The Pros & Cons of Using a Mortgage Broker in Manchester

It can be daunting taking that first step into the mortgage world for the first, second, or third time. With many options for first time buyers in Manchester, home movers and buy to let landlords’ to take for themselves, it is time and cost effective to get it right the first time.

Regardless of your mortgage goals and situation, we offer a tailored and friendly service to try and help you through your mortgage journey.

We understand the process can be complicated. Therefore, we have great confidence in our ability to help our customers through the mortgage process and provide expert mortgage advice in Manchester to new and existing customers.

In this article, we have collated an overview of the pros and cons of approaching a mortgage broker in Manchester which may help you, and why many people prefer coming to us for mortgage advice in Manchester. 

Why use a mortgage broker in Manchester?

Cost-Effectiveness

Many believe that by doing direct and finding your own mortgage deal, you are more likely to save money. This is not entirely the case, as most mortgage brokers in Manchester may charge a fee, however, this does base on circumstances and company you go towards.

It could be easier and more cost-effective if you have a lot of knowledge and have a simple case, but it can be more complex depending on your situation so approaching a mortgage broker in Manchester would be useful.

Not having much knowledge could result in ending up on the wrong deal or being unsuccessful on your mortgage application. Either of these conditions could end up you spending more money than you must or harming your credit score. Which can impact your chances of applying for a mortgage in the future.

With a dedicated mortgage advisor in Manchester by your side, they will aim to help you achieve your mortgage goals. Their goal is to get their recommendation right for the first time, at the best price. As much as this comes with a service fee, it could mean that you save much more money overall.

Local Bank Branch Relationship 

Loyalty can be one reason many customers approach the bank directly and how the mortgage process was previously run. This was the way before the rise of technology and online banking, in which loyal customers approached their local branch every day, usually talking to the same person.

In terms of the mortgage process, your best bet would have been to get the best person to approve a mortgage for you because you get help and guidance from the bank manager himself, who is an expert and has a thorough knowledge of your finances. Now, the process is significantly different with the credit scoring being digital.

Because of this, the bank manager will not physically go through the case themselves; it will go through a complex online system to see if you are eligible for a mortgage. Everything is fair regardless of which bank you are with.

Exclusive Mortgage Products 

Many believe that you are open to better, exclusive offers by going directly. Again, this is true, though, it can be limited. That is because they only offer their company the best deals.

Not all mortgage lenders are banks, and there are many more options available. Therefore, the deal that the bank considers suitable for you may not be the best deal beyond the bank you could have gone with.

Getting specialist mortgage advice in Manchester can be the best way to get a competitive deal that is suitable for you. One of our expert mortgage advisors in Manchester will be able to go through your case and find you the best deal from our large panel of lenders.

This is another advantage of approaching a mortgage broker in Manchester rather than just a bank.

After the topic of deals, you can find approaching a mortgage broker in Manchester can provide you with exclusive deals that you cannot find anywhere else. There will be a broad range of options when you are with a mortgage broker regardless of if you are a first time buyer, moving house, or looking to remortgage in Manchester.

Changes to Regulation & Consumer Protection  

In the wake of the 2007-08 credit crunch, a huge improvement in the mortgage market had to occur. One of these changes was stated in the 2014 Mortgage Market Review. Which instructed lenders without extensive expert advice to sell mortgages to their customers.

Because of this, people could not just approach a bank to tell them they wanted a mortgage and were promptly granted without checks. Not every employee in the bank could grant you a mortgage. Which was something that happened regularly regardless of whether they were qualified to do so or not.

As well as this, these changes also bought about consumer protection, which a bank would not have given you. Now, you can place a complaint with the Financial Ombudsman if you feel misadvised. Another way to make a claim is through the Financial Services Compensation Scheme.

This means reassuring a customer that they will be safe and advised accordingly regardless of their mortgage journey. This applies to mortgage brokers in Manchester and lenders.

Book an Appointment with a Mortgage Advisor in Manchester 

Another drawback you get approaching a bank instead of a mortgage broker in Manchester is the timing. When you approach a bank, it can take months to talk to someone in a bank. Moreover, when you start the process, you are not updated as much through the mortgage journey.

Here at Manchestermoneyman, our responsive team will contact you at a time that is best for you and your day to day life. From early to late, 7 days a week, including weekends, our mortgage advisors in Manchester will be available to answer any of your questions and keep you up to date. You might find us being contactable on some bank holidays.

In some cases, you may attend your appointment on the same day, but this should not be the case. You can talk to someone whenever you are ready and available.

We understand that the lifestyle of each customer is different. As a result, our advisors in Manchester are available throughout the day, which means you can book an appointment beyond 9-5 or even on weekends! Our online booking system is simple, where you can find a slot to speak to a mortgage advisor in Manchester.

Responsiveness is a fundamental value within our company. Whether you are at the beginning of the process or towards the completion of the mortgage, our friendly team will always keep you up to date. If there are changes, your mortgage advisor in Manchester will contact you as soon as possible.

Providing this high-quality service is why many mortgage brokers in Manchester, like us, are favoured in the public eye. With this popularity, many people prefer to approach local experts rather than national banks.

Handling of Complex Scenarios 

Thanks to our extensive industry experience, we have found that some cases are more difficult than others. Below are just some scenarios that are slightly more difficult than the usual case:

• Mixed Depsoit – This means auditing two different sources like a gifted deposit and money from savings. 
• Zero Hour Contract Workers – Will there be a consistent income? 
• Looking to Make a Second Purchase – Can they afford to make that additional purchase? 
• Self-Employed with No Fixed Income – This can be challenging for anyone who is self employed in Manchester. 
• Poor Credit History – A lender will not look favourably upon an applicant who has mismanaged in the past. 
• Affordability – Can they afford a mortgage full stop? 

Previously, mortgage lenders could easily compete by offering better deals than the others. Now, the main change in which deal you go with is if you match the criteria.

You can find a cheaper deal, but it may not meet your criteria. To see if you can have a mortgage, the mortgage lender carries out a hard search (resulting in a footprint on your credit file).

In the case where you apply for the mortgage with a lender and refuse a deal in principle, this could harm your credit file. The most frustrating thing about all this is that it is very unlikely that you will be given a reason you have been rejected.

Agreement in Principle

Mortgage brokers in Manchester will be able to go through your case and advise you on ways to increase your chances of being accepted. With access to a wide range of lenders, they can find you the most suitable deal that perfectly matches you with its criteria and then start getting an agreement sorted for you in principle.

If you get an agreement in principle through Manchestermoneyman, it will usually be sorted for you within 24 hours of your free mortgage appointment.

Keep in mind that this doesn’t automatically mean you agree or guarantee a mortgage at the end. However, it makes your credit file much safer by having an expert go through it in advance. Our team of Mortgage Advisors in Manchester will always aim at getting our recommendation right the first time.

Should I use a Mortgage Broker in Manchester? 

There are pros and cons of approaching a mortgage broker in Manchester. On the hand, there are many pros and cons to going direct too. The difference is how fast you want your service to be, as well as how safe you want to be.

As a dedicated mortgage broker in Manchester, we have extensive experience in dealing with a wide range of clients who go through the mortgage journey. Whether you are a first time buyer in Manchester taking that first step into the mortgage world. Somebody who is coming towards the end of their fixed period, or looking to remortgage in Manchester, our team are more than happy to help!

Book yourself in for a free mortgage appointment or remortgage review to speak with an expert mortgage advisor in Manchester. Our team is here to help with your mortgage goals, with availability that suits you, subject to availability.

For more information about our service, check out our brilliant customer reviews. These show the high level of service we give our happy customers daily. We also have a YouTube channel MoneymanTV if you are looking for more insight into the mortgage world. 

Leasehold Houses in Manchester

What is a Leasehold House?

After the government introduced the Help-to-Buy Scheme, many home builders opted to start selling newly built houses on a leasehold basis instead of a freehold one. Some people were wondering, though, what exactly is a leasehold house?

In simple terms, you own the property, but the freeholder owns the land on which the property’s built. These leases tend to span hundreds of years, usually beyond the lifetime of the original holder of the lease.

What’s The Catch With Leasehold Houses?

The catch with Leaseholds is that you only own the property and not the land. Meaning you may have to pay ground rent, various service fees, and at the end of your term, if the lease hasn’t been extended, the freeholder can choose to back control of the property if left unchallenged.

Regarding the end of the lease and the service charges, you should always have the right to extend your lease if that’s what you would like to do and challenge any fee changes, though, for more clarity, we consider speaking to a Conveyancing Solicitor, as it’s their job to cover the legalities of properties.

Some of the fees can fluctuate, too, as and when the leasehold management company wants to change it, so it’s always worth making sure a Conveyancing Solicitor reads over your agreement carefully and precisely to ensure it is fair and not too much.

Do I own the property? – Can I still obtain a Mortgage on it?

You own the property for the length of your lease term. As explained before, the freeholder may be able to take their property back at the end of a period if you don’t renew, but if your term gets taken out over the course of a few hundred years, that property is pretty much yours for the rest of your life, unless of course, you sell it.

One area that may require some consideration ahead of time is planning to make any home extensions or improvements. Whilst this may not always be the case with every freeholder, the majority will want you to seek permission for any changes on the land they own.

The process of obtaining a mortgage on a leasehold is an interesting one. You will find that not all lenders will accept this kind of deal. However, those who do usually will only get it if your term is at least 60 years. The reason for this is down to their ability to resale in the event of repossession.

If your term is shorter than 60 years, you most likely will have to discuss the possibilities of renewing the lease on the property with the freeholder, along with a legal representative.

Land-Banking Freeholders

There has been a particular issue with freeholding for some time and still ongoing, a practice known in the industry as “land-banking”. Referring to some freeholders holding onto land, whether they have a finished property or not and despite the need for more homes in the UK, purely because the market has changed and they’re waiting for a chance to make more money.

As you would expect, this kind of practice is not precisely well-received across the nation, many seeing it as unfair and leading people to request that the government abolish leasehold altogether, as a means of future-proofing against such a thing.

Along with the service fees involved, the need for renovation permissions and ground rent, it’s no surprise that leasehold housing can often seem like a bad deal; however, if handled correctly, it could still be an option that works out for you and your circumstances.

Get in Touch For Leasehold Mortgage Advice

If you are looking at leasehold houses and debating whether to buy one, you should prioritise speaking to your Conveyancing Solicitor regarding the lease and other legalities involved.

It’s straightforward to get carried away with the joys you may feel when buying a home, but you also need to realise that this is a significant investment decision that you need to put much time into thinking about if you would like to get started on a leasehold house mortgage, please Get in Touch.

Our 10 Step Mortgage & Home Buying Guide for First-Time Buyers

In this article we have put together a list of the 10 steps involved in the mortgage process for First-Time Buyers in Manchester, so that you can be as prepared as possible ahead of your very own mortgage journey.

There are 10 steps to the process of home buying and obtaining a mortgage. These are as follows;

• Free Mortgage Consultation
• Mortgage Affordability Assessment
• Agreement in Principle 
• Find A Solicitor
• Make an Offer
• Submit Your Documents
• Formal Mortgage Application
• Valuation/Survey
• Mortgage Offer
• Completion

First Step: Get in Touch for Your Free Mortgage Consultation 

You’ve decided to take the big leap and purchase a home, taking out a mortgage as a First-Time Buyer in Manchester. Without a doubt, this is going to be one of the biggest financial decisions you ever make in your life. Upon this realisation it can be a little jarring, especially when you have no experience in this area at all.

Here is where a dedicated mortgage broker in Manchester can jump in and help you along the process. The goal of our team is to take the stress away from you, working hard to ensure you come out the other side with a mortgage and your first home, happy and deal that works in your favour.

Once you Get in Touch with us, we’ll book you in for a free initial mortgage consultation with one of our very experienced and trusted mortgage advisors in Manchester. At this point, we’ll take your details and look at what you’re planning to do, before starting off your mortgage process.  

Second Step: Mortgage Affordability Assessment – How are you doing Financially? 

Something your advisor will be able to run through in your free mortgage consultation, is a Mortgage Affordability Assessment. This is a quick process where your dedicated mortgage advisor will run through your monthly income and regular expenditures (looking at what you spend your money on), to determine whether or not you have the financial means to afford the monthly repayments of the mortgage amount you’re looking to borrow from a lender.

It is very important for us to do this before putting you forward with a lender, as we need to be confident that you can definitely afford your repayments. This helps to avoid the risk of arrears and any future repossessions that could occur, something the lender will really want to try and avoid themselves if it can be helped.

A Mortgage Affordability Assessment will also usually be undertaken by a lender, so the initial checks we undertake will help save the time of the lender, ourselves and more importantly you, from an application that may be declined later down the line if you fail on affordability.

Third Step: Obtaining a Mortgage Agreement in Principle

Following on from this, the next step in your consultation will be to obtain you a document called a Mortgage Agreement in Principle. If you’ve been doing any research on mortgages prior to receiving First-Time Buyer Mortgage Advice in Manchester, you may have seen this under some different names. These usually include the names ‘Decision in Principle’, ‘Mortgage in Principle’, as well as the abbreviations ‘DIP’ & ‘AIP’. The only difference between them is the name. Other than that, they all do the same thing.

The reason you need a Mortgage Agreement in Principle is to provide a record that you have passed a lenders initial credit scoring system, either via a hard credit search (which leaves a footprint on your credit file) or a soft credit search (which does not leave a footprint on your credit file).

There is still no guarantee you will be accepted on a mortgage, but is a step you must take on your way towards your end goal. Another benefit to you having this document, is that it will show the seller of a property that you are very serious, possibly creating room for price negotiations with them when it comes to making an offer.

A typical AIP will usually last anywhere between 30-90 days, and once it has expired, can be easily renewed. Our team can usually get one of these turned around for you within 24 hours of your initial consultation with an advisor.

Fourth Step: Finding the Right Solicitor 

After you have obtained your Agreement in Principle, you will need to find yourself a Conveyancer to help you with the legal proceedings of the homebuying process. The term Conveyancing is given name for the transfer of legal ownership of property between parties, whether you’re the buyer or seller.

Your Conveyancing Solicitor will be able to handle contracts, give any necessary legal advice, conduct local council/authority searches, help sort out Land Registry and lastly transfer the funds you have acquired in order to pay for the property you wish to purchase. As is surely clear from the tasks involved here, this is a vital role in your process, so you must make sure you carefully make your choice.

Another point that should be made here, is that Licensed Conveyancers are property specialists and can’t deal with complicated legal issues, whereas more general Solicitors offer a full range of services so can often seem more costly. Whilst we do not offer these services ourselves in-house, we have a list of trusted companies that we will gladly be able to refer you out to, should you ask for this.

Fifth Step: Making an Offer on a Property 

You’ve now spoken to a fast & friendly Mortgage Broker in Manchester, passed the Mortgage Affordability Assessment, obtained an Agreement in Principle and found yourself a Conveyancing Solicitor to help process the legal side of your home buying journey. This means you’re halfway there! Your next step is to make an offer on a property!

As touched upon previously, with an Agreement in Principle in hand, you will be in a much better place to negotiate with the seller regarding price. Make sure not to “low-ball” the seller with an insulting offer, but don’t be afraid to ask for a lower price. Knowing you have an AIP with you, the seller will be more likely to accept your offer than someone who is willing to pay the asking price but hasn’t even begun to prepare themself.

The worst thing that can happen is if the seller says no, but it’s at that point you can work out a more reasonable offer for both of you or walk away and find yourself another property with a better suited price. Once you’ve had an offer accepted, it’s back to your mortgage advisor and onto the last leg of your mortgage journey.

Sixth Step: Submit Your Documents 

Onto an important step, in submitting the required documents to proceed with your mortgage. As you might have expected when such a large amount of money is involved, a mortgage lender will not just lend to anyone who asks for a mortgage. They’ve done this in the past and things didn’t work out too well.

The mortgage lender will need you to provide various documentation to prove that you are the right person, the amount you earn from your current career, where your current residence is and how well you conduct your finances monthly. If you’re obtaining a joint mortgage, they will require this same documentation from each parties involved.

The types of documents you will need to submit, include; proof of identification, proof of address, the last 3 months’ of your pay slips and latest P60 (employed), the last 3 years’ proof of earnings and Tax Year Overviews (self-employed in Manchester), proof of any income such as state benefits or maintenance, proof of deposit and the last 90 days of your personal bank statements. 

Seventh Step: We’ll Progress Your Mortgage Application 

With your mortgage agreed in principle, and having an offer accepted, we can now proceed to submit your full mortgage application. With everything prepared and checked by your hard working Mortgage Advisor in Manchester & their team of Mortgage Administrators, we are ready to submit an application to the lender in hopes of getting you a mortgage.

Your advisor will send off all the collected evidential documentation for this, and then all that is left is to wait for them to respond with either an accepted application or a declined one. Whilst there is no given time frame, our Mortgage Administration team will be able to chase the lender for an answer on this for you, until it has been made clear.

Eighth Step: Property Valuation / Survey 

In-between your mortgage application and being offered a mortgage, the lender will require that your property have a valuation survey taken out on this. These are usually carried out by accredited companies nominated by the lender (someone whom the lender will trust).

The reason they do this is to understand the true value of the property, versus what you’ve agreed to pay for it with the seller. If you’re paying above its actual market value, the lender may be less willing to accept your offer. This is because they will most likely be out of pocket and unable to make back the full borrowed amount, if you happen to fall into arrears at any point. This is usually referred to as a ‘Down Valuation’.

There are various types available when it comes to surveys, with variances in the prices of each of these. Some will just want to check how much the property is worth, whereas some will also provide information on any structural concerns, as well as possible repairs that you may need to lookout for in the future. Your Mortgage Advisor in Manchester will be able to help you out, choosing the right survey for you.  

Ninth Step: Receiving Your Mortgage Offer 

Now it is time for the moment you’ve been waiting for since Step One. Your lender has checked over your case and performed an assessment of all the evidencing documentation. Once this is done, they will present you with your Mortgage Offer.

Our team of friendly Mortgage Advisors and Administrators in Manchester, that you’ve no doubt become friendly with over the course of your process, will check over the offer on your behalf to ensure everything is correct and right for you. Then after your mortgage offer has been received, it’s down to your Conveyancing Solicitor to take your purchase from that point, through to completion. 

Tenth Step: Completing The Process 

Congratulations, you’ve now officially gone from First-Time Buyer in Manchester to a full fledged First-Time Homeowner in Manchester. With any prior stress and anxieties now firmly behind you, we hope you’re happy and ready to begin your new life, in your new home.

All you need to do is go get your keys and begin the process of moving in! We hope you received a fast & friendly Mortgage Advice service in Manchester and enjoyed speaking to our team along the way. If you have chosen a fixed rate mortgage, at the end of your term, we will Get in Touch again to help out with your Remortgage! 

Armed Forces Help to Buy Scheme Explained

Help to Buy Mortgage Advice in Manchester

Good news for military personnel, from 1 January 2023, The Forces Help to Buy Scheme has become an enduring policy, ensuring its availability to all service personnel now and in the future. 

Originally introduced back in 2014, this £200 million scheme was intended to offer a boost to anyone from the forces who needed help buying a home.

How does this help to buy work?  

People who have served in the military have access to borrow a deposit of up to half their annual salary (a maximum of £25,000), without any interest applied. This can be used to either purchase their first home or to move into a new family home.

The best part is that you don’t need any current savings to get yourself onto the property ladder. Some of the money raised from the loan you’ll receive via the scheme can be used to put towards your deposit or other costs, such as: 

• Stamp duty 
• Estate agent fees 
• Solicitors fees 

In fantastic news for forces personnel, the majority of lender will accept the loan towards the deposit for a new home. More relaxed than some other schemes, the Forces Help to Buy loan can be paid back over a period of 10 years, so you don’t have to feel as rushed.

Whether you thought you had a chance or not, if you have served your country and can meet the right criteria (length served, service term left and medical categories), you will be eligible to purchase your home using this scheme.

Click here to read through further details from the government.

How a mortgage advisor in Manchester may be able to help

Our experienced mortgage advice team in Manchester has your back from day one. Right from the beginning of your process when you call up, right through until completion and beyond, your dedicated advisor will make sure you are taken care of, ensuring that you end up with the most appropriate result for your individual circumstances.

As a company that prides itself on a fast and friendly customer experience that is stress-free, contact us today and see how we might be able to help you achieve your home owning dreams. 

Please note, the Forces Help to Buy is not the same as the standard UK Help to Buy scheme.

The Importance of Changing Your Address

Mortgage Advice in Manchester

When it comes to applying for a mortgage, you need to be careful and watch out for your credit score. The higher your credit score, the more likely that it is that you will be accepted by a lender for a mortgage. There are many different things that can have an effect on your credit score.

One of these, is the fewer addresses you have on your record the better. People are starting to go about this the wrong way though.

More and more, we see applicants who have moved out of their parents address into rented accommodation, but are still leaving their bank statements, credit card and electoral roll information registered to their parents address.

For some reason, people think that it is a good idea and it could help their credit score, however, it can actually damage your credit score. Almost without fail, if you have moved to a new address, there will be some record of this on your credit report, whether you change your details or not.

Things as simple as a delivery address when you have ordered something online or a car/home insurance search can appear on your credit report.

Check before you apply

Before you perform a credit search and apply for a mortgage, you have to make sure that, to your knowledge, nothing will affect your credit score. You will need to get all of your accounts (credit cards / current accounts) and electoral roll are all changed over to your current residential address.

This only really applies to you if you have already moved out of your parents home, as when you are moving out to get a mortgage in a new home, you are able to change your details to the new property once you’ve moved in.

Regardless, all these things needs to be double and triple-checked when applying for a mortgage. We always find that people forget to update their address on their credit file and electoral roll. It can make a massive difference to you in your quest for a mortgage!

It’s important that you get the dates right too, knowing the exact date you moved into your rented property and the day that you left it. If you do happen to make a mistake with these dates, lenders may be under the impression you are living in two places at once.

Impress the lender

By making sure that every bit of information on your file is up-to-date, you are proving to the lender that you know what you are doing and you are taking the process seriously. It’s a more open and honest way of trying to apply for a mortgage. You want to impress them in any way you possibly can and this is a good way to start doing so.

If you still need a bit more help or just want some insight from a professional Mortgage Advisor in Manchester, feel free to get in touch for a free mortgage consultation.

We know that being a First Time Buyer in Manchester with no mortgage experience can be hard, which is where we are able to help. Get in touch with your friendly Mortgage Broker in Manchester today.

How Will Lockdown 2.0 Affect the Property Market?

Mortgage Advice in Manchester

On Saturday 31^st October, the UK Prime Minister Boris Johnson announced that England would enter a second lockdown from Thursday 5^th November, through until Wednesday 2^nd December. This was done with the intention to decrease the spread of the coronavirus across the country, with additional restrictions in place.

Luckily for some, this lockdown is a little more relaxed than the first lockdown we experienced, allowing more industries and educational settings to remain open. The thing that initially concerned us the most, was what would happen to the property market. Thankfully, now that Lockdown 2.0 is underway, we can say that everything looks promising and the property market will remains open as normal.

Of course, there has been some minor changes to areas of the home buying process, most of them relating to social distancing. The property market is still standing strong though! Here is a look at some of the things you can still do:

• View a property to buy or rent
• Visit estate agents, letting agents, sales offices and show homes
• Prepare a home to move into
• Prepare a home for sale or rent
• Move home

Lately we have received lots of mortgage questions from First Time Buyers and Home Movers in Manchester about the current national lockdown and how it affects the property market:

Can I move home in lockdown?

Unlike the start of the last lockdown when the rules were stricter, in this lockdown you are still able to move home if you need to. Home removal services, van hire, everything needed to move home will still be available for people to use.

As mentioned at the start, the process of moving home will have to be completed under the social distancing guidelines. This will be vital to follow if you are either viewing other people’s properties or taking house viewings on a regular basis.

Can I visit my estate agents?

Yes, the government are allowing you to visit your estate agent’s office. However, this is dependent on individual branches, as some estate agents have chosen to work form home and have closed their public office. You may have to check online to see whether they are open or not.

Nowadays a lot of people prefer to transact over the phone, so even if you can’t visit in person, you can rest assured that the staff are fully equipped to get the process started over the phone and even online.

We advise that you take your time if you are going through the process online, and make sure that you fully understand everything that is being communicated.

Can I continue with house viewings?

You can still continue with your house viewings, however, if your estate agent is offering a virtual house viewing, it is probably more recommended to try that. Most home buyers are shifting towards this new way of doing house viewings; as a Mortgage Broker in Manchester, we also expect that the number of virtual viewings will increase over the course of national lockdown.

Even though virtual viewings may be your safest option, we also understand that choosing your dream home is a really big decision for your life going, so if you want to view the property in person, this is understandable. Just remember to be careful!

Your estate agents will also check with the property owners that a property viewing is okay, so long as it is socially distanced property viewing. If they agree, then you can arrange a date and time. Depending on the time of day and the homeowner’s personal situation, they may go out somewhere so that there as few people in the household at one time as possible.

Can I put my property on the market?

The property market hasn’t been put on pause like it was earlier in 2020, so you are still able to go through the home selling process as normal. You will need to consider everything that comes with selling a property, including choosing an estate agent and a property valuation, getting pictures of the property taken and making it presentable for any viewers.

With the guidelines and restrictions in place, there may be some delay in certain areas of the process, though that should not put you off. Estate agents are very busy right now with enquiries and with all of the different measures in place, things that are normally easy to complete are taking a little longer than they would like.

Can I still use conveyancers?

Yes, conveyancing solicitors will remain open as normal. They will still be available to support the sale of your property. Much like estate agents, most solicitors are working from home and we advise that you be patient as due to the demand in the property market, things may not go as quickly as you’d normally hope for.

Can I take out a mortgage payment holiday during this lockdown?

As a dedicated Mortgage Broker in Manchester, this is a question that we have been asked quite a lot during the course of the pandemic. It was particularly asked by lots of homeowners during the first UK lockdown.

In this lockdown, even though it’s much shorter, you can take a mortgage payment holiday if it is really deemed necessary. We understand that there are many homeowners out there that need help meeting their mortgage payments. If this is your situation then taking one out could be a real lifeline for you and your home.

To find out more helpful information about mortgage payment holidays and whether you should take one out, check out our article on mortgage payment holidays.

If you took out a mortgage payment holiday during the first lockdown and are currently still on the scheme, you can extend your holiday further so that it comes to a total of six months holiday. However, if you have already had a six month payment holiday and you have already reached the six month limit and therefore unlikely that you will be able to utilise the scheme again going forward.

Catching up to speed

The property market is slowly catching up to speed and thankfully can continue marching on through this second lockdown. If you are wanting to start the mortgage/home buying process and would like help from someone with experience, it may be within your best interests to get professional Mortgage Advice in Manchester.

With all of the social distancing measures in place and the demand in the market, this could also make things a lot quicker for you. As an experienced Mortgage Broker in Manchester, we have a wealth of knowledge in helping customers achieve their mortgage dreams. We want the whole process to run as smoothly as your do; don’t hesitate to get in touch today and we will get you booked in with a mortgage advisor!

How to Improve Your Credit Score in Manchester

The general rule of thumb, whether a first-time buyer, home mover, or budding Buy to Let landlord in Manchester, is the higher your score, the more likely you are to get accepted for a mortgage.

It is worth noting that lenders have an internal credit score that gets built on the information held on your credit report as well as information within your application. Every mortgage provider follows their credit scoring policy, so just because one high street bank declines you, it doesn’t necessarily follow that they will all say no.

When it comes to which credit reference agency to use, or which one will the lender use, unfortunately, they do not always divulge this information.

In any case, sometimes lenders chop and change between Experian, Equifax, and Call Credit. It is good practice when looking to obtain a mortgage to check multiple credit reference agencies. The reason for this is that information on one agency’s file may differ from that on another.

Top Tips to Improve your Credit Rating:

Stop Unnecessary Credit Searches

Until you have registered with one of the credit reference agencies to check your score, the first thing you need to do is stop applying for new items of credit. Be careful, something as simple as comparing car insurance on a price comparison website can register unwanted credit searches.

Are You on The Voters Roll?

Lenders will use the electoral roll to carry out identity checks, so this is a crucial step. Ensure that your names spelled correctly and you get registered at your current address, your credit file will show if you are registered or not, you can also check with your council.

Active Credit

Mortgage Lenders like to see some “active credit” so having a credit card that you use regularly and pay it off in full each month can help over time. However, bear in mind that taking out new credit could have a short-term negative impact. Don’t miss payments!

Don’t Run Close To Your Maximum Limit

Regularly running close to your limit on your credit card or going over the limit will harm your score. Using too much of your available credit will hurt your credit score.

Check Your Address History Gets Keyed Correctly

It is essential that you do not appear to be living in two places at once. In any case, this can happen when you incorrectly enter your dates in and dates out of previous addresses.

It’s worth spending some time double-checking the dates and making sure the formats of the addresses are consistent. However, this is tricky when you have lived in a flat/apartment.

Close Any Unused Credit Accounts

If you have any credit or store cards that you are not using you should cancel these. Please note again that this could have a short-term negative impact on your score.

The systems can’t tell whether it is you or the lender taking this action, but it helps in the long run. Also reduces the chances you’ll fall victim to fraud if they were ever to get stolen.

Check Your Account Addresses Are Correct

Ensure that all of your open accounts get registered at your current address and not a previous one.

Remove Any Previous Financial Links

Your ex-partners could affect yours if you hold joint accounts, a mortgage, or a loan. It is vital to inform the credit reference agencies that you are no longer associated and remove any links.

Love it or hate it credit scoring is here to stay. Also, it will have a significant bearing on whether you will qualify for the mortgage you need. It’s quicker and more consistent for lenders to rely on their systems than their human resources.

Having an up to date copy of your credit report to provide to your mortgage broker will help build up a full picture of your financial situation and help them recommend the most suitable mortgage for your circumstances.

Mortgage Advice in Manchester

How to Buy a Home in Manchester With a 5% Deposit | Mortgage Market Update 02/10/20

https://www.youtube.com/watch?v=3rFiFn9qMDA

The effects of the coronavirus have heavily hit the mortgage market and it’s still recovering. The whole economy has been affected; The impact has impacted everyone differently in some way or another.

At the moment, lenders are only offering 90% mortgages (10% deposit), which can prove quite expensive, particularly to First Time Buyers in Manchester looking to purchase a property in Manchester.

There are ways, to get onto the property ladder with a 5% deposit. With our help, we thought that it would be within your best interests to explain to you how this can get achieved using the Help to Buy in Manchester or looking into Shared Ownership:

Shared Ownership

The Shared Ownership scheme can also benefit you get onto the property ladder with a 5% deposit. This scheme lets you purchase a percentage of your mortgage and then pay the rest on rent.

Additionally, this percentage usually is anywhere between 25%-75%. As you only own part of the property, you share the property with the government.

Like the Help to Buy Scheme, you have to qualify for the Shared Ownership scheme and meet specific requirements. Here we listed the rules that you will need to adhere to qualify:

• You can’t have a household income of more than £80,000 per year
• Can only access if you can’t get a mortgage any other way
• You need a good credit history
• You can only own this property

If you are struggling to obtain a standard mortgage, the Shared Ownership Scheme could be your best option. If you want Shared Ownership Mortgage Advice in Manchester, you should approach a Mortgage Broker.

They will tell you everything about the scheme and see if you qualify for it. Talking to a Mortgage Broker in Manchester could say to you exactly what you need.

Summary

Even though your options may be limited when trying to get a mortgage with a 5% deposit, these two schemes could be great options to consider. Both methods are still holding their weight in the mortgage market.

Whether it’s a Help to Buy Scheme or the Shared Ownership scheme, we can help with both.

Firstly we will check if you qualify for a scheme and whether it will suit your personal and financial circumstances or not. If everything looks good, we can get your mortgage journey started.

Getting Mortgage Advice in Manchester could be within your best interests, especially in this day and age.

The mortgage market is up in the air at the moment, so getting advice will be extremely beneficial, especially if you are a First Time Buyer in Manchester. Feel free to get in touch so we can discuss your mortgage options.

Why Should I Use a Mortgage Broker in Manchester?

It is a no brainer why we think when going with a Mortgage Broker is beneficial and speaking to one of our Mortgage Advisors in Manchester, then going straight to a Mortgage Lender—saying that it’s still worth exploring your options. We find that most people use a Mortgage Broker in Manchester; however, in this article, we will explain the pros and cons of both paths.

A Mortgage Broker like us will likely charge a broker fee on top of the other costs, whereas the Mortgage Lenders do not require this payment, thus saving you money on that front.

The Lender offers exclusive direct deals. They do this to attract business from both consumers and brokers alike. In any case, these deals are sometimes available only via the Mortgage Broker and not the branch. Before 2014, your Mortgage Lender would be allowed to let any member of staff sway you towards a potential mortgage without any proper mortgage advice or consumer protection.

By 2014 this was thankfully banned, with only experienced Mortgage Advisors in Manchester allowed to provide Mortgage Advice and make recommendations for their products. However, this, of course, took some adjusting and customers could be left waiting for a month or maybe more, just for an initial appointment.

We still see today that sometimes this can always happen, which isn’t great when you’ve just had an offer accepted for a property. Because of issues like this, applications via Mortgage Brokers started to rise. We offer a same day service, aiming to put you through to a qualified Mortgage Advisor in Manchester either immediately or at the most within the same day.

Mortgage Advice in Manchester

Before the 2010s, it was much more challenging to compare possible mortgage deals. Fast forward to the present day and looking for such deals is significantly more comfortable, with everything just a Google search away. The difficulty now lies in finding a lender whose criteria and features can be personalised, based on your circumstances. It would help if you were wary though, that the deals with the lowest rates tend to carry high arrangement fees.

Another point to take note of its affordability. No matter how good a Lenders deal is, you must be able to afford it. Because this is such a big deal, many people choose to go with a Mortgage Broker in Manchester as we’ll compare the criteria and find something that matches you and your circumstances.

These days, thanks to tightened regulations post Credit Crunch, mortgage applications are no longer straightforward. There are a variety of things that could potentially be a hindrance when you are making your application. These can include:

• I have a poor credit history.
• I am receiving self-employed income.
• I am using a mixed deposit source, i.e. Gifted & Savings.
• Opting for Let to Buy. Renting your current home to buy another.
• Being a contractor or working under a zero-hours contract.
• I am struggling on the affordability front.

Lender vs Broker | Mortgage Advisor in Manchester

Over the years, Mortgage Lenders would show their competitive side, often trying to offer better deals than the next Lender. Nowadays, because of tightened margins, their differences come from their lending criteria.

Examples of these include the amount some would lend to the self-employed compared to others, as well as being slightly more lenient to previous adverse recordings on your credit report.

Whatever the situation, it is unique to you. When you explain this to an experienced Mortgage Broker in Manchester, they will likely have encountered something similar before. Hopefully, they’ll use this experience to recommend the most appropriate mortgage for you, at the lowest rate available to you.

Why a Mortgage Broker in Manchester will benefit You

Our service goes beyond just the mortgage too. Customers will rely on Mortgage Advisors in Manchester for more, even if the application is straightforward. They can discuss how much they’re planning to offer on a property, recommend services such as solicitors and property surveys, and go through any available protection.

Another significant aspect of the service a Mortgage Broker in Manchester provides is the ability to be more responsive than the lenders’ direct propositions. Out of hours and weekend, appointments are common-place, as are our Mortgage Advisors in Manchester working late on an evening to respond to customers’ emails.

An often-overlooked factor of why most applicants prefer a mortgage broker is that everyone seems to be busy, and you might need someone to handle the full transaction and take away your stress. Professional applicants will see the benefits of this as they have clients of their own that they’re able to charge their services.

Maybe in the future, lenders will want to take back more clients from brokers. If this happens, it’s relatively unlikely they’ll staff-up their branch networks. They will likely make investments in technology to transact with customers online.

For clients who want to do business that way, with say a straightforward product switch, it’s great. Generally, whether they are First Time Buyers in Manchester, Self Employed in Manchester, or looking to Remortgage in Manchester, people enjoy having the “human touch” when it comes to the mortgage process.

Mortgage Advice in Manchester | Mortgage Advisor in Manchester

Need a Mortgage Agreement in Principle in Manchester?

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. 

Will obtaining an Agreement in Principle affect Credit Score? 

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.

Should I avoid hard credit checks? 

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.

Is an Agreement in Principle a guarantee that I will get the Mortgage? 

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.

Can I make an offer without an Agreement in Principle? 

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.

How Long Does it take to get an Agreement in Principle? 

It is possible to obtain an Agreement in Principle within 24 hours of speaking with a Mortgage Advisor in Manchester.

How Long Does an Agreement in Principle Last For?

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.