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The aftermath of the credit crunch has made lenders comfortable again, offering up to 95% mortgages to first time buyers in Manchester.
It’s only fair for lenders to see evidence that you can save on a monthly basis, not only does it build confidence, but it also assures lenders that you can afford your monthly repayments, even in challenging times.
We understand the difficulty of saving for a 5% deposit for many first time buyers in Manchester, often serving as a significant hurdle for those aiming to enter the property market. This challenge becomes especially pronounced for individuals with families or those currently residing in rented accommodation.
If you can afford to, you should aim for a higher deposit. A larger deposit works to your advantage, enabling you to secure a lower interest rate, saving you money in the long term. It also portrays you as a less risky borrower to lenders. The required deposit will vary, determined by several factors, including your financial status.
The proportion of mortgage you borrow will inform lenders about your commitment to your mortgage. However, bear in mind, greater interest rates equate to higher repayments costs. Therefore, a larger deposit not only helps in making your home buying process smooth but also assures your long-term satisfaction.
This option could work under certain circumstances. The lender will consider your monthly payments from your loan as an extra financial commitment, which could potentially reduce your approved mortgage amount. This essentially means you’d be borrowing the full purchase price, something most lenders are unwilling to support.
Lenders usually accept deposits in the form of gifts from family and friends. The benefactor, however, must vouch that the money gifted is not a loan and provide identification and proof of funds to fulfil anti-money laundering obligations. Some people receive generous gifts from the “Bank of Mum and Dad” to help towards a deposit.
Lenders need to see bank statements for Anti-Money Laundering reasons, showing how the deposit fund was accumulated. If you have made a large deposit, you may need to provide extra evidence supporting this. For instance, if you have sold a car, you would need a receipt reflecting the amount it was sold for corresponding to your bank deposit. Sellers could use the Memorandum of Sale drawn up by the Estate Agent as proof.
If you’re buying at a discount (If you’re being offered a £100,000 house for say £90,000), some lenders might consider this as your guaranteed deposit. Your eligibility for a right to buy in Manchester from a Local Authority or any other Social Landlord could help in such cases—our mortgage advisors in Middlesbrough are readily available to help you with this.
The world of homebuying presents a multitude of mortgage options. Each option carries its unique attributes, pros, and cons. This piece will shed light on the tracker mortgage, exploring its functionalities, popularity among homebuyers, and other essential considerations.
Selecting a mortgage deal isn’t a one-size-fits-all scenario. The utility of a mortgage relies heavily on the situations it’s applied to. For instance, acquiring a tracker mortgage initially may seem like a good idea, until you discover that fixed payments (fixed-rate mortgage) would have been more suitable down the line. Unfortunately, with a contractual agreement in place, it’s often too late to make changes.
That’s why we strongly advocate for upfront planning, research, and professional advice, especially for first time Buyers and home movers in Manchester. As a trusted mortgage broker in Manchester boasting wealth of experience, we can provide invaluable mortgage advice tailored to your unique needs.
Essentially, a tracker mortgage reflects the Bank of England’s base interest rate plus an additional percentage determined by your lender. Your lender has to adhere to this external rate, which invariably affects your interest rate.
For example, if the Bank of England’s base rate is 1%, and the lender adds an extra 1%, your interest rates ultimately resonates with the bank’s percentage.
A tracker mortgage is intimately linked to the health of the economy. If the Bank of England’s rate is high due to a struggling market, it may not be the best mortgage option. Conversely, if the base rate is low due to favourable economic conditions, a tracker mortgage might be an appealing choice.
Manchester offers a diverse selection of mortgages suitable for first time buyers in Manchester. To ensure you make an informed decision, consider seeking advice from a reputable mortgage advisor in Manchester on plausible options.
Having been in the mortgage industry for over two decades, we offer trustworthy advice to first-time buyers. Based on our exceptional understanding of the different types of mortgages, we can match your specific needs to the best possible mortgage type.
Our services also extend to existing homeowners looking to remortgage or move homes in Manchester. As an endearing and skilled mortgage broker in Manchester, we are committed to guiding you through the entire mortgage process, ensuring a smooth and satisfactory experience.
If you’re planning moving home in Manchester, you’re likely to encounter various hurdles and challenges. These might range from delayed acceptance of your property offer to your application being stuck in the popeline of the buying process.
A property chain is a series of home sales that are interdependent, forming a ‘chain’ of transactions. If you are a first time buyer in Manchester, you start this chain, however, if you are selling a property, you form the final link. Basically, it is akin to a real chain connecting houses. For a buyer to move in, they need to wait for their seller to vacate first, which is essentially the same situation you’re in. Depending on the complexity of the property chain, it can be an extensive and intricate process.
The duration is subjective to your specific situation – it is intertwined with the status of your seller’s seller (complicated… we know). Alternatively, you could be oblivious to being part of a property chain and everything could proceed like clockwork.
The ideal scenario is a fast and hassle-free moving home process. If that is not in your cards, you could be caught in a holding pattern. Being a mortgage broker in Manchester, we advise home buyers to set aside a minimum of six months for the entire exercise. This leaves you with ample time to find your dream abode and provides a buffer for potential hiccups, especially if you’re enmeshed in a property chain.
Regrettably, if a link in your property chain collapses, the entire subsequent chain could crumble too. If your link breaks, acting swiftly could save the entire chain. If you’re selling, immediately inform potential buyers through your realty agent to pre-empt any delay.
While you cannot predict everything, there are contingency plans for a break in the chain. You can opt for chain-free properties, temporarily rent after selling your property or invest in a new property under construction. For comprehensive relocating home mortgage advice in Manchester, reach out to our expert mortgage advisors in Manchester.
A property chain can break for many different reasons. It could happen at your’s, your seller’s or even your buyer’s level:
These are just a few examples, there are many more reasons. Depending on the length of the property chain that you’re in will depend on how drastically these situations impact your ability to move home.
It’s tough to sidestep a property chain during peak buying months or when the market trends upwards like in January. Conduct a detailed market study, liaise with your real estate agent and manage your fiscal matters promptly – this aids in averting pitfalls later on. If you are successful in avoiding a property chain, your relocation process could progress unfettered, assuming your income and down payment checks out.
Allow our team of expert mortgage advisors in Manchester to navigate you through the process. You may book a free mortgage appointment. Embark on your relocation journey today and let us ensure a stress-free transition. We look forward to assisting you.
University life is a phase of newfound freedom and growth, but it is also an introduction to financial responsibilities. Alongside tuition and housing costs, there is the natural aspect of fulfilling personal, social needs.
With respect to student accommodation, you could be fortunate and have a responsive landlord who tends to all maintenance issues promptly. Regrettably, the more common experience involves unresponsive landlords, taking weeks to resolve issues like a malfunctioning washing machine.
In such a scenario, your rent seems to be draining finances with no return. An alternative? Becoming your own landlord through obtaining a student mortgage on your place of residence. This path is not just about saving money; it’s a potentially profitable long-term investment.
A student mortgage is an effective way to decrease housing expenses while providing a head start on the property ownership journey. View it as an investment strategy, especially useful for students in their later years of study or contemplating postgraduate study.
Even if you plan on moving after graduation, the property could be sold, using those funds towards your next home. The equity accumulated over the years in the existing property could be reused as a deposit for a second home or even fund vacations or a vehicle purchase. Thus, a student mortgage offers both immediate as well as long-term benefits.
Securing a student mortgage might not be an easy task, but it’s indeed not impossible. In our experience as a mortgage broker in Manchester, students looking for mortgages have some finances, perhaps savings, a Lifetime ISA or gifted deposits, for the initial down payment. If you are unable to make this down payment, the process may not proceed further. Borrowing for this payment would mean juggling payments for the loan, the mortgage, and course costs.
Qualifying for a mortgage as a student generally requires a source of employment. Full-time employment is ideal, but part-time work can also suffice.
Effective strategies to establish your reliability for mortgage lenders might include a larger deposit to reduce monthly payments or tapping into a government programme like the “Own Your Home” scheme. Look for plans that assist with larger initial investments or a share in the ownership to lower monthly mortgage payments. An Agreement in Principle (AIP) could solidify your case early on by showing you have pre-approval from a lender based on income proof and a good credit history.
Mortgages often come with specific prerequisites, and student mortgages are no exceptions. A major condition for attaining a student mortgage is the requirement to sublet the remaining rooms in the house. The rent collected from these tenants can help cover monthly mortgage payments.
Lenders are aware of the risks associated with lending to students. In the event of being unable to make mortgage payments, the onus falls on the guarantor – someone declared during the application process to step in and handle payments if necessary. Guarantors are usually required to meet specific criteria.
As mortgage brokers, we understand that lenders take the necessary precautions for any mortgage applicant, always preparing for the worst-case scenario.
For assistance in applying for a student mortgage or seeking advice for first time buyers in Manchester, get in touch with us. We can help ascertain if you qualify for a student mortgage. We look forward to hearing from you soon.
First time buyers in Cardiff have been hit by a trend where real estate values are increasing more rapidly compared to wage rates. Consequently, numerous individuals are turning towards shared property purchasing wherein they team up with a partner or friend. This initiative allows for a more affordable housing option. Joint-purchasers are generally seen as more attractive to lenders since the combined income boosts their borrowing ability, factored in during mortgage affordability calculations.
Some lenders, surprisingly, are open to having up to four co-owners. If an owner stops contributing towards the mortgage, the remaining partners retain the right to live in the property unless a contrary court order is issued. Any intention to raise the mortgage amount later will require approval from all owners, enforcing the need for a long-term strategy.
When it comes to joint tenancy and tenancy in common, joint tenancy is popular among married and civilly partnered couples. This tenancy format hinges on survivorship rights; the surviving partner inherits the property if the other partner dies. It also requires unanimous agreement when remortgaging or selling the property.
On the other hand, ‘tenants in common’ ranked high among relatives and friends. This lets you individually own distinct yet unequal parts in the property, making it feasible if one owner has a larger financial contribution. This tenancy offers individual action privileges, allowing owners to sell or gift their share without needing the other owners’ consensus.
If partners separate, all mortgage payers remain jointly and individually liable for the mortgage. Hence, if one party exclusively funds future payments, they’re still fully responsible. You jointly own the entirety of the property, not just half.
Removing an ex-partner from a joint mortgage calls for evidence that you can handle the monthly payments alone. It’s an undoubtedly tricky scenario, hinged on the lender’s confidence in your repayment capability as a solo borrower despite the safety net offered by double ownership. If you show a history of single-handed payments post-separation, the lender might authorize a mortgage transfer to your name only. However, some lenders might reject your request, so it’s advisable to consult a mortgage advisor in Cardiff prior. Your family could also be a potential aid, either substituting for your ex-partner or donating lump-sum payments, thus reducing your owed amount.
Separately, even if you’ve relinquished the house to your ex, your name on the shared mortgage still renders you liable for payments. If you’re aiding your ex with the payments, ensure they are making good on their promise by checking your credit report. Any negligence on their part can dampen your score and if you’re planning a new purchase, the existing payments will affect the potential loan amount.
Ultimately, buying a home isn’t the same to renting; disagreements can get messy. So, it’s recommended to agree beforehand on the way forward, should things not plan out as expected.
An Agreement in Principle (AIP) is the first step for first time buyers in Manchester to get a mortgage. It’s sometimes called a Mortgage or a Decision in Principle, and lets you know how much you could borrow before you apply for a mortgage. It’s not a binding agreement but rather an indication of the maximum amount you can borrow for a mortgage. Obtaining an AIP can be a useful step in the home-buying process as it gives you an idea of your borrowing capacity, helping you narrow down your property search to homes within your budget.
A soft credit search, also referred to as a soft credit check or soft inquiry, is a type of credit check that does not impact your credit score. Soft searches are typically used for background checks, pre-approval processes, or when you check your own credit report. When you apply for an Agreement in Principle, lenders usually conduct a soft credit search to assess your creditworthiness without leaving a mark on your credit file. This allows you to shop around for mortgage deals without worrying about damaging your credit score.
In contrast to a soft credit search, a hard credit search, also known as a hard credit check or hard inquiry, does affect your credit score. Hard searches occur when you apply for a mortgage. Lenders conduct a comprehensive review of your credit history and financial background to assess your risk as a borrower. Each hard search leaves a record on your credit file, and multiple hard searches within a short period can lower your credit score temporarily.
Being a trusted mortgage broker in Manchester, we play a crucial role in helping you navigate the mortgage process and understand the implications of credit searches.
We have access to a wide range of lenders and mortgage products, allowing them to find deals tailored to your individual circumstances. During your free mortgage appointment with us, we can advise you on the most suitable lenders based on your financial situation and preferences.
Additionally, brokers can help you avoid unnecessary hard credit searches by matching you with lenders who are more likely to approve your application based on soft search criteria. By leveraging our expertise and industry knowledge, we can streamline the AIP process and ensure that you approach lenders who are most likely to offer you favorable terms.
Our mortgage advisors in Manchester can guide you through each step of the mortgage application journey, from initial assessment to final approval, providing invaluable support and advice along the way.
With our assistance, you can secure an Agreement in Principle within 24 hours after your appointment, and fill first time buyers in Manchester with confidence with knowing that you’re making informed decisions that align with your long-term financial goals.
Buying your first home in Manchester is a thrilling milestone, yet it can also be a bit overwhelming. To navigate the home buying and mortgage process with confidence, it’s crucial to comprehend the steps involved.
As a trusted mortgage broker in Manchester, we will offer a detailed breakdown of the journey you might undertake as a first time buyer in Manchester and acquaint you with the invaluable assistance provided by Manchestermoneyman. With our guidance, you’ll be well-prepared to embark on your homeownership journey.
For those embarking on the journey as a first time buyer in Manchester, it commences with in-depth research into the housing market and a careful assessment of affordability.
Manchester features a variety of neighborhoods, each with its unique character and property prices. It becomes crucial to explore different areas, considering aspects such as amenities, transportation links, and proximity to schools.
Exploring your options allows you to make an informed decision regarding the street that aligns with your preferences and fits within your budget.
For individuals venturing into homeownership for the first time in Manchester, saving for a deposit stands as a crucial milestone in the home buying journey. The percentage of your deposit will influence the mortgage options and interest rates avaliable to you.
At Manchestermoneyman, we provide expert mortgage advice in Manchester, specifically tailored to your needs. Our services include valuable insights on efficient ways to save for a deposit.
We are well-versed in guiding you through government schemes such as Shared Ownership in Manchester, making it more feasible for you to take that pivotal first step onto the property ladder. Our overarching goal is to assist you in achieving your homeownership goals with confidence.
Securing a mortgage is a significant milestone in the home buying process, and at Manchestermoneyman, we specialise in assisting first time buyers in Manchester in finding the right mortgage deals.
Our team of experienced mortgage advisors in Manchester will carefully assess your financial circumstances and provide guidance on the various mortgage options available to you.
They will take the time to explain the terms, interest rates, and repayment options, ensuring that you have a clear understanding and can make an informed decision that aligns with your budget and long-term goals.
With our expertise and personalised approach, we aim to make the mortgage journey smoother and help you achieve your dream of homeownership in Manchester.
After obtaining a mortgage agreement in principle, the next step is to begin the exciting search for your dream home in Manchester. Utilise online property portals and local estate agents as valuable resources to explore the available properties in your desired area.
Property viewings become a crucial element in this journey, allowing you to immerse yourself in each potential home. Take the time to envision your life within these spaces, considering vital factors like proximity to amenities, transportation links, and the potential for future growth in the area.
By carefully assessing each property, you can make an informed decision and find a home that meets your needs and goals.
After find the perfect property, the next phase involves presenting an offer to the seller. In the event of acceptance, you will progress to the conveyancing process.
Conveyancing is a series of legal procedures and searches designed to confirm the property’s freedom from potential issues or restrictions. If you need any reccomendations, we will be more than happy to suggest reliable solicitors or conveyancers adept at managing the legal intricacies on your behalf.
Their expertise ensures a smooth and thorough conveyancing process, giving you the assurance and peace of mind you need as a first time buyer in Manchester.
First time buyers in Manchester will always need to arrange a property survey and valuation in Manchester for their intended property. Depending which survey you choose, the surveyor will meticulously evaluate the property’s condition, pinpointing any potential issues that may necessitate attention.
The valuation report serves to assess the property’s market value, guaranteeing that the agreed-upon price aligns with its fair market worth. Undertaking these steps is imperative for making an informed decision and ensuring the property’s overall condition before advancing with the purchase.
Upon completion of the survey and valuation process, the next step involves finalising your mortgage application. Manchestermoneyman is committed to assisting you in collecting all necessary documents and submitting them to the mortgage lender on your behalf.
Our dedicated team will accompany you throughout the entire application process, ensuring a comprehensive understanding of each step and addressing any queries or concerns that may arise along the way.
We aim to streamline the application process, making it as smooth and stress-free as possible, and offering the support required for the successful securing of your mortgage.
Once your mortgage application receives approval, the final stages of the home-buying process involve exchanging contracts and completing the purchase.
During the exchange, both the seller and the buyer legally commit to the transaction, and a specific completion date is agreed upon. This marks a significant milestone where all parties involved finalise the details of the sale.
On the completion day, the remaining funds are transferred, officially making you the proud owner of your new home in Manchester. It’s an exhilarating moment as you take possession of the property and embark on your journey as a homeowner.
Starting your journey as a first time buyer in Manchester can be a mix of excitement and nerves. With the help of Manchestermoneyman, you can navigate the home buying and mortgage process confidently and smoothly.
Our team of seasoned mortgage advisors specialise in guiding first time buyers in Manchester like yourself through the entire journey.
We’ll help you with important aspects such as what to do to save up for a deposit, securing a mortgage that suits your needs, and completing the purchase of your dream home.
Don’t hesitate to reach out to Manchestermoneyman today and take the first step towards making your homeownership dreams a reality in Manchester.
A mortgage agreement in principle (AIP), also known as an agreement in principle or a decision in principle, is a valuable tool for homebuyers in Manchester. It provides an estimate of how much they could potentially borrow before formally applying for a mortgage.
To obtain an AIP, you will undergo a soft credit check. Unlike a hard credit check, this should have minimal impact on your credit score. You can get an AIP with no obligation to proceed with a mortgage application.
At Manchestermoneyman, we strive to provide our customers with an agreement in principle within 24 hours of their initial mortgage appointment. The agreement in principle is valid for a period of 30-90 days, which is usually sufficient for finding a suitable property. If it expires, we can easily arrange for it to be renewed.
To obtain a mortgage agreement in principle, you have two options. Firstly, you can directly contact a mortgage lender. Alternatively, you can seek assistance from a trusted mortgage broker in Manchester, like us. Our experienced mortgage advisors in Manchester can liaise with the lender on your behalf to obtain the agreement in principle.
We offer every customer a free mortgage appointment, where you can discuss your requirements with an expert and receive your agreement in principle within 24 hours. To progress with the application, you will need to provide proof of income, employment details, credit history, and other personal information that will help determine your eligibility for a mortgage. This will also provide an estimate of the amount you can borrow.
It is advisable to obtain a mortgage agreement in principle before starting your property hunt. This will give you a general idea of how much you can borrow, ensuring that you focus on properties within your budget.
Additionally, having an agreement in principle can give you an advantage when making an offer on a property. Sellers and estate agents are more likely to view you as a serious buyer if you have an agreement in principle, potentially giving you an edge over other potential buyers.
However, it is important to note that an agreement in principle does not guarantee that you will be able to secure a mortgage. It is a helpful tool in the home buying process, but further assessments will be conducted during the mortgage application.
When applying for an agreement in principle, the mortgage lender will require certain personal information to assess your eligibility and determine the amount they are willing to lend. This includes details such as your income, employment status, credit history, and other relevant personal information.
The lender may also request additional documents, such as bank statements or proof of income, especially if you are self-employed. These documents help the lender make an informed decision regarding your mortgage application.
An AIP is a document that outlines the amount a mortgage lender is willing to lend based on the information provided. It is not a guarantee of a mortgage offer, and no legal contract is established.
A mortgage offer is a formal offer from a lender to provide a mortgage, confirming their willingness to lend based on thorough checks and assessments. A mortgage offer is legally binding, and it outlines the terms and conditions, including the interest rate, mortgage term, and any associated fees.
To obtain a mortgage offer, a more detailed assessment, including a full credit check, is conducted. Additionally, a valuation of the property is required. It is crucial to understand that an agreement in principle is a helpful tool for estimating borrowing capacity, while a mortgage offer is a formal offer with legal implications.
Obtaining an agreement in principle for a mortgage typically has minimal impact on your credit score. Most mortgage lenders perform a soft credit check, which does not leave a visible trace on your credit report. However, some lenders may conduct a hard credit check during the agreement in principle process, which can be visible on your credit report and potentially affect your credit score.
It is important to note that a mortgage application itself usually involves a hard credit check, which can impact your credit score. Therefore, limiting the number of mortgage applications and only applying for an agreement in principle when you are serious about proceeding with your property purchase is advisable.
Having an AIP offers several benefits when applying for a mortgage. Firstly, it provides a clear understanding of the amount you can borrow, helping you focus on properties within your price range and saving time.
Secondly, an AIP gives you an advantage over other buyers when making an offer. Sellers and estate agents are more likely to consider offers from buyers with an agreement in principle, as it demonstrates seriousness and active efforts to secure a mortgage.
Lastly, an agreement in principle can expedite the mortgage application process once you find a property. The initial assessment and eligibility checks have already been conducted, allowing for a quicker and more efficient processing of the application.
Typically, obtaining a mortgage agreement in principle is free of charge. It is a statement from the lender outlining the amount they would be willing to lend based on the information provided. There is no financial commitment involved in obtaining an agreement in principle.
Our mortgage advisors in Manchester can arrange your AIP free of charge! Simply get in touch with our mortgage advisors in Manchester and book a free mortgage appointment online.
If you are rejected for a mortgage agreement in principle, it means the lender has determined that you are not eligible for the requested amount. The reasons for rejection can vary. It is important to find out why you were rejected and consider factors such as your finances, credit history, and additional information required by the lender.
In some cases, it may be necessary to find a different mortgage lender who is willing to lend the desired amount. It is essential to remember that rejection for an agreement in principle does not automatically mean rejection for a full mortgage application.
The lender will conduct a more detailed assessment during the full application, and they may offer a different amount or type of mortgage. Applying for multiple agreements in principle with different lenders can negatively impact your credit score, so thorough research is advised. Having a mortgage broker can assist in finding the right lender for your needs.
If you are a first time buyer in Manchester or looking to move home in Manchester, it is recommended to consult a mortgage broker like us to obtain an agreement in principle before making any offers on a property.
We can provide you with an agreement in principle within 24 hours of your initial mortgage appointment. Our mortgage advisors in Manchester are experienced and knowledgeable, guiding you through the mortgage journey. Book your free mortgage appointment today to begin your mortgage journey with the support of a trusted mortgage broker in Manchester.
For many first time buyers in Manchester and home movers in Manchester, the credit scoring system might seem like an unjust method employed by mortgage lenders to assess their applications. Conversely, mortgage lenders view credit scoring as a practical and consistent approach to mitigate risk.
If the credit scoring system raises concerns during your mortgage application, fret not. The reassuring news is that there exists a multitude of mortgage lenders, each employing their distinctive scoring systems and criteria.
To allay your concerns and enhance the likelihood of acceptance, obtaining a copy of your credit report when applying for a mortgage is a key step. Providing an up-to-date copy of your credit report to your mortgage advisor in Manchester at the outset offers a clearer snapshot of your financial standing, thereby increasing the chances of a successful application.
Importantly, having a copy of your credit report empowers your mortgage advisor to pinpoint potential issues or areas requiring improvement, enabling you to address them proactively before applying for a mortgage. This proactive approach not only improves your approval prospects but also instils confidence and peace of mind throughout the mortgage process.
It’s essential to remember that every mortgage lender adheres to its own set of criteria, so if one lender rejects your application, don’t be disheartened. Your dedicated mortgage advisor in Manchester will collaborate with you to identify the best fit from the diverse options available in the market.
When examining your credit report for mortgage purposes, various credit reference agencies, such as Experian and Equifax, are at your disposal. We recommend CheckMyFile for its comprehensive overview based on information from multiple credit agencies.
Opting for CheckMyFile provides access to a 30-day free trial, allowing you to review your credit report without incurring any costs during this period. The flexibility to cancel the trial at any time further empowers you to make an informed decision about your creditworthiness, ensuring a robust foundation for your mortgage application.
Utilise the link below to enjoy a free, instant PDF download.
Try it FREE for 30 days, then £14.99 a month – cancel online anytime.
Enhancing your credit score is pivotal when seeking a mortgage, and several steps can positively influence your creditworthiness. Exercise caution when using price comparison websites, as they may trigger credit searches that could negatively impact your score.
To mitigate potential red flags for mortgage lenders, refrain from applying for additional credit in the immediate future.
Registering on the electoral roll stands out as a key method to boost your credit score. Accuracy in your name and address details is important to present a positive impression, avoiding any misinterpretation that may arise from inaccurate address information.
Careful management of your credit card usage holds significant sway over your credit score. Responsible usage, coupled with paying the balance in full each month, can contribute positively.
While closing dormant store or credit card accounts may momentarily affect your score, it can prove beneficial in the long run, reducing susceptibility to fraud.
Furthermore, severing financial connections with family members, friends, or ex-partners can positively impact your credit score, particularly if their credit history is less than stellar. If you no longer maintain active financial associations with these individuals, requesting credit reference agencies to remove these links is advisable.
When seeking mortgage advice in Manchester, providing our seasoned and trustworthy mortgage advisors with comprehensive financial information enables them to furnish the best possible guidance and support throughout the mortgage application process.
With their expertise complementing your improved credit score, you are well-positioned to secure the optimal mortgage for your needs and financial situation.
Whether you’re new to the world of mortgages or you currently own a property and have some past mortgage experience, you will have either heard of a “mortgage broker” or will have no clue what they are or what they do.
Using a mortgage broker in Manchester when moving home can not only make your job easier but can take all of the stress out of the process.
Here we will discuss the main differences between using a mortgage broker and your bank.
If you opt for your bank when looking for a mortgage, you will not have to pay a broker fee, which will save you money.
However, banks can only access their in-house mortgage products, whereas, a mortgage broker can search through various different types of lenders in order to find the best product for you. For example, as a mortgage broker in Manchester, we have access to a variety of different lenders that hold both high street and specialist deals. We can search through these lenders to try and find you a competitive mortgage product.
During your free mortgage appointment with us, we will perform a free affordability assessment on you to work out what sort of deals will be accessible to you.
Most high street banks are renowned for making you wait weeks to get an appointment with a mortgage advisor. This can be extremely inconvenient if you have just had an offer accepted on a property.
A mortgage broker in Manchester, like ourselves, offers flexible availability and allows you to book a mortgage appointment at a time that suits you. Sometimes, we even have same-day availability!
If you approach a high street bank and your mortgage application is declined, the chances are that most other high street banks will do the same.
There are many different reasons why a bank could decline your mortgage application, sometimes you are never told why. If it has something to do with your credit, if you apply to another bank and are declined, you could put more harm on your credit.
As mentioned earlier, mortgage brokers can access a large variety of mortgage lenders, including those from specialist lenders. If you have been declined by your bank, the best thing to do is to approach a mortgage broker in Manchester like us and we can explore options that are better suited to your personal and financial situation.
If your credit is the issue and you need help improving your credit score and getting your finances back on track, our mortgage advisors in Manchester can run through this with you.
Banks and brokers have a pretty similar turnaround time when it comes to getting you an agreement in principle (AIP). Our mortgage advisors in Manchester can usually secure you an AIP within 24 hours of your free mortgage appointment.
If your AIP expires, simply get back in touch with our team and we can renew it straight away for you.
Similar to their mortgage appointment availability, banks will never be available there and then for you to ask a quick question or give you an update on the progress of your mortgage application. Drop your mortgage advisor in Manchester a message whenever you want to speak to them and they will be back in touch right away. We know that the mortgage process is a stressful time, and we want to put you at ease.
As a mortgage broker in Manchester, our job is to help you through the entirety of your mortgage journey. No matter your situation, whether you’re a first time buyer in Manchester or a buy to let landlord in Manchester, we are here to offer our help.
Our responsive service is at the heart of our business. You can book your free mortgage appointment or arrange a call back online! This allows you to be in control of your mortgage appointment and schedule it around your busy working and personal schedule.
If you would prefer to, give our team at Manchestermoneyman a call and we can put you in touch with one of our expert mortgage advisors in Manchester.
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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: 10 Consort Court, Manchester, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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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: 10 Consort Court, Manchester, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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