Specialist Mortgage Advice in Manchester

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Declined by the Bank? We May be Able to Help!

For some people obtaining a mortgage isn’t always as easy as some may think and can involve thinking outside the box. As a Mortgage Broker in Manchester, we’ve dealt with complicated situations, there is often a situation that we haven’t come across before, so we should be able to help.

Speak to a Specialist Mortgage Advisor in Manchester

We have access to a number of mortgage lenders on panel, who have access to specialist products that fit the need of those who are having difficulties obtaining a mortgage, for not meeting the bank’s mortgage criteria.

 

With the help of a Specialist Mortgage Advisor in Manchester working alongside you and your mortgage situation, particularly if your case is complex, can prove to be very beneficial to you in the long run.

 

We aim to try our best to find you the most suitable mortgage deal for your current circumstances. We ensure to do everything we can to achieve this.

 

Complex Mortgage Situation in Manchester?

We frequently receive calls from customers regularly who have been declined from their high street bank. This may happen when the mortgage process has already started and then they’re dropped without much reasoning given.

 

With some of these cases, the bank’s mortgage advisors should’ve been able to stop this at the outset by making sure you were right for that mortgage from the start.

 

Because of the management of the banks, our customers can often be left out of pocket, causing comprehensible frustration and stress. Without being fully confident of lending criteria prior to your application, you could actually harm your chances of getting a mortgage full stop. Mortgages can be challenging!

 

Don’t panic, our team have lots of experience in dealing with customers who have complex situations, so if you are in a similar situation, don’t hesitate to get in touch speak with a member of our team. Book yourself in for a free mortgage appointment with an entrusted Mortgage Advisor in Manchester today.

 

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An In-Depth Look at Specialist Mortgage Scenarios

When mortgage applicants are experiencing a complicated process and can’t find a suitable lender that will accept their application, rest assured our team are ready to provide expert Mortgage Advice in Manchester to guide them through their journey.

 

As a trusted and experienced Mortgage Broker in Manchester, we have spoken to many customers, all with very diverse mortgage scenarios to one another. Here is a slight overview of some of these mortgage scenarios:

Property Down Valuation

If you have had someone come out and conduct a property survey on your potential new home, only to find out that the offer you put forward is too much above the actual property value, you have on your hands a Property Down Valuation.

 

It is not impossible to work around this, it is just a small hurdle and the chances are that your lender will just pull out of the deal. If you are able to make up the difference between your offer and the actual value of the property, then you have a slightly better chance of success.

Divorce & Separation Mortgage Advice

In the unfortunate event that your relationship comes to an end and you begin the process of separation or divorce, you will need to sort out any joint finances like your mortgage. This can be a challenging process, however, it is something that needs to be done quickly as it can be more difficult the longer you leave it.

Remove a Person From a Mortgage

Your mortgage is one aspect to consider if you go through a divorce or separation as it will involve you removing your own name or your ex-partner’s name from the mortgage you are currently both on.

 

From here, your options may be limited. This does depend on your affordability and your financial state, however, lenders do prefer two incomes and may not be able to lend to you in confidence because of having just the one income to cover mortgage payments.

Single Name Mortgages for Married Applicants

In the case where you are married and are looking at getting a mortgage on a home for you and your partner, it’s common for lenders to want both applicants named on the mortgage. Despite this, you may be able to obtain a mortgage in one of the applicants’ names.

Shared Ownership

This type of mortgage is beneficial if you are wanting to take a mortgage out as a share at a percentage of the property. The percentage can range between 25% – 75%, this can differ depending on the situation.

 

The remaining share is likely owned by a local authority. The applicant will pay them back through rent as well as paying off your mortgage to the lender.

 

Professional Mortgages

 Professional Mortgages is one that is only eligible to someone with very specific professions across the country. This type of mortgage is a niche part of mortgage market, therefore, we would recommend that you contact a specialist like ourselves to get more information about this.

Second Home Mortgages

In the case where you wanting to take out a mortgage on another property, it’s important that you demonstrate to the lender that you are financially able to keep up with the cost of two mortgages at the same time. Our team can help you with this.

Holiday Home/Let Mortgages

You may find that Holiday Lets are alike to buy to lets. The main difference between the two is buy to lets will usually have long term tenants, but holiday lets will only have short term tenancies.

 

The one drawback that you need to consider is you will need to factor in the instances where there is no interest in your holiday let due to off-season times. This is also something mortgage lenders will think about and will need to be confident in you being able to afford your mortgage payments regardless of the time of year and if you are a tenant or not.

New Build Mortgages

New builds are often seen to cost more money to invest in than properties of previous eras. If you’re struggling to save up for a deposit, you could be eligible for the Help to Buy Equity Loan Scheme to get onto the property ladder.

Non-Standard Construction Property Mortgages

A ‘non-standard’ property is are properties that are not built in a customary way, i.e., with bricks or mortar.

 

For a home buyer to take out a mortgage on something like this, you will need to speak with a Specialist Mortgage Advisor in Manchester. We also greatly recommend that you get a full structural property survey if you’re looking to buy a home that is applied to this description.

Multiple Applicant/House of Multiple Occupation Mortgages

HMO mortgages are a variation of buy to lets that usually have between 4-6 tenants, similar to student housing. HMOs are often challenging investments to work with. We always recommend speaking to a specialist buy to let Mortgage Advisor in Manchester.

Mortgages Past Retirement Date/Lifetime Mortgages

If you are page the age of 55, You might have access to releasing some equity that you’ve built up over time. To turn that into cash, you will need to take out a lifetime mortgage.

 

We always recommend speaking to a Specialist Mortgage Broker for Specialist Mortgage Advice in Manchester when it comes to a mortgage situation like this.

Offset Mortgages

Offset mortgages will put a savings account running at the same time as your mortgage. This mortgage type is usually a good way of helping you access competitive interest rates and mortgage products with different lenders.

Do you require a specialist mortgage advisor in Manchester?

Here at Manchestermoneyman, we have a large selection of specialist mortgage lenders on panel, each with their own lending criteria for us to match customers like yourself to hopefully achieve your mortgage goals.

 

Our Mortgage Advisors in Manchester will utilise the knowledge and experience they have acquired over the years of working in the industry, to recommend you the most suitable mortgage deal that matches their current circumstances.

 

If you have any problems with your credit score, then we recommend you obtain an up-to-date copy of your credit report.

 

This will help you when it comes to your free initial mortgage appointment, as your credit report will give us a more reasonable understanding of what you are like your goals and the sort of deals that might be suitable for where you are at financially and personally.

Open and Honest Mortgage Advice in Doncaster

Our fast & friendly Mortgage Advice team always aim to make sure you receive high-class service, keeping you informed throughout, and being as responsive as possible throughout the entire process.

 

We hope that you will go into your new property with a suitable mortgage deal that matches up with your current personal and financial circumstances.

 

As a company that has built up a reputation for providing clear & simple Mortgage Advice in Manchester, we will be there every step of your mortgage journey. Contact us and get yourself booked in for your free initial mortgage appointment with a Mortgage Advisor in Manchester.

Reviews Stars4.97 Rating370 Reviews

Common mortgage
questions

Your free initial mortgage consultation in Manchester will last roughly one hour. A dedicated advisor will then recommend a mortgage for you, with no obligation to accept and go forward and proceed with the mortgage in question, if you decide that it is not for you.

As trusted Mortgage Advice professionals in Manchester, we will carry out a Fact Find to establish your personal needs before we go ahead with recommending the most suitable mortgage for your situation. From there you will be credit checked, which is a requirement to obtain an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been undertaken, you can be issued a formal mortgage offer.

We recommend you obtain an Agreement in Principle prior to property viewings in Manchester, in order to avoid potential disappointment. At the very latest we would suggest that you obtain one before you make any offers, to put you in a better bargaining position. As a dedicated Mortgage Broker in Manchester, we are typically able to obtain an agreement in principle within 24 hours.

Generally speaking, an Agreement in Principle will last for between 30 and 90 days, depending on the lender that is used. If your Agreement in Principle expires before you can make use of it, it can be easily refreshed by speaking to your advisor.

If you’re looking to achieve something like debt consolidation or home improvements, you may be able to place a second mortgage on your home. If you’re looking to use it for yourself, a family member, a holiday home or a Buy to Let, a second mortgage on that property may also be an option.

A high street lender will typically require you to put down at least 5% of the property purchase price for your deposit. If you have had credit problems in the past, this may be higher.

If you have struggled with credit problems in the past, you may still be eligible for a mortgage, though a lender may possibly require you to put down a higher deposit than expected. This can be something like 15% of the property purchase price.

Submitting at least one year’s accounts moves you along the process, allowing for you to potentially obtain a mortgage in Manchester. Most lenders will utilise your salary plus dividend to calculate the maximum mortgage amount you are eligible to borrow, whereas some other lenders will go off your net profit.

In order for an employee to prove their income, it’s usually 3 payslips and the last 2 years’ accounts if you are self-employed. You will also need to provide some proof of ID, address and the last 3 months’ bank statements.

The free initial mortgage consultation that we offer generally lasts up to around an hour. We are then able to turn around an agreement in principle within 24 hours of that appointment. A formal mortgage offer takes, on average, somewhere around three weeks.

We make it so easy!
Our 4 step process

Step 1

A telephone call where we can take some initial details and find out about your plan of action.

Step 2

Enjoy finding a property in Manchester!

Step 3

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Step 4

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

Handy quick links

Manchestermoneyman.com & Manchestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

© 2022 Manchestermoneyman

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