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A Guide to Offset Mortgages in Manchester

Offset Mortgage Advice in Manchester

The general popularity surrounding Offset Mortgages has dipped since their rise during the 1990s, though some of you may be pleased to know that they are still a great option for customers who have the ability to put some money aside every month.

They’re also quite good if you believe that you are due to receive a lump sum in the near future.

How can an Offset Mortgage help?

When you start out with your Offset Mortgage, you will be given a savings account by the mortgage lender that will run alongside your mortgage, for the sole purpose of aiding your mortgage. Rather than racking up interest, the money will offset against the balance of your mortgage.

As an example of how this works, let’s say that your mortgage is worth £100,000 and you have managed to save up £15,000 in savings, then you will only be paying interest on the £85,000 that is left.

Offset Mortgages tend to be rather flexible arrangements. Until you have completely offset your mortgage, you will have the ability to put as much money as you would like into it. You will always have instant access to the money that is in your savings, so if you need to dip in for any emergencies, you know that it is there.

One of the things that is really great about Offset Mortgages, is that it saves interest, as opposed to adding it on, so you won’t have to pay any tax on any savings that you put into your savings. Higher rate taxpayers are definitely big fans of these!

Things You Need to Know

An Offset Mortgage is a great option if you are due a lump sum for any reason, such as possible inheritance, as because it is interest-free, it allows you to store your money until you know what you want to do with it. This also applies to any annual or quarterly bonuses from your job that you have no dependance on.

Because your savings account will be freely accessible at any time, you are able to dip into your additional savings for other means if you need to, whilst leaving some in there for your mortgage. It is important to remember that you need a substantial amount in there though to make your Offset worth taking out!

An Offset Mortgage can work out really well for First-Time Buyers in Manchester who have any plans to overpay on their mortgage. Looking further down the road, once your current term ends, overpaying can potentially reduce your mortgage payments for the next term that you take, reducing interest rates in the process.

With other mortgage types, any money that you put towards your mortgage cannot be withdrawn at any point, with releasing equity being your option once your term has ended. This is a situation that is less than ideal if you have any second thoughts or need a short term boost to your income.

It’s times like this where Offset Mortgages are rather clever. Because you have a savings account, you will have the ability to take out the funds at any time, then put them back in when you are ready to do so.

So, if you’re looking to make any further payments on your mortgage over the term, we’d recommend making use of an Offset Mortgage savings account.

Conclusion

You should consider all of the options that are available to you when you get in touch with a Mortgage Advisor in Manchester.

Some consumers who like using Offset Mortgages tend to keep going with them and are less likely to Remortgage than another homeowner might be inclined to. The may seem a little complex though, so there are customers who may not use this option.

Your dedicated mortgage advisor will be able to show you the impact of how an Offset Mortgage can potentially save you money over the course of the full mortgage term.

If you have any further questions relating to the topic of Offset Mortgages or a Remortgage in Manchester, feel free to book online for your free mortgage appointment and we’ll happily talk you through whatever you need help with.

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!

Plan Ahead to get a Mortgage in Manchester

Fast & Friendly Mortgage Broker in Manchester

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

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

The issues with not planning for a mortgage

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

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

Deposits

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

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

Credit Rating

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

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

Bank Accounts

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

Self Employed

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

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

What is a Gifted Deposit?

First Time Buyer Mortgage Advice in Manchester

When it comes to buying your first home, it can be difficult to work out how much it’s all going to cost. Whether it’s the actual cost of the property, arrangement fees or deposit size, you’re going to have to think about everything that comes with buying a home.

You will need to put down a deposit to get a mortgage. There are many different ways to make up your mortgage deposit, such as utilising one of the Help to Buy schemes, using a gifted deposit or just simply saving up. It’s up to you how you make up your deposit, however, it must be fully evidenced.

Gifted deposits are one of the most popular forms of deposit for a First Time Buyer in Manchester. If you’re buying a property for the first time, this may what you need to help you get onto the property ladder.

What is a gifted deposit?

A gifted deposit is a lump sum that is gifted to you to cover or make up some of your mortgage deposit. Gifted deposits are not loans, they’re strictly gifts that don’t need to be repaid.

Your gifters will need to sign an agreement that you don’t need to repay the money.

How can gifted deposits help?

Gifted deposits help when you’re struggling to save up for a mortgage deposit. You may be able to afford your monthly repayments, but the initial deposit is just that little bit too much.

If you receive a gifted deposit, combining it with some of your savings will raise your deposit even further, possibly allowing you to get above the minimum deposit percentage. This minimum is usually around 5%, therefore you could pass this threshold and roughly get to 7%.

Occasionally, gifted deposits can open you up to better rates from lenders, which can help if you’re on a lower salary.

Who can gift the deposit?

Usually, it’s the applicant’s parents that gift the deposit. This can be both birth and adopted parents. On the rare occasion, you may also see a friend of the applicant offer a gifted deposit.

Depending on the lender, there may be some limitations to who can and who can’t give you a gifted deposit. For further Mortgage Advice in Manchester in this area, feel free to get in touch with our fantastic team.

Do your parents know you need help?

As a Mortgage Broker in Manchester, we always find that applicants aren’t even aware of gifted deposits and even more so, that the parents don’t think that they can help them out.

The majority of the time, parents are eager to help out their children get onto the property ladder. Sometimes, it may do no harm to ask!

Statistically, taking out a mortgage is better than renting, due to you being able to potentially pay less per month. The deposit can often come from inheritance, although parents have been known to gift it earlier on in life if they already have enough saved or have released a certain amount of equity from their own property.

Gifted deposit v loans

Most lenders hate accepting loans as your deposit, as you’re essentially paying off two sets of large loans and are borrowing 100% of your mortgage.

You won’t be paying off your gifted deposit as it’s been gifted to you, not loaned.

Is there a maximum or minimum gifted amount?

There’s no limit to the amount that you can receive as a gifted deposit. We see that most people gift between the 3%-5% mark.

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 massively benefit you. It can also be useful when in conjunction with a Help to Buy in Manchester, as the required 5% deposit, depending on the lender, can be paid via gifted deposit.

What proof is required?

You will need to provide evidence of where you got your gifted deposit from and where the person gifted you got it from.

Proving your gifted deposit is also much easier if you leave the proceeding within the gifter’s account. Then once you progress through your mortgage application, your Mortgage Advisor in Manchester will help you evidence this as a gifted deposit.

Gifted deposit Mortgage Advice in Manchester

10 Factors to Help you Decide Where to Live in Manchester

Analysing Common Home Buyer Needs

Before you start with anything else, probably the main factor when moving home in or around the Manchester area, whether local or not, is what location do you have in mind.

Generally though you’ll have to think about more than just where you want to live, but what the area is like, what is there and what do you want to prioritise when looking for your dream home.

To help you get a better idea of the sort of place you’d like to live, we have compiled a detailed list of the different types of factors we have heard that home buyers look at when looking to find their new home in Manchester.

1. Busy city or relaxing countryside?

It is important to come up with an idea of the type of area you would like to make your residence in, as this is somewhere you are going to be living in for a good while, maybe even making it a family home.

If you’re the sort who feels a lot more comfortable surrounded by a thriving urban scene, the city life is definitely your best choice. If you have a preference for the quiet life, living in the countryside might be more your cup of tea.

You’ll find pros and cons to either choice, so give it a lot of careful thought before you get your heart set on a potential new home that could be based in an area that you might not enjoy.

2. Transport Links

The transport links to and from your potential new home base are important factors to pay attention to.

Make sure whether it’s to go out and socialise with friends or family, to make your way to work, to go shopping for essentials or anything else you like to do in your spare time, that your home has necessary transport links.

Also do some research as to how much each of these is going to cost you when travelling. If you drive your own vehicle, how long will it take for you to reach different places? How much will fuel be? Are there any nearby fuel stations?

3. Schools & Education

For home buyers who have some children, you should take a look at what schools are nearby. Find out what the local catchment areas are, so you can get a rough idea of what the schools are like. School league tables are handy learning tools.

If you don’t have any children now, whether you are planning for the future or have no plans at all, it may be beneficial to at least look it up, just to future proof yourself.

4. Nearby Facilities – What You Need Vs What You Want

There may be certain facilities that you would like to have close to you when you are planning on a place to potentially live. We would suggest writing a list and separating those that you want from those that are essential.

An example of this would be if you really want to have a gym nearby but doing so could mean that you have to live in an area without the shops you need within a reachable distance.

You probably need the shops more for your general living, so that might be something to prioritise, whilst leaving the gym as an added bonus if you can make it work.

5. Friends and Family

The distance between where you might be living and where your family and friends currently live can have an influence on where you move to. Many prefer keeping them close by, so they have that support network if they need it.

On the other hand, some prefer to keep to themselves with their loved ones at a distance, prioritising peace and quiet over going out and socialising with people on the regular.

6. Is the property good value for money?

When making purchases, we all would like to know that we’re getting good value for money. Determining this for your home will depend on the area that you’re looking to live in.

It may be a better option for you to look for a cheaper property to start out with, though this might mean compromising various features or nearby facilities that you would’ve preferred to have had.

7. What is the community like?

The local community can impact your home living experience quite a bit.

As established, some prefer the quiet life. This might entail having a few residents nearby who keep to themselves. Others like to have a thriving busy community, generally where everyone is known and communicates regularly.

Have a word with your estate agent and find out what the area is like. Community Facebook pages or locally run websites tend to be quite common these days, so they’re worth looking up to get a rough feel for the local vibe.

8. Career Changes

Some home buyers may be moving because of a new job or career plan. This is something we’ve heard from customers a lot and is a very big factor. You should review the distance between your new home and workplace.

If you’re going to be working in a home office and only visiting the office sporadically, would you be okay with living a bit further out? What is the space like within the property? Is there even the scope for a home office?

For those who will be job hunting once they have already moved, do some research on the companies in the local area and compile a list of the main employers to potentially apply with.

9. Property Type

You will find a lot of different property types available to you across the open property market, with these varying depending on where you’re looking.

Some prefer end-terrace properties with a garden to enjoy, whilst others prefer a modern flat or studio apartment.

Make sure you have a good look at all the options available to you, undertake some property viewings and get a good idea of the type of property you would prefer to live in.

10. Local Developments

Any proposed local investment would probably be helpful to find information on, especially if you’re looking to build a life within that home and stay there for quite a while.

Online research will be the best port of call when looking to find any future investments. It’s important to consider whether these will be a benefit or a detriment to your lifestyle.

To explain further, those who might have a preference for quiet country life might find their dream scenario turned into a nightmare if a big new housing development is planned within close proximity.

Moving Home Mortgage Advice in Manchester

Hopefully through reading our list you’ll now be better equipped for finding a place to call your home.

When the time comes for making offers on property and getting yourself a mortgage, get yourself booked in for a free mortgage appointment. We would be happy to help!

We have a dedicated team of mortgage advisors available from early until late, all throughout the working week and weekend, subject to availability.

No matter if you need some assistance with a first time buyer mortgage in Manchester or are moving home in Manchester, we can’t wait to hear from you and help you kickstart your mortgage journey.

Buying a Property with Cash – Better than a Mortgage?

When it comes to buying a property, you can go down one of two routes: you can either buy it upfront or take out a mortgage to pay off the property over time.

Both routes will be costly, but of course, you’d expect that when buying a house! Undoubtedly, paying upfront will cost you a lot more money at the time of purchase, however, getting a mortgage will cost you more money in the long run.

It’s likely that you’re going to have to pay the price that’s on the tag when purchasing with cash, whereas a mortgage will allow you to take out a loan and pay it back over a long period of time.

Why should I buy with cash if I can?

If you can afford it, buying a property upfront is a great investment. It doesn’t matter whether you’re planning to live in the property or use it as a buy to let in Manchester, getting yourself on the property ladder can put you in a great financial position in years to come.

Reliability

In the majority of situations, you’ll have the upper hand over someone who’s taking out a mortgage if you’re buying with cash. One of these reasons is down to your reliability.

From the viewpoint of a seller, if a cash buyer approaches you and makes an offer, it’s hard to say no. One reason behind this is that it would be a quick sale. There is no chance of your buyer getting caught up in the property chain as they have the money there and then.

‘Getting stuck in the property chain’ is when a property is being sold and the buyer cannot move in yet as they are waiting for their home to be sold. As you can imagine, this chain can go on and on.

Also, a cash buyer will not have to pass any affordability checks, as they already have everything in place. They can proceed right away!

Easy and fast process

Moving home in Manchester can already be stressful enough, especially when the process starts to slow down. A cash buyer can only speed up the process, not slow it down. The mortgage process can sometimes bring trip-ups and hurdles along with it, particularly in specialist situations.

Equally, buyers taking out a mortgage can speed up the process too if they’re prepared. This means having an agreement in principle in place, being credit checked and had an affordability assessment carried out and early as possible.

A mortgage broker in Manchester like us can help you with this. In a lot of cases, we see mortgage applicants shoot through the moving home process just as fast as a cash buyer would.

You don’t owe anything

When you take out a mortgage, you are taking out a loan. This loan is a huge financial commitment; it’s likely to last well over 20-25+ years. With a cash offer, you are avoiding owing money back.

You also won’t receive interest on your offer, as you’re paying with cash. If you had a mortgage, the interest would possibly push up your monthly payments.

Why should I get a mortgage and save my cash?

When you don’t have the funds in place to make a cash offer, your next choice is to take out a mortgage.

Cheaper in the short term

Instead of using your life savings on a property purchase, you have the choice to save that money and take out a mortgage. Both options result in the same thing! And, depending on your credit score, obtaining a mortgage may only require 5% of the property’s value as a deposit.

You’ll pay back a mortgage in monthly instalments. This allows you to pay back a bit at a time and in some cases overpay if you want to. Monthly costs will vary depending on your interest rate, mortgage product and the property that you’re purchasing.

Something wrong with the house

If you’re viewing properties and the listing says “cash buyers only”, you should be careful with this property. It’s quite likely that the property has something wrong with it. If it is the case that the property is damaged/need repairs, you probably won’t be able to get a mortgage on the property anyway. You could be dodging a bullet if you are choosing a mortgage over cash here, as a cash buyer may be buying into a bad property.

Despite not having to, we’d always recommend that you get a property survey carried out on the property you’re planning to buy. This applies to both cash buyers and mortgage applicants.

A mortgage advisor in Manchester by your side

Diving into a purchase blind could put you at a slight disadvantage to someone who has a mortgage advisor in Manchester by their side. Your advisor will make things as simple as possible when helping you through your moving home process.

We aim to deliver a fast and friendly advice service. A mortgage broker in Manchester could be the thing that you need to get you through your moving home process. Get in touch with our team for a free consultation.

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 do lenders look for on bank statements | MoneymanTV

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 do lenders look for on bank statements | MoneymanTV

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 is a Property Survey in Manchester?

Property Survey Mortgage Advice in Manchester

If you are a First-Time Buyer in Manchester or a Home Mover in Manchester and have put in your offer for a property, you may be wondering what the next step in your mortgage process is.

That next step will be to take out a property survey, as a means of establishing what the condition of the property is, so you can figure out if it is worth the amount that you are paying for it.

If the surveyor happens to find something and reports it on the survey, then the buyer will be in a position by law to approach the seller and further negotiate a price that will cover the costs of any required work that may need doing to the property.

Different types of property survey

There are 3 main types of property survey available to home buyers.

  1. Mortgage Valuation
  2. Homebuyers’ Report
  3. Full Structural Survey

Mortgage Valuation

A Mortgage Valuation survey will consist of basic, straightforward valuation. This kind of valuation will be required to be paid for by the person taking out the mortgage, in order to secure a mortgage offer.

It should not be confused this with a full survey. The mortgage valuation confirms to the lender that the property you are looking to borrow money to purchase, is worth exactly what you’re willing to pay for it.

This type of home valuation will not highlight any repairs that are needed, though it may still point out any obvious defects that they would recommend you further look into and use your own judgement on.

Homebuyers’ Report

This type of survey will cover structural safety and highlights any apparent problems that will require your immediate attention, including things like any damp that exists in the property, as well as anything that doesn’t meet current building regulations.

This report will offer an independent report of your property by an expert in the field. To ensure that two surveys aren’t being paid for, it is recommended to ask the mortgage companies surveyor to carry out this report on your behalf, though be wary that it may take a couple of hours to complete.

Full Structural Survey

A full structural survey is better suited for properties that are older and those of a non-standard construction.

Depending on various factors such as property size and type, a full structural survey will possibly take longer than a Homebuyers’ Report, sometimes taking as long as a day to complete.

A full structural survey will provide a detailed insight on the condition of the property and highlights issues that should be investigated further before continuing with making a full purchase, to provide the buyer with a more settled peace of mind.

You can find a surveyor to carry out a Homebuyers’ report or building survey through the Royal Institution of Chartered Surveyors.

Mortgage Advice in Manchester

Don’t Pretend to live Somewhere else in Manchester

Address Scenarios Mortgage Advice in Manchester

As a general rule of thumb, the fewer addresses tied to your name and accounts the better, when it comes to your credit score and applying for mortgages. Many First-Time Buyers in Manchester and Home Movers in Manchester feel like they are becoming savvier and utilising their previous and current addresses to their advantage.

We see it as a fairly common practice for applicants, where they may have moved out of their parents address into rented accommodation and happen to think it is a great idea to leave their bank statements, credit card and Electoral Roll information registered at one of the addresses that they previously lived at.

Whilst this sounds like an ideal situation for some people, the truth is that it is now a flawed strategy. Almost every single time, if you have moved to a new address, there will be some record of this, somewhere on your credit report.

This could be from a delivery address when you have ordered something online or a car and, or home insurance search, amongst various other things that may be tied to an address.

We would say that by a country mile, the best strategy for you, if you are thinking about taking out a mortgage, is to get all of your accounts, cards, accounts and electoral roll changed over to your new address. Keep everything consistent and accurate to one another.

When you update your address on your credit file and electoral roll, ensure you double-check the date in and date out. If you do happen to make a mistake with either of these dates, it may look like you are living in two places simultaneously. Correcting your addresses and dates is a more open and honest way of trying to apply for a mortgage with a lender.

Mortgage Advisor in Manchester

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