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.
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.
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.
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.
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.
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.
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:
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.
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.
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.
Have you ever had those moments where you’ve purchased a cheap flight online and then tried to make a small change to your booking? You’d expect these things to be fairly straightforward, but they end up taking too long, being far more complicated than necessary and costing more than you’d initially planned for.
It is a really bad example of customer service and can cause you unnecessary stress along the way. Something that was meant to be fun, has now had that fun taken out of it because of your initial bad experience upfront. In these cases, you have the option of going the route of using a travel agent to help you with bookings, reducing the stress of the process.
These same stresses and worries appear in the world of mortgages and much like the travel agent, this is where a dedicated and hardworking mortgage broker in Manchester is often able to come in and take the weight off your shoulders.
Without a doubt, buying a new home is one of the biggest financial commitments you’ll ever make in your life. With this in mind, utilising the experience and industry knowledge of a trusted mortgage advisor in Manchester will save you from many of the problems present with either going direct or trying to go it alone, without anyone to back you up.
Usually, the fixed rate that you might see advertised on tv or the internet, is not the final rate. As with all advertising, it’s there to get your attention and make you want to see more. Generally speaking, these deals are aimed at customers with lots of equity, perfect credit ratings, employed, and a brilliant track history of paying. There will almost always be a more attractive deal out there, but that doesn’t mean that’s the best for you personally or financially.
You must also bear in mind that when going with this specific lender, you only have access to their products and their heavily biased advisors. Others to be careful with are estate agents and price comparison sites, wherein the latter only displays the deals these high street banks want you to see, whilst the estate agents are incredibly biased and pushy, known to break the law in order to make money from you. You can read more about the sales tactics of estate agents in our article on the topic.
As an open & honest mortgage broker in Manchester, we only ever have your best interests at heart. We are able to offer a wide range of products from different, sometimes more niche lenders, depending on what it is you’re looking to achieve. These deals are often better than the lenders direct deals and also aren’t available going direct either. As well as this, our loyal team of advisors will never try and force anything on you that you don’t want, working purely to support your needs from start to finish.
Getting in touch with a Mortgage Broker in Manchester will allow you to further explore your options and your recommendation will be personal to you and your situation. Also, features such as a fixed rate of interest, offset options or variable rates for flexibility, may be recommended for you.
All products and deals have their own specific rules and criteria. It’s our job to know this criteria inside and out, which is why we will work hard to make sure you’re on the best or at the very least most appropriate path for your personal situation.
If we’ve done our job right, and we have a good track record of doing just that (see our Customer Reviews for testimonials by real customers!), you’ll walk away with a deal that allows you to borrow the amount you’d like, with reasonable interest rates and hopefully having saved both time and money.
We have a long history of helping anyone from first time Buyers in Manchester, to those looking to remortgage in Manchester and even those who require self employed Mortgage Advice. If you would like to take advantage of our free initial mortgage consultation and speak with a mortgage advisor in Manchester, please get in touch and we’ll see how we can help.
Mortgage Protection Insurance is an umbrella term used to explain different kinds of cover available to customers who have taken out a mortgage. This cover got designed to reduce financial concerns for both you and your loved ones, in the event of any unforeseen circumstances that may occur whilst the mortgage process is active.
Here Malcolm has recorded a video to speak to you about the importance of having the correct insurance in place for your situation.
The central message here is due to the coronavirus pandemic; the importance of health and getting insurance is now greater than ever. There are differences in insurance to choose from when it comes to safeguarding you and your family.
Here at Manchestermoneyman, we will be able to compare lots of providers to help find you the best policy for your circumstances. The following insurance policies that we can offer to you are:
For further clarification, get in touch and speak with one of our knowledgeable Mortgage and Protection Advisors in Manchester today. Our team will always be at the other end of the phone or email when you need to discuss.
Life insurance is an insurance policy that reduces the financial impact on your loved ones in the event you or another joint policyholder pass away. Our Mortgage Advisors in Manchester can run through all the different types of Life cover accessible to you and advise the most suitable plan for you.
Critical illness cover is an insurance policy that covers serious illnesses detailed within a policy. Usually, these will include Stroke, heart attack, certain types and stages of cancer, and more. However, you are unlikely to be covered for pre-existing health issues you knew you had before taking out the insurance. As mentioned, the specific illnesses covered and not covered will be detailed in your policy.
The most significant thing is that the benefit gets paid if you fall victim to one of several specified critical illnesses and pays out whatever the long-term prognosis of that illness. The type of conditions covered vary from company to company; that’s why this type of insurance cannot be solely price-driven, and seeking Specialist Mortgage Advice in Manchester is recommended.
In practice many businesses will offer Life and Critical Illness Critical cover as a combined policy and would usually payout on the “first event,” namely whatever happens first – either death or a severe illness – the payout is made. They could also get written on a single or joint life basis.
Whereas Life and Critical Illness cover pay out a lump sum, Income Protection pays out a monthly sum intended to replace your wages in the event of you being unfit to work. In contrast to the Critical Illness cover, there are no limitations on the illnesses or injuries covered, the only factor being whether they make you unfit to work.
There are, however, restrictions on how much you can cover and how quickly benefits would start to get paid. Such As Life and Critical Illness cover, these policies are underwritten based on your health and lifestyle at the time you apply. All income protection policies get written on a single life basis.
You can also combine Life Insurance, Critical Insurance, and Income Protection, into what’s called a menu plan. The providers do give you a discount each time you add a benefit in, and that can be a cost-effective way of taking cover.
With a Menu Plan, you can mix and match a range of cover and benefits to tailor a plan that suits your needs and budgets. We strongly advise all our customers should the worst happen, least you have covered yourself and your family, to find out more speak to one of our mortgage Advisors in Manchester today.
The least common of the mortgage protection policies but can often be useful – especially for those with young households. These plans can get taken to Life and/or Critical Illness Cover, and get underwritten on the application in the same way.
However, in contrast to the traditional forms of policy, rather than pay out a lump sum, the cover would pay an annual or monthly income for the remainder of the term of the plan. Consequently, it can replace the payment of the primary worker for several years, dependent upon a particular client’s circumstances and, because of this would usually be written on a level or basis, or an index-linked basis designed to keep up with inflation.
Many people have one or more of the different types of policy, and it would be wrong to think of Mortgage Protection Insurance as just an “either/or” choice. However, affordability plays a massive part, whilst it would be fantastic to cover yourself for every potential opportunity.
Our Mortgage Advisors in Manchester are here to discuss with you and tailor the type of cover to be the most suitable combination to your family’s priority and budget. To find out more, give us a call or fill out our enquiry form to speak with one of our Dedicated Protection Specialists Advisors in Manchester today.