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. 


Last Edited: 16/11/2022

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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