Lending and zero hours contracts

In line with the office for country wide information, there are over 5.5 million employees either self-employed or on zero-hours contracts alone within the uk, demonstrating the ability length ultra-modern this marketplace.

Lending is through intermediaries and the financial institution has initially agreed an extraordinary distribution partnership with loan advice Bureau (MAB).

MAB individuals now have complete get entry to to comfortable consider financial institution’s specialist mortgage services and all agents will deal immediately with the bank’s crew cutting-edge underwriters.

it will roll out mortgages to other intermediaries after the preliminary release length.

relaxed agree with bank will offer loans cutting-edge up to £2 million according to family imparting two, three and 5-year fixed fee mortgages with a maximum LTV modern 80%.

Esther Morley, coping with director at cozy consider financial institution Mortgages, said: “There are tens of millions modern day human beings trying to get themselves at the property ladder, circulate home or discover a better deal with a new loan provider.

“Our supplying will serve customers who don’t healthy the criteria state-of-the-art conventional creditors. We absolutely recognize the finance troubles our customers face and could work in partnership with loan advice Bureau to make sure we are placing more complicated cases without difficulty.

“we are able to stick out from others within the market by way of offering an exemplary carrier with smart running structures so that it will be best-tuned to reply quicker and make everyone’s lifestyles plenty less complicated. The team will be committed to supplying bespoke services with a non-public contact, and this may circulate us one step contemporary turning into Britain’s first-class bank.”

Paul Lynam, organization chief executive at comfy consider bank, added: “As one of the most strongly capitalised banks in the united kingdom, secure consider financial institution could be very nicely positioned to progress our entry into the mortgages marketplace as cutting-edge our lengthy-term diversification strategy.

Brian Murphy, head brand new lending at loan advice Bureau, commented: “we’re delighted to be partnering with comfy consider financial institution at the outset of their release in the uk loan market.

“secure trust bank’s primary presenting can be targeted on the demographic different high street creditors would term as ‘niche’ and typically pick out to pull away from, but this is a extraordinarily treasured vicinity latest the marketplace which requires pragmatic answers.

“therefore, the access latest relaxed consider bank into this region, at the side of others, provides a lot needed competition and desire for purchasers, and we’re very a great deal searching forward to running with them.”

How Easy Is It To Get A Mortgage?

This is a question that we ask whenever we want to buy a house. Unless we’re fortunate enough to have a large amount of money we can draw on, sometimes, as discussed on this site it’s not that easy to get a mortgage.

how easy is it to get a mortgage?Getting our first mortgage is for some, the most difficult as once people have a foot on the property ladder, their house gives them some form of collateral which banks and building societies can use as an asset.

I discovered this blog post (http://frankcanon.blogbaker.com/2016/11/08/advisor-in-manchester) when writing this article which mentions a mortgage company who operate in throughout Greater Manchester. This is the type of company I wish I’d have known about when I was looking for my first mortgage. Turned down by most of the high street, I eventually found a building society that were willing to lend me the money I needed for my first house.

Getting my first mortgage was harder than I thought! – I had a very good job which was well paid and secure. Perhaps the only thing against me was I was fresh out of higher education and had no track record. Also I’d gone into debt as a student but who hasn’t these days?

So to answer my question, I think it’s often more difficult to get a mortgage than you’d think. After all, I was in a very good position (or so I thought) and still it was difficult for me to get a mortgage.

The lesson? shop around, often the best mortgage deals are not available on the high street but are to be found through mortgage brokers.

Manchester Housing


Need obligations generally include:

Contract reimbursements and credits secured on your Manchester home

Lease (different in Bury)

Gas and power, or other family fuel obligations

Tyke support and upkeep installments (see Wythenshawe)

Gathering charge

Television permit installments

Certain installments requested by the courts (Prestwich).

Non-need obligations generally include:

Mastercard obligations (Wigan area)

Contract buy understandings (HP)

Unsecured bank credits (advances that are not secured against your property)

Water bills (Heaton Park)

Credits from loved ones.

It is vital that you manage need obligations before non-need obligations, as neglecting to pay need obligations as a rule has more genuine outcomes.

On the off chance that you think you are at danger of losing your Manchester home since you can’t bear to live there, you can either:

Get in touch with us to examine your conditions and what alternatives might be accessible to you in Bury

Get in touch with us to make an arrangement (Please carry with you a finished pay and consumption shape and confirmation of all your wage and use to the arrangement)

Finish a pay and use frame and convey it to lodging gathering or forward it alongside confirmation of all your wage and consumption to the email address underneath – Heaton Park,

When we survey moderateness we will consider various things including the accompanying:

What cash you have coming into your family unit

The expenses of the settlement

What is thought to be sensible living expenses for your family unit in Bury

Any support installments you may need to make for kids living in another family unit

We will consider whether you can expand your salary by taking a gander at what benefits you are guaranteeing and what benefits you may be qualified for. We will likewise consider on the off chance that you can lessen your outgoings for instance by exchanging vitality supplier.

In the event that you are a proprietor occupier and are being undermined with repossession, we will consider whether you will be qualified for the Government Mortgage safeguard conspire (Manchester). If it’s not too much trouble click here for more data on Mortgage Rescue.

Cheap mortgages in Wythenshawe ?

It’s a big move, buying a house, but according to this article the BBC web site, there will soon be an abundance of cheap mortgages on the market that are available to many people.

Wythenshawe centreHaving these products on the market does not mean that they will be easy to find though. One of the major constraints to people getting the best mortgage deals that are available to them is the problem that many mortgage lenders only provide a small number of mortgage products and ignore all the others.

The reason they do this is usually profit. Companies will only offer the best deals for them. For example, if we take the up and coming Manchester area of Wythenshawe, many brokers provide mortgages to customers on which they (the brokers) will profit the most.

The best way to avoid falling into this trap is to use an independent mortgage lender. Why? Because independent mortgage lenders can offer products from the whole of the market rather than just a hand picked selected few. Again, going back to Wythenshawe, many mortgage companies will offer 20 or so mortgages to people wishing to move into the area, but by comparison there are actually 177 different mortgages available!

So, shop widely and wisely to find the best mortgage for you.

Finding a Mortgage – Use Experts

When I wanted to find a buy to let mortgage I didn’t really have the first clue about where I’d go to find what I wanted. Most of us think the bank is a good first bet, but you’d be wrong about that. According to this document published on the RBS web site there are 4 key stages in getting a mortgage, but what they don’t tell you is that the average amount of time it takes you to get a mortgage through a bank like RBS is 4 – 6 months!

If you find this information ridiculous then you are not the only one. Research shows that many people are now stopping using banks for their mortgage needs and are instead turning to independent (or ‘whole of market’ mortgage brokers). These are mortgage advisors who recommend products from across the range, rather than from just one bank or building society and are therefore often to recommend extremely competitive products to their clients.

In Manchester there are a few of these advisors and they specialist in buy to let, first time buyer, remortgage and poor credit mortgages. You can also take the advice of experts on money forums such as moneysaving expert. Specialists like http://forums.moneysavingexpert.com/member.php?u=2524714 are ideal people to ask for mortgage advice.

Buying a House in Bury

Bury is a growing an busy town situation north of Manchester but is still part of the Greater Manchester conurbation. Like many parts of up and coming areas, Bury is a very popular place for people to live and there are all sorts of houses available including new builds, those for first time buyer, plenty of larger properties for remortgagers, and many recently constructed buildings for people and families with previous poor and bad credit.

Bury landmark - the Town HallOne of the companies at the centre of house and home buying in the Bury area is Manchester Mortgages and I caught up with their Bury mortgage broker Andrew Butterworth. “There’s a large amount of potential for buying a house in Bury” he told me. “But not just Bury, the whole area is thriving with many applications for mortgages made every week”.

I asked Andrew why Bury has become such a popular place for people to want to live. “There are a lot of big selling points to Bury”, said Andrew. “Not only is there the proximity of the M62 motorway which makes Manchester, Leeds and Liverpool easy commutes, there’s the rural beauty of places like Ramsbottom just 10 minutes up the road”. “Also, Bury town centre has recently undergone a large redevelopment known as The Rock. This has bought a large number of large retail businesses into the centre of Bury such that it’s no longer necessary to have to hike all the way to the Trafford Centre to find the big shops”

What future did Andrew see for Bury? “I see it growing into a cosmopolitan hub with lots of different housing available for a very varied and differently skilled workforce” he replied. The closeness of the larger university cities means education and high tech business skills will be in demand but that’s not all, there will also be big opportunities in the service sector too. All these people will need housing and at the moment the mortgage applications I am handling are roughly 5 a week – which is a considerable amount. I broker a wide range of mortgage services including buy to let, first time buyers, remortgages and bad credit mortgages too. Of course I still see plenty of home movers mortgages” (mortgages aimed at people who are either up or downsizing)”.

“There’s a lot of interest in Equity Release too” says Andrew, and this is also accounting for the large amount of money being spent on new build properties throughout Bury and it’s surrounding areas. “Many of the new properties are for the older population – retirement homes and the like, but there are also flats and first time buyer homes being constructed too” he said.

Visiting a NatWest Mortgage Advisor

NatWest logoWe are first time buyers and wanted to buy our first home together so made an appointment with our bank NatWest to see the mortgage adviser.

We went to see them on a Saturday morning as this was the only convenient time for us as we both had full time jobs and could not afford to take time off work.

When we met with them they checked our income and advised us that we were good for a mortgage and they would only be to glad to arrange this on our behalf.

We left there really excited that our bank was going to lend us the money to buy our first home together.

We then saw the house of our dreams and put in an offer and it was accepted. We then contacted the bank to arrange an appointment so that we could put in our mortgage application. We were told it would be 4 weeks before we could see a mortgage adviser.

This was going to be to long a time to wait as the people we were buying off needed to move fast on a house they were buying.

My Dad knew a mortgage broker who would probably be able to help us get our mortgage arranged so we contacted them. I told him that we had been to see our bank and that they had told us we were good for a mortgage.

The mortgage broker advised that we could still use the NatWest and he could deal with it on our behalf.

We put forward our application and were surprised and shocked when the NatWest advised our broker that they could not proceed with our application after initially saying they would lend us the money.

Our Mortgage broker contacted the NatWest who advised that we had failed the credit score and they were not able to help with the application.

After further consultation with our Broker regarding how we needed to proceed he advised us to get our credit reports which we did.

It appeared that my partner had two defaults registered against his name from a mobile phone company.

We were bitterly disappointed that the NatWest had told us we could borrow the money and then changed their minds. It appears that what in fact the NatWest had done was just work out if our income was enough to allow us to borrow the money and not make proper checks as to whether we were credit worthy.

This left us in a difficult position regarding purchasing our dream property.

Fortunately for us our Mortgage Broker was able to research the whole of the mortgage market on our behalf taking into account our full financial & personal circumstance and was able to find us an alternative mortgage with a building society.

He was able to deal with all the paperwork on our behalf and within 2 weeks had a mortgage offer for us, he also recommended a solicitor to us.

We have now moved into our dream home and would always advise that you seek help from a mortgage broker to arrange your mortgage as they can look at all the deals in the market place and take away all the stress of trying to do it yourself through the bank yourself.

About Mortgage Terms

3 people completing a business dealWHAT DOES ‘GUIDE PRICE’ MEAN ?

A Guide Price is normally connected with a property that will be sold at Auction – subsequently the Auctioneer has publicized a value that they feel is the base the property ought to offer for – as a rule in all actuality properties at closeout for the most part offer for significantly more than their Guide Price and is a method for pulling in buyers to the Auction.


At the point when properties are publicized at a settled value this implies the vender ( merchant ) is searching at that cost and not hoping to arrange/acknowledge a lower figure – thusly if the asking cost is £ 200,000 that is the thing that the dealer needs – it doesn’t stop you however offering less.


OIRO implies ” Offers in the Region Of ” along these lines if a property is promoted at OIRO £ 200,000 the merchant is searching for a figure around this sum yet would demonstrate that they would acknowledge a lower figure – for instance £ 190,000 or £ 195,000 so constantly worth beginning off with a lower offer.


OIEO implies ” Offers in Excess Of ” hence if a property is promoted as OIEO £200,000 the vender is searching for offers over this figure – for instance £ 210,000/£215,000 and so forth – again through there is no motivation behind why not to offer a sum underneath the £ 200,000.


At the point when a property is publicized as a Corporate Sale it generally implies that the property has been repossessed by a Bank or Building Society as the home loan customer has defaulted on the home loan installments and the moneylender has designated an organization to offer the property to reimburse the home loan/advance extraordinary on it.

Corporate property deals are normally done by means of an Estate Agency, the primary weakness is that you need to experience the Estate Agent to arrange the cost with the organization and this can be a moderate procedure and even once your offer has been acknowledged the property will stay available until you trade contracts – along these lines you could have paid for a valuation, specialists look charges and moneylenders administrator expenses and going to trade when the corporate organization acknowledges a higher offer from another person.


Continuously think about making as a lower offer whatever the cost or condition put on it – begin low – you can simply build the offer at a later date.

Case Study – Buying a Second Home

A Holiday Home in the Shetlands

Shetland villageClients of ours had always had the dream of owing a property in the Shetlands and after many years of looking finally found a property that matched their requirements and was within their budget of £78,000.

They already owned a property in the UK which was their main residential home with an outstanding mortgage and now needed to secure a second mortgage on the dream property.

Now you may think this is a straight forward case of just arranging another mortgage – you would be wrong as it happens!

Firstly, not many lenders lend for second properties or holiday homes etc – Buy to Lets are a different thing altogether – Secondly the location of the property in the Shetlands reduces the lenders available – and thirdly the mortgage has to meet the lenders affordability criteria.

Many lenders will reduce the mortgage available on a second home / holiday home but we were able to recommend a lender that only required a 15% deposit and would lend in the Shetlands.

By taking the clients joint incomes and deducting their monthly residential mortgage as a commitment along with other loans they had outstanding we were able to meet the lenders affordability requirements.

The mortgage application was straight forward enough with lenders only requiring sight of latest payslips and a valuation report on the proposed property.

As the property was in the Shetlands the purchase came into Scottish Law and the clients therefore used a solicitor in Scotland.

As in line with English Law Scotland after 1 April 2016 now charges the equivalent of Stamp Duty of 3% on purchases up to £125,000 on any property that is not your main residence. ( see our Stamp Duty information ).

Once the lender had received a satisfactory valuation report and sight of the payslips a mortgage offer was produced.

After going through the legal process and completing the purchase our clients are now the proud owners of their dream home in the Shetlands.

Who says dreams do not come true – speak to your mortgage broker and make it happen !

Why use a mortgage broker ?

mortgage brokerGetting an appointment with a mortgage lender can be very restrictive… What is meant by that is they usually have set times of work ie 9 – 5 Monday to Friday or occasionally Saturday Mornings.

It has been estimated that an appointment with a major high street lender can take upto 2 ½ hours which would normally mean employed people would have to take off time of work using up holidays or a self employed person might have to lose ½ a days work which is then starting to cost money.

Another main stream lender who doesn’t offer the facility to go into a branch has recently advised it is taking upto 2 weeks to obtain a telephone appointment which can then be 1 hour long or potentially even longer.

This can very frustrating when you have found the house that you want to buy or if remortgaging arranging the finance for additional borrowing for perhaps home improvements.

Using a professional Mortgage Broker can take away all that inconvenience.

Most Mortgage Brokers will work around your working week understanding that 9-5 Monday to Friday is not always convenient.

They may have a office which you can go to outside these hours, say on the way home from work.

They may be able to offer an appointment at your place of work or visit you at home to discuss your mortgage requirements.

People today live busy lives and there is alot of call on your time and dealing with organisations who have set times of opening can be very difficult.

Being able to deal with a organisation who will work around your busy lifestyle can be much less stressful.

Imagine being able to be sat in the comfort of your home and have all the high street lenders and other specialist lenders (as not everybodys situation is the same) come to you.

Ask you what is important to you when arranging your mortgage not tell you what is available from a limited proposition and hope your circumstances meet that particular lenders criteria.

This is what a mortgage broker can offer they can look at what is available from the whole of the market not from a limited range, they can meet with you at a time and place convenient to you and take the time and effort to look at all options available.