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.

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 ( 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

Mortgage Broker Eccles

If you’re looking to buy a house in the Eccles area of Greater Manchester and you need a decent mortgage broker then look no further. In this previous post I talked about a Manchester mortgage lender with a good reputation and I’m pleased to say they also cover the Eccles area.

Of course Eccles has many areas close by that are popular with home buyers – you can take the A57 across to Irlam, or head over the canal to get to the Manchester United ground and Stretford, or you can head towards Worsley and to the popular village of Monton.

Between Eccles and Monton is Green Lane where a new housing development is being built on an old industrial site. A mixture of 3 to 4 bedroom houses, prices are a very competitive £200,000 to £250,000 and a near the canal that comes from the Worsley Golf Course.

Close to the Trafford Centre, the mortgage broker for Eccles also tells me that the housing development is in easy reach of two local schools: Monton Green Primary School and Westwood Park Community Primary School.

Monton has it’s own village web site which you might like to browse here:

Buying a house in Chatburn and Clitheroe

It was during this delightful walk between Chatburn and Grindleton in Lancashire that I started to think how nice it would be to live in an area of Lancashire such as this.

Chatburn today

Most of us find ourselves confined to the urban sprawl of places and districts such as Bolton and Preston, but the towns and villages such as Clitheroe and the Trough of Bowland are absolutely delightful – quite, peaceful and rural. Ideal if you want to get away from the rat race.

clitheroeOne only has to spend 30 minutes in the open spaces of Clitheroe, Chatburn or other similar villages to start to feel a sense of rejuvenation and reconnection to the earth. It’s probably one of the reasons that both places are tourist attractions for walking enthusiasts.

For those wanting to buy a house in Chatburn, Bowland or Clitheroe, I recommend you try the online agencies to see what sort of the properties are available and what prices you can afford, as for getting a mortgage, my advice is to chose a mortgage broker / adviser who is familiar with the area and who can offer you a wide range of mortgages – take a look at the homepage of this site ( for recommendations.

Right, time to get back to my walk!

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 ( 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 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.

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 –

Mortgages in Wythenshawe

With all the new properties available in Wythenshawe, Greater Manchester (source:, 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.