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.