Remortgage in Prestwich, Manchester

Manchester Mortgages contacted one of our existing clients in Prestwich to review their current arrangements as their fixed rate was due to expire. What were their options? Could they remortgage?

CLIENTS SITUATION

Since the last mortgage review our clients had welcomed twin Girls to their family. Their existing mortgage with NatWest was due to end and Mortgage payments were due to increase.

They already had two children and their current house was not big enough so they were faced with either moving home or extending their exiting property.

remortgage prestwich Manchester Mortgages

THE PROBLEM

The area that our clients currently lived in and where they wished to remain, moving home was not possible due to the price of the houses they would need for their family home.

As the twins were just 4 months old one of our clients was on maternity leave and only in receipt of Statutory Maternity Pay so income was reduced.

THE SOLUTION

It was decided that they would add a two story extension to the property to provide two further bedrooms and more living space at a reduced cost than if they were to move Home. As one of our clients was on maternity leave the new lender would take her back to work income as a doctor in the NHS into account along with her partners income who also worked in the NHS as a Doctor.

All the paperwork was taken care of by Manchester Mortgages on behalf of our clients and a new five year fixed rate with the Halifax was arranged. As the new borrowing was substantially more our clients were able to extend their mortgage term so that it met their affordability now whilst the children were still young and our clients had child care costs.

CONCLUSION

Our clients now have a much bigger family home which they will continue to live in for the foreseeable future. They have the certainty for the next five years what their mortgage payments will be for budgeting purposes whilst they are at their most financially exposed.

As they has two new additions to the family Manchester Mortgages were able to provide additional life assurance to protect the new mortgage balance and provide protection for the family.

Manchester Mortgages ensured that the lender recommended would be able to offer additional funds in the future (if required).

Contact Manchester Mortgages on 0161 706 0242 or email info@manchestermortgages.co.uk to discuss your remortgage / mortgage requirements to see if we can help You.

Glimmer of Hope for First Time Buyers

First Time Buyers were given an indication this week that there may be more options available to them in the housing Market, see this article from The Guardian newspaper: https://www.theguardian.com/money/2020/dec/03/lloyds-reintroduces-10-deposit-mortgages-for-first-time-buyers

Where the focus has been on clients who have a 15% plus deposit available more recognisable names such as Halifax, Nationwide Building Society, Virgin Money, Platform Home Loans (Part of The Co-Operative Bank and Accord Mortgages (Part of the Yorkshire Building Society) have now entered the Market and are offering mortgages to First Time Buyer and Homemovers with a 10% deposit.

The Lenders offering 90% mortgages will look at cases with more scrutiny so seeking the advice of a Mortgage Broker has become more important than before.

Manchester Mortgages has been helping first time buyers for in excess of 20 years so understands the importance of getting the correct advice at the beginning of the house buying process.

We will fully assess your situation and advise what lender is able to offer you the best options for your circumstances.

As the market opens up to more first time buyers estate agents and builders will need to see you are in a position to proceed if you are successful having a offer on a property accepted.

Contact us on 0161 706 0242 and speak with one of our industry experienced advisers who can help you find the right mortgage.

PS We are also able to put you in touch with a solicitor to help you with the legal work involved.

Not Every Lender is the Same !

Arranging a Mortgage can be a stressful and time consuming process and in this article I look at the benefits of using an independent mortgage brokering service.

Lenders like Halifax, NatWest, Santander, Nationwide Building Society and Virgin Money although the interest rates may be very similar the way that they assess each application can be very different. However, these companies are not independent mortgage brokers !!

EXAMPLE. Two of the lenders will take 100% of overtime payments into account where the others may only take 50 or 60%.

Two of the lenders will take any pension contributions you may make as a credit commitment therefore reducing the amount they may lend where the three others will not.

One of the lenders will not take into consideration loan payments that have 6 months or less to run where the others will.

Three of the lender will lend even if you have been in a job one day where the others need you to be continually employed for six months.

As somebody trying to arrange a mortgage how are you expected to know this ?

Then it may be that you haven’t got a perfect credit record !

Perhaps had a County Court Judgement, Default on a loan or missed / late payments. Would any of the above lend money ?

One may the others wont.

What if you were self employed with one year accounts ? How would the lenders treat you then ?

So as you can see there are lots of different factors to take into consideration when applying for a mortgage and not all lenders are the same.

One way of finding the right mortgage is to speak with an Independent Mortgage Broker. They will be able to look at your situation and make an assessment of your circumstances and find the lender who will meet your current situation.

Manchester Mortgages has been arranging mortgages throughout Greater Manchester for over 20 years. They are an independent mortgage broker.

So whether you are a First Time Buyer, considering moving home, Remortgaging your property for a better rate or wishing to consolidate existing credit commitments to reduce your monthly outgoings our industry experienced advisers can help.

All it takes is a simple phone call to 0161 706 0242 where one of our friendly advisers can have an informal chat with you to discuss your requirements and the way forward. Manchester Mortgages are independent mortgage brokers and deal with all the lenders on the high street and specialist lenders. We work on your behalf not the lenders.

Sound advice worth heeding

I bought my first house in 1991. It cost me £34,500 and it was located in Winton, Manchester. I remember I always told people that I lived in Monton rather than Winton, as Monton was far more upmarket.

A typical house in Winton.

A little over 10 years later I took at loss of £10,000 on the house and sold it to a developer – no one else would buy it – for £23,500. It was the best £10,000 I ever lost.

Why ? It got me out of the area which was going nowhere. A friend of mine once told me that it’s far better to have a bad house in a decent area than a decent house in a bad area and she’s absolutely right. My advice is, if you can afford it, always go for the better area. You can improve a house all by yourself. It’s far more difficult to change a bad area as it will rely heavily on other people.

I managed to escape to a nice area with the help of a decent mortgage broker. The high street lenders offered me nothing, I found an independent broker who changed my future. You can’t put a price on this.

Moving to Norden?

Norden, Rochdale, LancashireNorden is a small Lancashire village situated between Rochdale and the Rossendale Valley. It’s quite a well to do place with a population of approximately 10,000.

A recent look at a popular web site that lists houses for sale in Norden (https://www.onthemarket.com/for-sale/property/norden/) shows quite a diverse number of houses that would suit those looking to move to a bigger house, first time buyers and landlords looking to invest in a property that they can then let out.

As Norden is a small village there’s a lack of high street shops. Instead you’ll find local stores and a large number of pubs. If you’re looking to find a mortgage broker rather than go into Rochdale the best advise is too look for an independent local mortgage advisor who knows the area and will come out to you.

Another advantage is the speed at which local brokers and mortgage advisors operate. If you have any experience of high street lenders you’ll know it can take months for them to finally offer you a mortgage (provided you get that far!), and in that time you can lose the house because someone nipped in and bought it ahead of you.

Take a look through the pages of this web site and see what I’m currently recommending. Go to the homepage here.

Best wishes, Alan

Buying a house in Helmshore, Rossendale Valley

An old client of mine has recently relocated from Blackburn to Helmshore, Lancashire. Nearly everyone knows what Blackburn is like but few people have heard of the little village of Helmshore, located in the Rossendale valley, close to the town of Ramsbottom, which was recently named as one of the most popular places to live in England. As you can see from this guide, there are quite a few good places to visit in Helmshore.

Recently house prices in Helmshore and Ramsbottom, in fact all over the Rossendale valley have been climbing due to positive publicity like the above. Ramsbottom and Helmshore are quiet and in the countryside, making this a popular area for people who want to buy houses. The towns attract first time buyers and the older age bracket who seek a slower pace of life.

Helmshore

Additionally the East Lancs Railway which runs steam trains for tourists every weekend make this a very popular destination for visitors. Many people come for days out and then decide that they’d actually like to settle down in Helmshore.

There are several estate agents that cover the area – and all are based in Ramsbottom. Local estate agents include Weale and Hitchen, and Pearson Ferrier, but take a look online at what’s available too from the nationwide sites like Zoopla. For recommended mortgage brokers in the area, just scan our web site for our first hand recommendations.

The Rossendale Valley has the lightly used M66 that takes most of the traffic flow from the M60 ringroad, delivering traffic throughout the valley and further on into Accrington and Blackburn.

There is a wide range of housing available, from smaller one bedroomed flats to barn conversions, often with land included. It’s a really beautiful spot around here and a great place to live.

Buying a house in Rossendale

I’ve recently been in the Rawtenstall area of Rossendale Valley. The Rossendale Valley is an area of Lancashire that contains the towns of Rawtenstall, Bacup and Haslingden. It’s quite well connected from a travel point of view – from Haslingden you can take the Grane Road across to the M65 and Blackburn, and from Rawtenstall you can take the M66 to Bury and then pick up the M66 / M60 motorway network that can take you into Manchester and Bolton.

Rossendale Valley - photo

House prices and the availability of mortgage brokers vary considerably: on the Haslingden border is Helmshore which itself starts going upmarket. Continue on through Helmshore and you’ll get to Ramsbottom and Holcombe Village which have some of the most exclusive houses in the Rossendale Valley.

One of the estate agents currently doing businesses in buying and selling homes in Rossendale is Farrow and Farrow (https://www.farrowfarrow.co.uk/) who have a wide selection of property available throughout the Rossendale area.

For those not wishing to buy a house, renting is a big option these days and there are lots of properties available throughout Rossendale to let.

From experience once you’ve chosen where you want to live the next step is to find a mortgage broker who can get you the mortgage you want. Many people don’t put that much effort into this, but getting the right mortgage advisor who can broker you a mortgage deal can save you thousands of pounds. Personal recommendation speaks a lot and without hesitation my recommendation for people looking for a mortgage would be http://manchestermortgages.co.uk/. Based near the Rossendale Valley they have never let me down and have been brokering mortgages throughout Manchester for over 20 years.

It’s not just house buyers who use mortgage brokers either. People looking to remortgage, buy to let or let to buy will also benefit from using a good broker.

Mortgage Brokering in Bolton

Bolton is a city in Greater Manchester in the north west of England. For anyone who knows the area of Bolton, it has rich parts and poor parts. Similarly, houses and house prices vary considerably as do mortgages for various areas of Bolton.

For example, a mortgage broker who specialises in the richer parts of Bolton such as Egerton and Edgeworth is unlikely to be dealing into mortgages for properties in areas such as Breightmet and Failsworth.

map of Bolton

Similarly, depending on the value of the property a person wishes to buy, the interest rate on the money you want to borrow is dependent on the sum. For example, a loan arranged by a mortgage broker in Edgeworth or Egerton area of Bolton will have an interest rate of around 1.99% per annum. A loan for a mortgage for about £80,000 in Failsworth or Breightmet will probably be loaned on an interest rate of about 2.49%. This is a significant point that will make a considerable different to anybody using a mortgage broker to buy a house throughout Bolton.

With the Bank of England looking to raise the base rate shortly, now is a good time to get a mortgage for a property, before the interest rate rises take hold. Many mortgage brokers will be able to secure either a 2 or 5 year deal with a fixed interest rate. This information should be of interest to all mortgage holders who are looking to buy in Bolton.

Welcome to Wigan

Wigan is one of the four oldest boroughs in Lancashire, receiving a charter from Henry III in 1246. It is believed to have started life as the Roman garrison town of Coccium. Some of the town’s charters are on display in Wigan History Shop, a former Victorian library designed by Alfred Waterhouse, the celebrated architect of Manchester town hall and the Natural History Museum.

Famous Wigan food products include Heinz baked beans, Pataks Indian foods, Potters herbal remedies, Uncle Joe’s Mint Balls, and De Roma ice cream.

Mortgage brokers and advisors from Manchester began their careers in Wigan before moving on to offering mortgage advice and brokering services to Prestwich, Wythenshawe, Didsbury and Bury.

Other well known Wigan firms include Girobank, the Tote, JJB Sports, US glass fibre manufacturers PPG, and carpet firm Milliken. Wigan is also the home of the North West Tourist Board and the Tidy Britain Group.

Once the centre of the Lancashire coalfield – in the late 1800s there were 1,000 pit shafts within five miles of the town centre – Wigan no longer has any collieries. The last pit, Bickershaw, closed in 1992.

Wigan was a key battle ground during the Civil War in the 17th century, and Cromwell’s troops passed through the town twice. The town stayed loyal to the king, and was later rewarded with a ceremonial sword. Until local government reorganisation its motto was ‘Ancient and Loyal’.

The Verve, whose split was announced recently became Wigan’s most famous musical export since … George Formby! The band were all from the Wigan area and met while at Winstanley College, a sixth form centre on the outskirts of town.

Other notable Wigan bands include the Railway Children and folk-rockers the Tansads. Wigan Youth Jazz Orchestra is known the world over, while Andy Prior – dubbed the new Sinatra – owes his success to his formative years with WYJO. Nearby Leigh – part of the borough of Wigan – is the birthplace of Georgie Fame.

In the 1960s and 70s, Wigan Casino was the spiritual home of ‘Northern Soul’ music, attracting thousands to its famous all-nighters. The casino burnt down in the early 1980s. In the 90s the town gained a reputation as a centre for jazz and now hosts an international jazz festival every summer.

Well-known Wigan-born figures include entertainers George Formby, Roy Kinnear, Ted Ray and Frank Randle; miners’ leader Joe Gormley; and former Chief Constable of Greater Manchester Sir James Anderton. Actor Sir Ian McKellen grew up in the town in a house opposite Mesnes Park.

Contemporary Wiganers of note include Kay Burley of Sky News; DJ, journalist and TV film critic Stuart Maconie; former Hollyoaks actress Davinia Murphy (who played Jude Cuningham), and Coronation Street’s Georgia Taylor (Toyah Battersby) and Eva Pope (barmaid Tanya Pooley). Local MP Ian McCartney is currently a high flier in Tony Blair’s New Labour government as Trade Minister.

Wigan

Wigan Rugby League FC are the UK’s top club side. In 1990/91 they won all the major trophies, and hold the record for the number of successive cup and league wins. In soccer, Wigan Athletic have moved into a new 25,000 seat stadium at the town’s Robin Park, which they share with the Wigan Warriors rugby club. It has been paid for by…

Wigan Athletic’s multi-millionaire chairman Dave Whelan, the boss of JJB Sports, whose phenomenally successful chain of sportswear stores is one of the UK’s retailing success stories.

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.