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Have you ever found yourself in the frustrating situation of booking a seemingly affordable flight online, only to encounter a maze of complications and unexpected costs when attempting to make a simple change to your reservation? What should have been a straightforward process turns into a time-consuming ordeal, casting a shadow over what was supposed to be an enjoyable experience.
Such instances exemplify poor customer service, causing unnecessary stress and diminishing the joy of your travel plans. What was initially meant to be a delightful adventure becomes tainted by the challenges stemming from your initial negative encounter. Fortunately, there is an alternative – turning to a travel agent can alleviate the complexities of the booking process, offering a smoother and more enjoyable experience.
Similar challenges and anxieties often surface in the realm of mortgages. Much like the relief provided by a travel agent, a dedicated and diligent mortgage broker in Manchester can step in to shoulder the burden, making the entire mortgage process more manageable and less stressful for you.
Without a doubt, buying a new home is one of the biggest financial commitments you’ll ever make in your life. With this in mind, utilising the experience and industry knowledge of a trusted mortgage advisor in Manchester will save you from many of the problems present with either going direct or trying to go it alone, without anyone to back you up.
Usually, the fixed rate that you might see advertised on tv or the internet, is not the final rate. As with all advertising, it’s there to get your attention and make you want to see more. Generally speaking, these deals are aimed at customers with lots of equity, perfect credit ratings, employed, and a brilliant track history of paying. There will almost always be a more attractive deal out there, but that doesn’t mean that’s the best for you personally or financially.
You must also bear in mind that when going with this specific lender, you only have access to their products and their heavily biased advisors. Others to be careful with are estate agents and price comparison sites, wherein the latter only displays the deals these high street banks want you to see, whilst the estate agents are incredibly biased and pushy, known to break the law in order to make money from you. You can read more about the sales tactics of estate agents in our article on the topic.
As an open & honest mortgage broker in Manchester, we only ever have your best interests at heart. We are able to offer a wide range of products from different, sometimes more niche lenders, depending on what it is you’re looking to achieve. These deals are often better than the lenders direct deals and also aren’t available going direct either. As well as this, our loyal team of advisors will never try and force anything on you that you don’t want, working purely to support your needs from start to finish.
Getting in touch with a Mortgage Broker in Manchester will allow you to further explore your options and your recommendation will be personal to you and your situation. Also, features such as a fixed rate of interest, offset options or variable rates for flexibility, may be recommended for you.
All products and deals have their own specific rules and criteria. It’s our job to know this criteria inside and out, which is why we will work hard to make sure you’re on the best or at the very least most appropriate path for your personal situation.
If we’ve done our job right, and we have a good track record of doing just that (see our Customer Reviews for testimonials by real customers!), you’ll walk away with a deal that allows you to borrow the amount you’d like, with reasonable interest rates and hopefully having saved both time and money.
We have a long history of helping anyone from first time Buyers in Manchester, to those looking to remortgage in Manchester and even those who require self employed Mortgage Advice. If you would like to take advantage of our free initial mortgage consultation and speak with a mortgage advisor in Manchester, please get in touch and we’ll see how we can help.
Owning more than one property is becoming increasingly common, whether for investment purposes, a second home, or helping a family member buy. But is it possible to have two mortgages at the same time?
The short answer is yes, many homeowners in Manchester successfully take out a second mortgage, provided they meet the right criteria.
Lenders will assess affordability, credit history, and the reason for the second mortgage before approving an application. Whether you’re looking to invest in a buy to let, purchase a second home, or release equity from your current property, understanding your options is essential.
There are several reasons why a homeowner might take out a second mortgage. Some buyers look to expand their property portfolio by purchasing a rental property, while others may need a second home for work or family purposes. Many homeowners also explore second mortgages to release equity for home improvements or consolidate debt.
In Manchester, where demand for rental properties is high, many buyers use a second mortgage for buy to let investments. Others may choose a let to buy mortgage in Manchester, which allows them to rent out their current home while purchasing a new one. Understanding the right type of mortgage for your needs is key to making the right financial decision.
Lenders have stricter criteria when it comes to approving a second mortgage. Since taking on two sets of mortgage repayments increases financial commitments, they will carefully assess affordability. Your income, existing debts, and credit score will all play a role in whether you qualify.
Lenders will also consider how the second mortgage will be used. A buy to let mortgage, for example, relies on projected rental income to meet affordability checks. A second home mortgage, on the other hand, is assessed in the same way as a standard residential mortgage, meaning personal income and outgoings are key factors.
If you’re looking to borrow against the equity in your current home, lenders may offer a second charge mortgage instead. This allows you to take out an additional loan secured against your property, rather than replacing your existing mortgage. This can be useful for home improvements or other large expenses.
One of the most common reasons for having two mortgages is to invest in a rental property. Manchester’s rental market is strong, with high demand in areas like the city centre, Didsbury, and Salford Quays. A buy to let mortgage allows buyers to purchase a property with the intention of renting it out.
Unlike a standard mortgage, buy to let loans are assessed based on projected rental income rather than personal earnings. Lenders usually require a larger deposit, often around 25% of the property’s value, and may have different affordability checks compared to a residential mortgage.
Interest rates on buy to let mortgages can be higher, and some lenders may require a minimum personal income. If you’re considering investing in Manchester’s rental market, it’s important to explore different lenders to find the most suitable deal.
Some homeowners take out a second mortgage to buy a second home. This could be for work, a holiday home, or a property for a family member. Unlike buy to let, second home mortgages are assessed based on personal income and affordability.
Lenders will want to ensure you can comfortably afford repayments on both properties. This means looking at existing mortgage commitments, regular outgoings, and overall financial stability. Some lenders may also have restrictions on how a second home can be used, particularly if you plan to rent it out occasionally.
A let to buy mortgage is another option for those who need a second mortgage. This allows homeowners to rent out their current property while securing a new residential mortgage to buy a home elsewhere. It’s particularly useful for those relocating or looking to upsize without selling their existing home.
Lenders will assess both rental income and personal earnings to ensure affordability. This type of mortgage can be complex, as it involves switching an existing residential mortgage to a buy to let mortgage while securing finance for the new home. Speaking to a mortgage advisor can help simplify the process.
While having two mortgages is possible, it’s important to weigh up the financial commitment involved. Managing two sets of repayments can be challenging, and lenders will want to see that both are affordable in the long term.
If your second mortgage is for an investment property, market conditions should be considered. Rental demand in Manchester remains high, but interest rates and property values can fluctuate. Understanding potential risks is key to making an informed decision.
It’s also worth checking your current mortgage agreement, as some lenders have restrictions on taking out additional borrowing. Early repayment charges or conditions on letting out your home may apply, depending on your existing deal.
Navigating the process of securing a second mortgage can feel complicated, especially with different lending criteria and affordability checks to consider. Our mortgage advisors in Manchester can help you explore your options, whether you’re looking for a buy to let mortgage in Manchester, a second home mortgage, or a let to buy deal.
We work with a range of lenders to find the best mortgage rates, helping you secure a deal that suits your financial situation. Whether you’re an investor or simply need a second mortgage for personal reasons, we’ll guide you through the process from start to finish.
If you’re considering taking out a second mortgage in Manchester, speak to one of our mortgage advisors today to explore your options.
Mortgage Protection Insurance is an umbrella term used to explain different kinds of cover available to customers who have taken out a mortgage. This cover got designed to reduce financial concerns for both you and your loved ones, in the event of any unforeseen circumstances that may occur whilst the mortgage process is active.
Here Malcolm has recorded a video to speak to you about the importance of having the correct insurance in place for your situation.
The central message here is due to the coronavirus pandemic; the importance of health and getting insurance is now greater than ever. There are differences in insurance to choose from when it comes to safeguarding you and your family.
Here at Manchestermoneyman, we will be able to compare lots of providers to help find you the best policy for your circumstances. The following insurance policies that we can offer to you are:
For further clarification, get in touch and speak with one of our knowledgeable Mortgage and Protection Advisors in Manchester today. Our team will always be at the other end of the phone or email when you need to discuss.
Life insurance is an insurance policy that reduces the financial impact on your loved ones in the event you or another joint policyholder pass away. Our Mortgage Advisors in Manchester can run through all the different types of Life cover accessible to you and advise the most suitable plan for you.
Critical illness cover is an insurance policy that covers serious illnesses detailed within a policy. Usually, these will include Stroke, heart attack, certain types and stages of cancer, and more. However, you are unlikely to be covered for pre-existing health issues you knew you had before taking out the insurance. As mentioned, the specific illnesses covered and not covered will be detailed in your policy.
The most significant thing is that the benefit gets paid if you fall victim to one of several specified critical illnesses and pays out whatever the long-term prognosis of that illness. The type of conditions covered vary from company to company; that’s why this type of insurance cannot be solely price-driven, and seeking Specialist Mortgage Advice in Manchester is recommended.
In practice many businesses will offer Life and Critical Illness Critical cover as a combined policy and would usually payout on the “first event,” namely whatever happens first – either death or a severe illness – the payout is made. They could also get written on a single or joint life basis.
Whereas Life and Critical Illness cover pay out a lump sum, Income Protection pays out a monthly sum intended to replace your wages in the event of you being unfit to work. In contrast to the Critical Illness cover, there are no limitations on the illnesses or injuries covered, the only factor being whether they make you unfit to work.
There are, however, restrictions on how much you can cover and how quickly benefits would start to get paid. Such As Life and Critical Illness cover, these policies are underwritten based on your health and lifestyle at the time you apply. All income protection policies get written on a single life basis.
You can also combine Life Insurance, Critical Insurance, and Income Protection, into what’s called a menu plan. The providers do give you a discount each time you add a benefit in, and that can be a cost-effective way of taking cover.
With a Menu Plan, you can mix and match a range of cover and benefits to tailor a plan that suits your needs and budgets. We strongly advise all our customers should the worst happen, least you have covered yourself and your family, to find out more speak to one of our mortgage Advisors in Manchester today.
The least common of the mortgage protection policies but can often be useful – especially for those with young households. These plans can get taken to Life and/or Critical Illness Cover, and get underwritten on the application in the same way.
However, in contrast to the traditional forms of policy, rather than pay out a lump sum, the cover would pay an annual or monthly income for the remainder of the term of the plan. Consequently, it can replace the payment of the primary worker for several years, dependent upon a particular client’s circumstances and, because of this would usually be written on a level or basis, or an index-linked basis designed to keep up with inflation.
Many people have one or more of the different types of policy, and it would be wrong to think of Mortgage Protection Insurance as just an “either/or” choice. However, affordability plays a massive part, whilst it would be fantastic to cover yourself for every potential opportunity.
Our Mortgage Advisors in Manchester are here to discuss with you and tailor the type of cover to be the most suitable combination to your family’s priority and budget. To find out more, give us a call or fill out our enquiry form to speak with one of our Dedicated Protection Specialists Advisors in Manchester today.
No matter, if you are a first time buyer in Manchester or looking to remortgage in Manchester. Getting mortgage advice in Manchester can help you. Taking mortgage advice can make up the difference between an application getting accepted.
Whereas going independent could lead to your application getting rejected. We’ll search through thousands of mortgage deals for you. Saving you time and your money to ensure you get the best deal.
It’s a mortgage advisors job to find you the most suitable mortgage deal tailored for your circumstances. Some say that there’s no significant difference between an advisor and a broker.
However, here at Manchestermoneyman. We can tell you our team of specialist mortgage advisors in Manchester is authorised and regulated by the Financial Conduct Authority.
This means we have experience and in-depth knowledge of lending criteria. Offering expert advice to clients with all types of individual situations.
Maybe you are first-time buyers who want to get there foot onto the property ladder, and the process can be confusing.
However that’s where we come in our teams of mortgage advisors can walk you through every step, from initial mortgage enquiries. Right until you get the keys.
Perhaps you need mortgage advice because you are looking to remortgage for home improvements, purchasing your next property. Especially if you want to borrow additional money.
Finally, our team of specialist mortgage advisors in Manchester. Can help find suitable mortgages for a landlord looking at buy to let in Manchester.
The advantages of using a Mortgage Broker in Manchester. Is to help the entire process of buying a home go as efficiently as possible. Buying a home can be an extremely stressful experience.
Our customers like to know they have got someone on their side. On hand to respond to all their questions and queries, we will also help you with:
Our mortgage advisors in Manchester job is to help try to maximise your chance of being accepted the first time.
Open & honest Mortgage Advice in Manchester by Manchestermoneyman, 8am – 10 pm, seven days a week. As an experienced Mortgage Advisor in Manchester.
We are proud to have the quality of service we provide to our customers. We put our people at the heart of our business and always aim to exceed their expectations. Get in touch with your mortgage broker in Manchester today and receive a free mortgage consultation.
The mortgage journey is truly an adventure to behold. Though you will face your fair share of both highs and lows, in the end you will end up with one of the following: either the property of your dreams to settle down in and maybe start a family, a stepping stone property to help you find your footing on the property ladder or an investment purchase to provide some additional income.
No matter the path you ventured down, there will eventually come a time when your mortgage term is reaching its end. You have the option to sell up and upsize/downsize into a new property.
Maybe you are in the market for selling your portfolio to the tenant(s) or another buyer and look at other financial opportunities? The most popular option however, over all of the above, is a Remortgage.
First, let’s look at the definition. A Remortgage is a process of using the funding from a new mortgage to pay off a pre-existing mortgage. There are lots of different options when taking out a Remortgage, ranging from minor to major.
By taking advantage of the 20 years or so knowledge of our resident “Moneyman” Malcolm Davidson (host of our YouTube channel MoneymanTV), we thought it would be beneficial to everyone, if we put together a quick guide to all the options at your disposal when it comes to taking out a Remortgage.
Your initial mortgage deal will normally last somewhere between 2-5 years and feature low fixed rates or possibly discounted rates. In some cases, your lender may even place you on a tracker mortgage, which follows the Bank of England’s base rate.
When your mortgage term comes to an end you will likely be placed on the lenders Standard Variable Rate (you may see this referred to simply as SVR). The purpose of an SVR, is that it is a mortgage with an interest rate that can possibly move up or down, depending on what the lender wishes to charge you.
This does not follow the Bank of England’s base rate like a tracker mortgage and as such can be a little more risky, as the lender is not legally obligated to charge the recommended amount.
Because of this, SVR’s are usually the most expensive paths to take, leaving many to look at Remortgaging for better rates, which will hopefully save a little bit of money on monthly repayments.
After your 2-5 year term into occupying your home, you may decide that something doesn’t quite fit. Maybe you need an extra room or larger living space for your kids or belongings, a new kitchen, a new office, or a loft conversion.
Instead of just moving into a larger house, many seek to release their equity with a Remortgage in order to cover the costs of any work needed or wanted.
Though the idea of having to obtain planning permission and fund/manage your own project seems scary, some would argue it’s a lot less stressful and more rewarding than the process of property hunting, selling your current home and moving your possessions.
As time passes by, this may prove even more to be a wiser option, as creating more space and having good quality craftsmanship will likely increase the value of your home. This comes in handy for if you ever do decide to sell up or rent out.
In some cases, some homeowners may wish to Remortgage in Manchester for a better mortgage term, whether that be by reducing the length or switching to a more flexible product.
Doing this will mean you won’t be paying back your mortgage for as long, so you won’t be tied down for the rest of your life. However, this route will also mean that your monthly repayments will be a lot higher. The longer your term, the lower the payments will be over time.
Some opt for their mortgage term to be a little more flexible when they remortgage. The benefits provided by this option can often sway homeowners in its favour.
You may gain the ability to overpay, resulting in being able to pay your mortgage off quickly, as well as being able to carry the same mortgage and rates over to another property of your choosing, should you decide to move later down the line.
Though a flexible mortgage sounds like the ideal situation, they usually come in the form of a tracker mortgage, which as discussed in an earlier point, follows the Bank of England base rate. This means your payments could fluctuate based on interest, making them a little unreliable each month.
Everyone has some variance of equity in their property. This is worked out with the difference between what is still owed on the mortgage and the current value of your property.
As touched upon earlier in this article, equity can be used for home improvements, however there are more options available with this.
Some use it to cover long-term care costs, to add to their income, to have a holiday, to pay off an interest-only mortgage or to simply have free money to spend on whatever they would like.
In some cases, we find that buy to let mortgages in Manchester will use a remortgage to release equity as a means of covering their deposit for purchasing further additions to their property portfolio.
If you’re over the age of 55, and currently living in a property with a minimum value of £70,000, then it’s worth exploring your options for Equity Release in Manchester. To find out if you qualify for later life lending, book your free mortgage appointment to speak to a later life mortgage advisor in Manchester.
To understand the features and risks of equity release in Manchester, ask for a personalised illustration.
A lifetime mortgage may impact the value of your estate and it could affect your entitlement to current and future means-tested benefits. The loan plus accrued interest will be repayable upon death or moving into long-term care.
Another big one people use a remortgage to release equity for, is to pay off any unsecured debts that may have built up over a particular length of time.
Though it may seem easy enough, Debt Consolidation not only bases the amount on how much you’re owed and the value of the property, but it also factors in your credit rating. This could mean you are limited in the amount you can borrow for a property.
Additionally, to pay off your previous mortgage and your debts, you will need to borrow more than the mortgage amount you have left. This means your monthly repayments will most likely be higher than expected. Though not a perfect circumstance to find yourself in, at least you can rest assured that should you find yourself in need of a way out, you do have some options to choose from.
Should you find yourself with a damaged credit rating, you do still have a chance to obtain a mortgage, though these will not be easy and require very Specialist remortgage advice in Manchester before even proceeding. Even then, there is no guarantee that it can even happen.
You should always seek mortgage advice before choosing to consolidate and secure any debts against your property.
If you are reaching the end of your term and are looking at what your option may be for Remortgaging, it will be beneficial for you to get in touch with an experienced and trusted mortgage broker in Manchester.
An advisor will be able to discuss your circumstances and future plans, in order to create the best plan of action for you in the next step of your mortgage adventure. It is our aim to ensure this go around is a quicker and easier process than when you took out your initial mortgage.
The general guideline, whether you’re a first time buyer in Manchester, home mover in Manchester, or aspiring to be a landlord of a buy to let in Manchester, is that a higher credit score increases your likelihood of mortgage approval.
It’s important to bear in mind that mortgage lenders establish an internal credit score based on the data in your credit report and your application.
Each mortgage provider follows its own credit scoring policy. Therefore, if one high street bank rejects your application, it doesn’t necessarily mean that all mortgage lenders will do the same.
Regarding which credit reference agency a mortgage lender employs, this information is not always disclosed, although mortgage lenders may alternate between companies such as Experian and Equifax.
It’s smart to use a tool like Check My File as a means of reviewing your own credit score, as this combines data from multiple sources, to give you a better look at your history. People who sign up will receive a free 30 day trial, that can be cancelled at any time.
Try it FREE for 30 days, then £14.99 a month – cancel online anytime.
Before you’ve registered with a credit reference agency to assess your score, your initial step should be refraining from applying for new credit.
It’s important to exercise caution, as even seemingly innocuous actions like comparing car insurance quotes on a price comparison website can trigger unintended credit searches.
Mortgage lenders utilise the electoral roll for identity verification, making it an essential process. It’s vital to ensure your name is accurately spelled and that you’re registered at your present address. Your credit report will indicate whether you are registered, and you can also verify this with your local council.
Mortgage lenders value the presence of “active credit.” Having a credit card that you use regularly and fully pay off each month can be beneficial in the long run. Keep in mind that acquiring new credit might lead to a temporary negative effect. It’s crucial to avoid missing any payments!
Consistently approaching your credit card limit or surpassing it can negatively impact your score. Excessive utilisation of your available credit can have adverse effects on your credit score.
It’s important that you avoid any appearance of dual residence. This situation can arise from incorrect entry of start and end dates for past addresses.
Taking the time to carefully review dates and ensure address formats are uniform is advisable. This can be a bit challenging, especially when dealing with flat or apartment living.
Consider cancelling any inactive credit or store cards you may have. Remember that this action might temporarily impact your score.
Although the systems can’t differentiate between your decision and that of the lender, this practice can prove beneficial in the long term. Additionally, it reduces the risk of falling victim to fraud in case the cards are ever stolen.
Make sure that your current address is linked to all your open accounts, rather than any previous addresses.
If you share joint accounts, a mortgage, or a loan with an ex-partner, their financial behaviour could affect your credit. Inform the credit reference agencies of the dissolution of these associations and ensure any links are removed.
Whether you welcome it or not, credit scoring has become an integral part of the lending landscape. It holds considerable sway over your mortgage eligibility. Mortgage lenders find it expedient to rely on their systems for consistency, streamlining the process compared to human-based assessments.
Making sure your mortgage broker in Manchester has an updated copy of your credit report offers a comprehensive view of your financial standing. This enables them to recommend the most suitable mortgage for your unique circumstances.
When Buy to Let customers with an existing property portfolio in Manchester get in touch, we often hear the following question: Am I able to exchange ownership of my property from my own name, into the name of my limited company?
A good starting point is to know how a mortgage lender will approach purchases from Limited Companies. You will be hard pressed to find any lenders that will accept applications from a Limited Company through anything other than an SPV (Special Purpose Vehicle) Company.
An example of this is a company set up with the sole intention of investing in properties like this. When registering your company, your registration will include a SIC (Standard Industrial Classification) Code that shows the types of business in which the company will be involved with. Mortgage lenders normally would not accept applications from general trading companies that can trade in multiple areas.
If, for example, you have a plumbing and heating company (covering both trades), you will need to set up an entirely new company to own the properties in your Buy-to-Let portfolio, rather than buy them through your plumbing company. The SIC codes typically accepted are 68100, 68201, 68209, 68320, though this is varied depending on the lender you go with.
To find out more information about SIC Codes, consult the Government website.
You will find yourself with both advantages and disadvantages to purchasing a buy to let in Manchester under a Limited Company. For example, applications from SPV’s may not be considered by all lenders. Instead, they would rather limit their lending to lone applicants or couples who are applying in their own personal name(s) as opposed to a company name. Because of this, applicants using their own personal name will find themselves with a wider range of products than those using SPV’s.
When it comes to the lenders who would lend to an SPV, the mortgage rates are also generally much higher than the rates offered to individual applicants. An upside however, is that the way rental income is taxed has been changed over the past few years, meaning that many people prefer to make use of the advantages generated by SPV ownership (relating to how income is taken and how that income is taxed), as they more than make up for any extra interest charges or lack of choice when it comes to products.
One of the primary things we always suggest our customers look at when evaluating their options of buying your portfolio under an SPV, is that you speak with a specialist tax advisor for professional advice. A tax advisor will be able to assess factors such as external income sources and the rate of personal income tax you pay, seeing how they will affect the overall status of your tax. This will help decide whether or not individual or SPV ownership is an option you should go with.
As mentioned previously, a main deciding factor in your decision will be the position of your tax. This becomes a little more complicated when you start to weigh in whether or not you want to transfer properties you already own from individual ownership, to company ownership.
The issue is that it isn’t just a simple, straight-forward transfer. This type of transaction is a change of legal ownership. Your Limited Company is in it’s own right, a completely separate corporate identity. As such, the transaction will be counted as a purchase from you as the individual, to the SPV. With this in mind, stamp duty charges, legal costs and new mortgage and valuation charges will all be in play once again.
You must remember that Limited Companies come with running expenses and legal obligation, however, these may be offset by the possibility of tax-deductible costs or long-term tax benefits.
If a buy-to-let landlord is looking to increase their property portfolio, it would probably benefit them more to keep the current property under their individual name and only use the SPV to buy any additional properties. By doing this, you avoid any switching costs and unwanted legal fees for something that is already yours. That being said, each case is different, and you may find that the upside of a switch is far more beneficial than any of the downsides that come with it. It’s all depending on individual circumstance.
As covered, this is very specific territory. If you are thinking of following this path, please get in touch with an experienced and knowledgeable advisor regarding buy to let mortgages in Manchester.
Here at Manchestermoneyman, we have many Buy-to-Let experts on hand to provide a high standard of mortgage advice in Manchester, backed up by introductions to appropriately experienced accountants and solicitors as and when necessary.
To speak with a Mortgage Advisor in Manchester, please get in touch and we will see what we can do for you.
Choosing between a mortgage broker and heading directly to a mortgage lender is a decision that requires careful consideration.
While it’s clear why opting for a mortgage broker, like our mortgage advisors in Manchester, can be advantageous, exploring both avenues is still worth your time. In this article, we will outline the advantages and drawbacks of each approach.
When you partner with a mortgage broker like us, it’s important to note that there might be a broker fee added to the overall costs. On the flip side, going directly to a mortgage lender eliminates this fee, potentially saving you money in this regard.
Mortgage lenders extend direct deals that are exclusively available through them. These deals are designed to attract both customers and brokers. Sometimes, these offers are accessible solely via a mortgage broker and not through the lender’s branch.
It’s worth mentioning that prior to 2014, mortgage lenders could have any staff member guide you towards a mortgage option without providing proper mortgage advice or consumer protection.
In 2014, this practice was fortunately prohibited, ensuring that only seasoned mortgage advisors in Manchester could deliver mortgage advice and recommend suitable products. This transition required some adjustment, leading to potential delays of up to a month or more for an initial appointment.
Unfortunately, such delays can still occur today, which can be particularly frustrating when you’ve just had an offer accepted on a property. This situation prompted an increase in applications through mortgage broker in Manchester.
At our end, we offer a same-day service, aiming to promptly connect you with a qualified mortgage advisor in Manchester, either immediately or at the very least within the same day.
In the years preceding the 2010s, the task of comparing potential mortgage deals was fraught with challenges. The contemporary landscape has witnessed a significant shift, with the convenience of finding these deals now just a Google search away.
Yet, the complexity has evolved into identifying a lender who is willing to tailor their criteria and features to suit your specific circumstances. It’s important to exercise caution, given that the seemingly alluring deals boasting the lowest interest rates often come hand in hand with hefty arrangement fees.
Equally crucial is the aspect of affordability. Regardless of how appealing a lender’s offer may appear, it needs to align with your financial capacity. Given the magnitude of this decision, many individuals opt for the assistance of a mortgage broker in Manchester.
This intermediary steps in to diligently compare various criteria and pinpoint options that harmonise with your individual situation. In the present regulatory landscape, which has tightened significantly after the Credit Crunch, mortgage applications have become notably intricate.
A multitude of factors could potentially complicate your application process, encompassing aspects like a less-than-ideal credit history, self-employed income, mixed sources for your deposit (such as a combination of savings and gifted funds), considerations of Let to Buy arrangements, contracting or zero-hours work, and challenges in meeting affordability benchmarks.
The complexity of navigating these facets necessitates a keen eye for detail and specialised knowledge, attributes that a seasoned mortgage broker in Manchester can provide. By leveraging their expertise, you can receive invaluable guidance through the multifaceted mortgage application journey.
Over the years, the mortgage lending arena has been marked by fierce competition among lenders, each vying to outshine their counterparts by presenting increasingly appealing deals.
When considering the choice between a mortgage broker in Manchester and a bank, the former emerges as a pivotal player, offering a wealth of benefits for budding home buyers.
While banks, as established financial institutions, provide a direct path to securing a mortgage, the pivotal role of a mortgage broker in Manchester cannot be underestimated.
These industry experts possess a unique ability to provide not only valuable insights but also personalised recommendations that align seamlessly with your financial goals and circumstances.
When entrusting your mortgage journey to a skilled mortgage broker, you gain access to an array of advantages that extend beyond what a bank can offer.
A mortgage broker in Manchester serves as your advocate, leveraging their extensive network and industry knowledge to navigate the intricate landscape of lending criteria.
Unlike banks, which are limited to their own lending guidelines, mortgage brokers possess the agility to connect you with lenders whose criteria are optimally suited to your unique profile. This tailored approach ensures that you are presented with the most suitable mortgage options available in the market.
Moreover, mortgage brokers excel in accessing a comprehensive range of lending solutions, granting you access to a diverse array of choices. This broader spectrum of options empowers you to make informed decisions that align precisely with your financial aspirations.
The expertise of a mortgage broker in Manchester extends to meticulously streamlining the application process. By understanding the intricate requirements of various lenders, they can guide you through the documentation process, eliminating unnecessary hurdles and potential roadblocks.
While banks may tout their direct connection and established relationships with clients, mortgage brokers build their reputation on fostering strong partnerships and advocating for the best interests of their customers.
This advocacy often translates into a faster approval process, as mortgage brokers collaborate closely with lenders to expedite your application and secure your mortgage efficiently.
In conclusion, while both banks and mortgage brokers have their merits, we believe the latter emerges as the superior choice for borrowers seeking comprehensive guidance, tailored solutions, and an advocate dedicated to their financial success.
By entrusting your mortgage journey to a skilled mortgage broker in Manchester, you gain access to specialised expertise, a broader array of lending options, and a partner committed to ensuring your mortgage experience is seamless and rewarding.
Mortgage brokers serve as invaluable partners, offering a range of services beyond the realm of mortgages alone. In Manchester, their role extends to various aspects of the homebuying process, catering to diverse needs even when the application seems straightforward.
They not only help in securing the right mortgage but also provide insights on property valuations, recommend essential services such as legal assistance and property surveys, and guide clients through the maze of protection options available.
A key advantage that sets mortgage brokers in Manchester apart is their unparalleled responsiveness. Unlike the rigid operating hours of many traditional lenders, these brokers are known for their flexibility.
They readily accommodate out-of-hours appointments, including weekends, and are committed to prompt responses even during evenings via email. This commitment to accessibility and prompt communication underscores their dedication to enhancing the client experience.
Beyond mere convenience, another pivotal reason behind the popularity of mortgage brokers is the alleviation of stress.
In today’s fast-paced world where individuals are often juggling various commitments, having a knowledgeable professional who can take charge of the intricate mortgage process becomes a lifeline.
This is particularly pertinent for professionals who, amidst their own busy schedules, understand the value of outsourcing such vital transactions to experts who can handle them seamlessly.
While technological advancements continue to reshape industries, the human element remains irreplaceable, especially in matters as significant as obtaining a mortgage.
Regardless of whether one is a first time buyer in Manchester, someone who is self employed in Manchester, or someone looking to remortgage in Manchester, the presence of a mortgage broker is akin to having a trustworthy guide in navigating the complexities of the mortgage landscape.
This personal touch offers reassurance, clarity, and peace of mind, fostering a more informed and confident decision-making process.
An Agreement in Principle (AIP) is where you pass a Lender credit score to qualify for a potential mortgage. Sometimes you may also hear it being called a Decision in Principle.
With an Agreement in Principle in hand, you are ready to support any offers you make as a First-Time Buyer in Manchester. You may be able to negotiate a lower price if you have one of these as it shows the seller you are serious and have the funds to proceed.
Nowadays we see more lenders using soft searches than not, however some may still affect your credit score. This can be the case if it is a hard search, but usually a soft search should leave your credit score unaffected.
Soft searches don’t dig as deeply as hard searches, though you can trust that the lender made the correct choice either way.
If it is once every blue moon, then a hard search or two should not make too much difference. The problems arise if you start having multiple hard searches within a small window of time.
That being said, if your credit rating is good and you know it, do not let this put you off, especially if taking a hard search with that lender is the best deal.
Though it would be nice, there are no guarantees that having an Agreement in Principle will get you a mortgage. The Lender will still need to see all your documents and only then will an Underwriter make the final decision.
Often we find that customers get in touch having been declined at application stage, due to missing some small print in their Agreement in Principle. You will need to provide ID to prove that you are genuine, payslips to prove you earn the amount you claimed and bank statements to prove you conduct your finances, before a lender will offer your case.
Though it is possible to make an offer without an Agreement in Principle, we would not recommend it. An Estate Agent with credibility will want you to prove you can in fact proceed.
It is possible to obtain an Agreement in Principle within 24 hours of speaking with a Mortgage Advisor in Manchester.
Usually an Agreement in Principle will expire after 30-90 days. You do not need to worry though as this does not mean you should just apply for the first house you find. If your Agreement in Principle expires, you can quite easily have it refreshed when you are ready to make an offer.
Finding a mortgage only to be declined a mortgage can understandably be disappointing. As such, we recommend getting an Agreement in Principle as early as possible.
Every year we see thousands of Interest-Only Mortgages in Manchester reaching the end of their terms, by which some are not able to fully pay off their mortgage. Here we will explain what they are, the situations people face and what to do if you are on one.
Residential Interest-Only Mortgages were all the rage back in the 1980’s and 1990’s. The idea behind these would be that you pay interest on the capital owed, then when you reach the end of the term you pay a lump sum. Borrowers were often advised to set up an “Investment Vehicle” at the same time.
These were low-cost assets offered by investment companies, with the hopes of increasing the worth of their money, so they could pay off the lump sum at the end. In some cases, these investments may even provide a surplus as well as paying off the mortgage. Investment Vehicles also acted as a means of providing life cover, in the unfortunate event of the borrower becoming ill or losing their life.
Many borrowers were not informed of the potential risks involved with Interest-Only mortgages. The investment companies simply could not guarantee that their investment would grow enough to pay off the mortgage, with some customers not even investing full stop. There were a large number of complaints, with thousands receiving compensation if they were mis-sold to.
These days we mostly find that the people that are taking these out are landlords using them for a buy to let mortgage in Manchester. This is because some landlords like to maximise their monthly profits.
It has been a fair while now since we have seen any popularity in Endowment Mortgages. People may still be on them and have not managed to get them switched into a Repayment Mortgage yet. If this is you, you may be worried about losing your home because of it.
It may still be possible to get an Interest-Only Mortgage, but with stricter rules now in place it is less likely to be seen or cause any problems. Not all lenders offer interest only and those that do have very strict criteria, such as an approved repayment vehicle in place and a larger deposit.
Though it is not unheard of for lenders to surprise the borrower by requesting full repayment of the balance, this would normally only occur if the lender had slacked on communication. Lenders regularly write to the borrowers, to ensure they know they need to make capital repayment plans.
If you are reaching the point of repayment and realise you have no means to repay the capital, please communicate and be fully open and honest with the lender. This will not be the first time they have encountered this situation and they just like to be in the loop with where you stand.
Contrary to the belief of some, lenders do not like repossessing properties from people who cannot pay back, however they need to make their money back somehow so will do this as a last resort.
On a similar note to the last point made, there are now a lot more Retirement Mortgage options available to borrowers now than there have been in the past. If you happen to qualify for one of these options, you may continue to pay interest as a means of protecting the equity you have in the property.
On the flip side, if you are not worried about leaving inheritance to your children, you can allow interest to roll up and cease making any mortgage payments altogether.
A major problem with Equity Release Mortgages is usually the Loan to Value. To qualify for one of these, especially if you are in your 60’s, you need to have a decent amount of equity in the property already.
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Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© Manchestermoneyman 2025.
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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: 9 Gallows Lane, Beverley, United Kingdom HU17 7FJ.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk.
© Manchestermoneyman 2025.
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