester will never imagine that they’ll miss their mortgage payments, although sometimes an illness or family emergency can cause financial struggle, especially for those with minimal savings and low-income.
It is even more difficult for those who don’t have an insurance policy that would cover their mortgage payments in such a possible event or outcome.
So, we are here to answer the following questions: what should you do if you think you will miss a mortgage payment and how can you recover afterwards?
Inform your lender as soon as possible
If you think you’re going to miss an upcoming mortgage payment, the first thing to do is inform your lender. As soon as you miss a payment, this gets instantly marked on your credit record, which could later affect your ability to get a mortgage/remortgage in Manchester for the future.
Your lender is required to offer support and guidance to borrowers going through a difficult time. Depending on your circumstances and your lender’s criteria, there may be options available that can help you avoid missing a payment.
The most important thing is that you don’t miss the payment because your credit record gets impacted immediately.
Don’t worry about feeling embarrassed, you are not alone—many people will be in the same or worse situation, you won’t be the first or the last who has contacted a lender about this scenario.
What happens when I miss a payment?
If you don’t manage to sort out an alternative arrangement in time and cancel your direct debit or allow your payment to bounce due to lack of funds, your lender may take several attempts to retrieve the money. Depending on the lender, there could usually be several attempts and maybe a period for one missed payment, but you could be hit with a late payment fee, hence impacting your score. Therefore, your ability to get accepted for a mortgage and the amount that you can borrow in the future may be affected.
Once you’ve missed a payment, your lender will want an explanation as to why this had happened.
Can I get a new mortgage?
This will be dependent on the number of missed mortgage payments and also how much time has passed since.
It may still be possible depending on the answers to the above, but it will most likely limit your options and the deals available will typically have higher interest rates.
Get mortgage insurance
Ultimately, the recommended option is to protect yourself against missed mortgage payments and to take out income protection insurance that may cover you if you can’t pay. Some think they’ll never need it, but ultimately not having something in place, such as a protection policy or savings to fall back on, can add to what is already a difficult situation.
If you need any additional support or guidance, please speak to one of our Mortgage Protection and Insurance Specialists in Manchester and find out which insurance will benefit you.
Leasehold Houses in Manchester
What is a Leasehold House?
After the government introduced the Help-to-Buy Scheme, many home builders opted to start selling newly built houses on a leasehold basis instead of a freehold one. Some people were wondering, though, what exactly is a leasehold house?
In simple terms, you own the property, but the freeholder owns the land on which the property’s built. These leases tend to span hundreds of years, usually beyond the lifetime of the original holder of the lease.
What’s The Catch With Leasehold Houses?
The catch with Leaseholds is that you only own the property and not the land. Meaning you may have to pay ground rent, various service fees, and at the end of your term, if the lease hasn’t been extended, the freeholder can choose to back control of the property if left unchallenged.
Regarding the end of the lease and the service charges, you should always have the right to extend your lease if that’s what you would like to do and challenge any fee changes, though, for more clarity, we consider speaking to a Conveyancing Solicitor, as it’s their job to cover the legalities of properties.
Some of the fees can fluctuate, too, as and when the leasehold management company wants to change it, so it’s always worth making sure a Conveyancing Solicitor reads over your agreement carefully and precisely to ensure it is fair and not too much.
Do I own the property? – Can I still obtain a Mortgage on it?
You own the property for the length of your lease term. As explained before, the freeholder may be able to take their property back at the end of a period if you don’t renew, but if your term gets taken out over the course of a few hundred years, that property is pretty much yours for the rest of your life, unless of course, you sell it.
One area that may require some consideration ahead of time is planning to make any home extensions or improvements. Whilst this may not always be the case with every freeholder, the majority will want you to seek permission for any changes on the land they own.
The process of obtaining a mortgage on a leasehold is an interesting one. You will find that not all lenders will accept this kind of deal. However, those who do usually will only get it if your term is at least 60 years. The reason for this is down to their ability to resale in the event of repossession.
If your term is shorter than 60 years, you most likely will have to discuss the possibilities of renewing the lease on the property with the freeholder, along with a legal representative.
Land-Banking Freeholders
There has been a particular issue with freeholding for some time and still ongoing, a practice known in the industry as “land-banking”. Referring to some freeholders holding onto land, whether they have a finished property or not and despite the need for more homes in the UK, purely because the market has changed and they’re waiting for a chance to make more money.
As you would expect, this kind of practice is not precisely well-received across the nation, many seeing it as unfair and leading people to request that the government abolish leasehold altogether, as a means of future-proofing against such a thing.
Along with the service fees involved, the need for renovation permissions and ground rent, it’s no surprise that leasehold housing can often seem like a bad deal; however, if handled correctly, it could still be an option that works out for you and your circumstances.
Get in Touch For Leasehold Mortgage Advice
If you are looking at leasehold houses and debating whether to buy one, you should prioritise speaking to your Conveyancing Solicitor regarding the lease and other legalities involved.
It’s straightforward to get carried away with the joys you may feel when buying a home, but you also need to realise that this is a significant investment decision that you need to put much time into thinking about if you would like to get started on a leasehold house mortgage, please Get in Touch.
Company Recognition: August 2019
Company Champions for August of 2019
On this glorious, sunny day, we are celebrating achievement within the company. Every month we look back on each employee’s hard work from the previous month, rewarding those who have gone above and beyond in the workplace.
Everybody gathers round, in a moment to celebrate their colleagues. This is a real confidence booster for the winners, as well as everyone else in the company.
For use in the workplace it a confidence booster to not just those selected, as well as everyone else in the company, highlights how our hard work gets appreciated by not only our customers but also to other work colleagues.
It’s a special moment, being appreciated and thanked for all your hard work. It makes you feel like a valued member of the team.
Without further ado, here are our Company Champions for August of 2019.
Kayleigh Steward
Kayleigh encourages positivity in the workplace, like a ray of sunshine. Don’t let that fool you though, she’s a tough and determined member of our Mortgage Administrator team, with a strong desire to ensure all our customers get their deals finalised.
Customer Reviews
Once this is done, Kayleigh also asks the customers if they could leave us a review. After such a positive service from her, they’re always happy to do so. It’s these reviews that you see on our site, that encourage you to come with us when you have an enquiry. Without the reviews, you may go to another broker, one who can’t help to the level we can.
Nathan Moore
Brummie born Nathan is what is professionally referred to in the industry, as an advising machine. Okay so maybe not entirely professional, but who can argue with results? Nathan is one of our hardest working, longest-serving and highest achieving Mortgage Advisors.
5-Star service
Nathan is very similar to Annie, accepting appointments almost as soon as they come in, even when they’re last minute! He has been known to work during days off or even after hours if it means ensuring the customer gets the 5-Star Service we know they deserve.
The customer comes first
Not one to sit idly, Nathan also likes to complete as many mortgages as humanly possible, making sure his cases are done promptly and efficiently, before quickly moving on to do more. He truly cares about his customers and he shows this daily through his work.
Michael Sallabank
In first place, we have Michael Sallabank. Michael, or as he affectionately is known, Mikey, started in early 2018 as an apprentice in our Marketing Department.
Apprenticeship completed
He has spent the past year and a half working incredibly hard to achieve everything in his path. Within the last few weeks, Mikey was presented with a certificate, for completing his Level 3 apprenticeship in Digital Marketing.
Problem solver
Mikey is also known for his desire to solve every problem he comes into contact with. He does not like problems he can’t fix and tends to exhaust every option in his arsenal he has in order to ensure everything is back on track. 9 times out of 10, the problems can be solved.
This does not go unappreciated by his peers either as issues can often leave them anxious, however, Mikey is quick in his work and fixes the problems efficiently and promptly.
A huge thank you to all of our Mortgage Broker in Manchester team for working so hard last month. Here’s to another great month!
Can I Get a Mortgage With Bad/Adverse Credit in Manchester?
Bad Credit Mortgage Advice in Manchester
Adverse credit can happen far too often, and it’s not an uncommon approach for clients to come to us for Specialist Mortgage Advice in Manchester when they have a missed payments or have a lower credit score than is acceptable.
If you have missed one of your monthly mortgage repayments or something considered relatively minor, such as a missed payment to a mobile phone provider, you could get faced with a default attached to your credit report, which can harm your ability to obtain a future mortgage, as the lender with seeing it as a strong indication that you are a risk.
The good news is that missing any monthly payments or any amount of defaults will not necessarily mean you can’t get a mortgage, but you may need specialist help. The reason for this is that it is reasonably likely you will get turned down for a mortgage by a High Street Bank who may be risk-averse, especially if you only have a smaller deposit for the property you have your eye set on.
Specialist Lenders will want to know when the default got registered against you, and the further away you are from that specific date, the more likely it is that we’ll be able to provide some form of help if it was down to a life event such as separation, ill health or an untimely redundancy. People make mistakes when they are young, and they can feel that these financial mistakes cause trouble down the line.
We may also be able to help if you have had historic mortgage arrears or a County Court Judgement.
Bad Credit Mortgage FAQs
Below, we have gathered some helpful answers to common mortgage scenarios regarding Bad Credit Mortgages in Manchester & surrounding areas.
What will my mortgage advisor in Manchester need to see?
No matter the type of credit problem you have had in the past, your advisor will need to see an up-to-date copy of your credit report, which you can obtain online completely free of charge.
It’s vital that you obtain your credit report before deciding to apply for a mortgage, especially if you have been having any doubts about your credit history. The reasoning for this is that undertaking multiple unnecessary credit searches can further damage your credit rating.
I have a good income but bad credit. Can I still get a mortgage?
The answer to this depends entirely on your circumstances. Some customers may be a little perplexed when it comes to the impact of their credit. It may look bad, they may have had something flag up and cause problems, but they have a sufficient income & enough deposit to reduce a rate and get a favourable mortgage. Why won’t lenders allow them to borrow a specific amount for a property? Ultimately it all comes down to risk.
The lender needs to have the utmost confidence that you can pay back your mortgage payments without the likelihood of any form of arrears occurring. If the unfortunate happens, your home may get repossessed, which they definitely would prefer to avoid. Though it might sound rather complicated, there are still plenty of routes to take for people looking to get a mortgage with bad credit, even if those routes may incur slightly higher rates. Getting in touch with a dedicated Specialist Mortgage Advisor in Manchester like us will be the most appropriate next step to finding your way towards a potential tailored mortgage to your circumstances.
I’ve had mortgage problems before. Will that stop me from getting a mortgage?
Sometimes, you may find yourself financially struggling and unable to keep up the mortgage payments you previously had no trouble paying for reasons you may not exactly have control over. These circumstances are not an ideal place to be. Whilst it could be a momentary lapse for a month, one that you can pay back in no time, your record will show it as a missed payment.
There may be other credit issues too during this period, and when it comes to getting a Remortgage at the end of your term or a new mortgage after Moving Home in Manchester, you may find yourself in a spot of concern. Again, this will always end up coming back to the risk. Can the lender trust you not to find yourself in this situation also?
The good news is, we have had lots of experience helping customers who have found themselves with bad credit, especially when they’ve previously had or currently have a mortgage. If you feel like you are in this situation, then getting in touch with a committed Mortgage Broker in Manchester will be crucial to help you with your mortgage journey.
What other types of adverse problems are customers faced?
Customers may find themselves with all kinds of different adverse problems regarding their credit, all of which can harm their mortgage process. These issues vary from, but are not limited to;
???? Missed Mortgage Payments.
???? Credit Card or Loan Defaults.
???? County Court Judgements (CCJ’s).
???? Bankruptcy.
Whilst these are all unfortunate situations to find yourself in, it’s not the end of the road. The process may take longer, there may be more hurdles on your path, and you may end up on a higher rate, but there are specialist lenders out there, some of which we have on the panel, who will accept you depending on what your circumstances are.
To increase your chances of success and open yourself up to better rates, we highly recommend that you take a look at improving your credit score. We have a helpful, in-depth mortgage guide that we’ve written on How to Improve Your Credit Score, which will hopefully put you in a better place for obtaining a mortgage at some point down the line.
January 2021 Lockdown Market Update
How The January 2021 Lockdown Will Affect The Property & Mortgage Market?
Good new, you can still purchase or sell a home
From Tuesday 5th January, the Government has confirmed that you still have the ability to purchase or sell a home, as well as move home if necessary.
Boris Johnson, the Prime Minister of Great Britain, announced on 4th January 2021 that the UK would be once again going into a national lockdown, in a bid to keep the country safe and control the virus. All changes would take effect the following day on the 5th, with certain sectors remaining active throughout the next 6 weeks.
Working in a similar way to the lockdown we experienced back in November 2020, the property market will remain open for business as usual, meaning you are still legally allowed to view properties, continue with a property purchase and sell your current property.
It is important to note that you may still find yourself experiencing delays with some parts of the sector. Solicitors and Surveyors are in need of tighter restrictions once again, leading their services to take a little longer than initially expected. Experts are also predicting there to be a mad dash of customers attempting to take advantage of the Stamp Duty Cut before that eventually ends.
Safety Measures for Home Movers
We would like to urge anyone thinking about or starting to move home, to stay safe and please make sure you’re following all the correct guidelines. Please see the latest government guidance on how you can protect yourself and others whilst moving into a new home.
90% Mortgages are Still Available to Buyers
We are happy to tell you that yes, 90% mortgages are still available for homebuyers. We are seeing signs more frequently of lenders having confidence in the UK property market as time passes. They know that the demand for properties is still very much alive, and that people will only start coming back when they are certain that they are able to get a deal with a 5-10% deposit.
You may also be able to access a 90% mortgage by way of a route like the Help to Buy Equity Loan scheme or the Help to Buy Shared Ownership scheme. Your trusted mortgage advisor will be able to explain how these methods could be used to help you obtain a mortgage with only a 5-10% deposit.
An Extension on Mortgage Payment Holidays
Mortgage Payments Holidays (a means of temporarily putting a hold on your mortgage payments, something that could leave you at a financial disadvantage during the pandemic) were due to end on 31st October 2020. Thankfully for many in need, this option for existing homeowners has now been extended to 31 March 2021.
If you are yet to take advantage of a Mortgage Payment Holiday, you’ll be able to request a break of up to 6 months. If you’ve already taken a Mortgage Payment Holiday of less than 6 months, you will be able to extend your current holiday up until the 6 month point.
Still Here, Still Open
Our dedicated and customer friendly mortgage advice service is still operational and we’re available to help out in any way we can. We have a team of dedicated mortgage advisors on board, who are free to answer your questions from 8am – 10pm, 7 days a week, all throughout the year. This past year has been difficult enough for a lot of people. As such, we would like to take as much stress out of your mortgage process as possible.
All customers will still benefit from a free initial mortgage consultation, no matter their circumstances.
For a brief explanation of the current status of the property and mortgage market, please see our video from company director Malcolm Davidson, recorded the day after the Prime Ministers public address.
