If we asked the following questions, would you know the answers?


  • Who is your mortgage lender?
  • What interest rate you are paying?
  • What is the current mortgage amount outstanding?
  • How much per month are your mortgage payments?
  • Are you in a fixed rate – if so when does it end?
  • What rate will your mortgage revert to after any current deals ends?
  • What will your new mortgage payments be per month?
  • Are you paying your lender’s standard variable rate?
  • The current value of your house?

Once your current rate ends unless you review your mortgage you will revert to your lender’s Standard Variable Rate ( SVR ) – dependent on lender this could mean a rate of anywhere between 3% and 6% .

If looking to change lender ( re-mortgage ) you need to be reviewing your mortgage 3 months before your current deal ends as with re-mortgage solicitors have to be involved in the process which sometimes can delay matters.

asking a question


  • If employed how much & for how long will your employer pay you if off work?
  • If self employed – do you have any cover in place to protect your income if off work?
  • If your income stopped due to accident or illness how would you be able to pay your monthly mortgage and bills and maintain your ( and if applicable your family ) lifestyle?


  • If you died how much life cover do you have – would it repay your mortgage?
  • If you had a critical illness such as a Heart Attack or suffered a Cancer have you cover which would pay out for a second opinion and access to treatment by the best doctors in the world?
  • Do you have any policies which offer cover / treatment for your children in the event of them suffering a critical illness?
  • Time flies by and peoples circumstances change – it maybe that when you last took out your existing cover you were young, free & single – but now you are married / living with your partner and have children and a bigger mortgage !
  • Life companies now offer much more by way of benefits and flexibility in their policies – Manchester Mortgages can review your existing policies and advise on the best way to provide the cover you need to suit your present circumstances.


If you’re being honest you most probably knew a few of answers straight away such as your mortgage lender and how much your mortgage payments currently are – the rest maybe not.

Dementia and Mortgages

Mortgage specialists Manchester Mortgages have been posting articles about Manchester related mortgage issues on their Facebook page for months (https://www.facebook.com/manchestermortgages/). Now with the Government plans for a dementia tax, they are offering specialist advice for those people affected by dementia.

A unique reminiscence Room has been created at a care domestic in extra Manchester to help those suffering from dementia.

it is was hoping the room at Fiona Gardens in Trafford will help jog the recollections of dementia patients and inspire different elderly residents to re-hook up with their past.

A body of workers have designed it to copy a Nineteen Fifties residing room, complete with stereogram, sewing gadget and typewriter and furnishings donated from local citizens.

Dementia influences more than 850,000 human beings within the united kingdom. Contact either Alan or Andy at Manchester Mortgages for further advice.

Buying a house in Prestwich

Increasing investment within the region’s food and drink scene has induced humans to sit up and take note of Prestwich, say mortgage broker specialists Manchester Mortgages (see http://manchestermortgages.co.uk/prestwich-mortgage-broker-advisor/).

North of Manchester city centre and bordering Heaton Park, it’s miles one of the maximum ideal commuter spots.

Laurence Juster, from Michael Herwald & Co property retailers, stated: “Prestwich now has a ‘buzz’ about it with wine bars like Cuckoo and all of the Shapes which might be increasingly more popular. And restaurants like Croma, Solita, and Tao’s all provide a taste of the world’s meals on our doorstep.”

With a number of extraordinary faculties and neighborhood parks it’s a success with households too.

Stuart Pearson, from Pearson Ferrier, said: ““There are always matters going on like Festwich unfastened tune pageant, Prestwich Carnival and Clough day. And there are a number of nearby societies and sports activities golf equipment too.”

Travel time?
Tram: Hopping at the tram at both Prestwich or Heaton Park stations can get you into Victoria teach Station in only 16 minutes.

Automobile: using is always a gamble inside the morning, with rush hour visitors absolutely adding time on your adventure.

However on appropriate day you could be within the metropolis centre in as few as thirteen minutes.

Bus: in case you don’t own a automobile, you gained’t be quick of a bus or two both. Catch the 97 at the Longfield centre and you could be at Shudehill Interchange in 24 minutes.

The a hundred thirty five additionally runs down Bury old street/Cheetham Hill street and takes a little longer, simply the 26 mins.

Cycle: It might not have the canalside surroundings, however heading down Bury New road will get you there simply as brief. It takes just 18 mins to get to Victoria from Prestwich city centre.

Residence fees?
depending on what you’re seeking out expenses in Prestwich and the encompassing areas can vary substantially.

And with growing popularity, they’re simplest set to upward thrust.

Boasting a burgeoning food and drink scene, it’s turning into a belongings hotspot – especially for families priced out of different areas.

The common house in Prestwich is presently £211,382 – an upward thrust of greater than £3,000 over the past three hundred and sixty five days.

Terraced residences inside the vicinity are a truthful bit cheaper though, going in the marketplace for £one hundred fifty five,662 on common.

What do they say?
Instructor Adrian Ellison, forty seven, said: “Prestwich usually changed into an exciting place to be, however right now its social, leisure and cultural milieus are burgeoning with marvelous alacrity.”

Every other resident, Neil Darlington, forty four, a commercial enterprise analyst, introduced: “As someone who commutes to Manchester town centre i would say that transport is remarkable.”

What does a Mortgage Broker Do?

A mortgage broker is essentially a middleman between the borrower/property owner and the bank or mortgage lender. They work immediately with each the consumer and the financial institution to assist debtors qualify for a loan, whether or not or not it’s a purchase mortgage or a refinance.

As you could see from my rather rudimentary, yet pretty time eating diagram above, the mortgage broking acts as a liaison among essential entities. The borrower/house owner stop is the retail facet, whilst the bank/lender stop is the wholesale aspect.
So how does this entire loan broker component paintings?

As soon as a borrower makes contact with a mortgage dealer and is of the same opinion to work with her or him, the dealer will collect crucial records. income, asset, and employment documentation, along with a credit score file, are important to assess the borrower’s capacity to obtain financing. A retail bank could acquire the equal documentation.

advice postit note

As soon as the loan broker has all of the crucial information, they can decide what is going to work nice for the borrower. this can include setting the proper mortgage quantity, loan-to-cost, and determining which loan type could be ideal for the borrower.

Of course, the borrower can determine on all this stuff on their very own if they so select. The dealer is simply there to help (and make their commission).

Whilst all of the info are ironed out, the broker will publish the loan to a lender they work with to benefit approval. at some stage in the loan method, the broking will speak with each the financial institution and the borrower to ensure the entirety runs smoothly.

In case you use a broking, you won’t definitely paintings at once with the bank. All correspondence will funnel thru the broker and their personnel.

Mortgage brokers and lenders make cash through charging a loan origination fee and/or broking prices in advance (they used to receives a commission thru yield spread premium).

They can also offer no cost loans via utilising a lender credit score, so as to effectively improve the borrower’s hobby charge, but get rid of out-of-pocket expenses.

Debtors can pick out if they need to pay these costs at last or thru a higher interest fee. Ask your broker to virtually talk each alternatives earlier than intending.

What they price can vary substantially, so ensure you do your homework earlier than agreeing to paintings with a mortgage broking. And ask what they price before you apply!

After all of the office work is looked after, the loan broking will paintings on behalf of the borrower to locate the exceptional (lowest) mortgage charges to be had. this is the important thing benefit of a mortgage broking. they’ve the capability to save with severa banks and lenders simultaneously to find the lowest price and/or the best mortgage software.

If you use a traditional retail financial institution, the loan officer can handiest offer loan packages and corresponding mortgage costs from a single bank. truly this would lessen your possibilities of seeing all that is obtainable. And who wants to apply more than once for a mortgage?

Keep in mind that the wide variety of banks/creditors a mortgage dealer has get right of entry to to will vary, as agents ought to be authorized to paintings with every individually. In other phrases, one mortgage dealer may also have access to Wells Fargo’s wholesale mortgage charges, even as any other may not. The more options the better. So ask the broking for more than one costs from as many lenders as viable.

Loan agents paintings with debtors throughout the whole loan manner till the deal is closed. normal, they’re probable a lot extra to be had than loan officials at retail banks, considering that they work with fewer debtors on a greater personal degree.

That is some other big benefit over a retail financial institution. if you go together with one of the huge banks, you could spend maximum of some time on keep ready to get in contact with a consultant. moreover, in case your mortgage is declined, that’s the give up of the road. With a mortgage dealer, they’d really practice at another financial institution.

Mortgage brokers have been largely blamed for the loan crisis because they originated loans on behalf of severa banks and weren’t paid based on loan performance.

Studies have proven that those originate-to-distribute loans have performed worse than loans funded via conventional channels. however the massive banks had been those that created the loan applications and made them available, so ultimately the blame lies with them.

Regardless, you shouldn’t get yourself stuck up within the blame recreation. it’s miles endorsed that you touch both retail banks and loan brokers to ensure you thoroughly keep your mortgage. maximum borrowers most effective achieve a single loan quote, which without a doubt isn’t doing your due diligence.

For further information about how mortgage brokering works, try this web site – https://moneyfacts.co.uk/guides/mortgages/why-use-a-mortgage-broker180511/.

Mortgages in Wythenshawe

With all the new properties available in Wythenshawe, Greater Manchester (source: http://www.rightmove.co.uk/new-homes-for-sale/Wythenshawe.html), it’s not a surprise that many mortgage brokers and advisors are busy.

Manchester Council’s Strategic Regeneration Framework for Wythenshawe is worth reading as it discusses the Council’s plans for this up and coming area. New houses are being built and the area is the #1 growth area in the UK outside London.

Getting a mortgage for a house in Wythenshawe should be easy if you approach the right mortgage broker. This blog is has several articles that discuss mortgage brokers or lenders in Wythenshawe – simply look through some of the other articles and you’ll find links to plenty of other sites.

Wythenshawe is one of the cheapest areas to live in Manchester but with all the regeneration going on this is set to change. So there are many people advising you get a foothold in this developing of Manchester soon as your property prices should soar over the next 5-10 years.

Getting a Mortgage Can Be Tough

Getting a mortgage these days can be tough work – unless you know where to look.

Mortgage brokering experts Manchester Mortgages (see http://www.manchester.com/money/mortgage_brokers_advisors.php) have recommended that anyone looking to get on the housing ladder in Greater Manchester or Lancashire should first talk to them.

Property in Manchester is going very quickly at the moment and although over the last ten years or so the housing market has been static with very little movement on prices, this trend has recently started to change.

stalybridge, tamesideCouples and families are now more able to raise the necessary finances to buy a house. For example, in a recent Manchester mortgages case study a family in Ashton were looking to move to Stalybridge, from a 2 bedroomed appartment into a 3 bedroomed house. They had sold their Ashton home within a week of it going on the market and there was competition for the Stalybridge house from 2 other interested parties.

Their mortgage brokers were able to use their considerable knowledge in acquiring a mortgage and get them a confirmed 2.55% mortgage offer over 25 years within one day of confirming their suitability.

With new housing now being built by Manchester Council (see http://www.manchestereveningnews.co.uk/news/greater-manchester-news/new-council-houses-set-built-12557458), there will be considerable interest in getting a mortgage to buy a home from many new people. It’s unknown whether houses are going to be built in either Stalybridge or Ashton but watch this space for more details.

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.

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.

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.