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.

Off the top of your head…

If we asked you the following mortgages related questions would you know the answers?

MORTGAGE –

  • Who is your mortgage with
  • 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.

PROTECTING YOUR INCOME –

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.

LIFE COVER / CRITICAL ILLNESS

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.

CONCLUSION

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.

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.

Stalybridge Mortgage Advice

Stalybridge photoI’ve recently provided some mortgage advice for a couple looking for buy their first house in Stalybridge.

Stalybridge is a town in Tameside, Greater Manchester. One of it’s closest well known landmarks is the Ethihad Stadium, home to Manchester City football club.

I looked at https://www.rightmove.co.uk/property-for-sale/Tameside.html for houses for sale in Tameside and then looked for a mortgage broker. Finding a mortgage broker in Manchester was tricky as I was looking not only for a first time buyer mortgage but I needed advice about remortgaging my existing house too.

Next to Stalybridge in Ashton which also has a masonic hall. Remortgaging the house in Ashton to buy a house in Stalybridge was the only option available. The current mortgage rate is between 1.99% – 2.39% on mortgage amounts over £100,000, below that  the rate will be higher.

Always look at your mortgage offer and consult a mortgage specialist to make sure you get the best prices available.

 

Homes in Manchester City Centre

There’s a lot of new building and housing developments underway in Manchester City Centre as anyone who has driven through it or works there will tell you. This is not surprising with house prices in London being ridiculously expensive that most people can no longer afford to live there.

So Manchester therefore looks very attractive, and you only have to go along to Piccadilly Station in the morning to see all the commuters who each day travel to and from London for work. Some would say this is quite a good idea really as you can get a lot of work done in the train.

Manchester city centre mortgage broker

As so many people are wanting to live in Manchester there is a lot on new build housing being built (see http://www.rightmove.co.uk/new-homes-for-sale/Manchester-City-Centre.html). Mortgage brokers in Manchester have been very impressed with the new housing developments around the Manchester City football ground (see my earlier post here).

Prices in the centre of Manchester are more expensive than areas outside, but this is to me expected, getting yourself a decent mortgage advisor is then next crucial step – as I repeatedly say, DON’T use a high street broker – their deals are rubbish, use and independent mortgage advisor and you WILL save yourself thousands of pounds throughout the duration of your mortgage.

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.

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: https://www.montonvillage.org.uk/.

Buying a house close to the Etihad Stadium

Manchester City’s ground is located in what is known as the Etihad Campus which contains the stadium, various training facilities and other related amenities. The owners of Manchester City have put a lot of money into both the club and the city in general. The surrounding areas of Miles Platting , Clayton, New Islington and Bradford / Beswick had all benefit from substantial regeneration and many old and run down buildings have been pulled down and new houses built on the land. Buying a house close the Man City ground is a dream for many die hard City fans and there are plenty available.

Manchester City groundA number of new build flats are for sale in the M11 area of Manchester close to the Manchester City ground (see this link) and at reasonable prices too. Homes buyers can also benefit by getting themselves a great mortgage through companies like Manchester Mortgages, whose main broker for the area, Andrew Butterworth is a life long City fan and season ticket holder.

According to Andy, if you’re looking to buy a house close to the ground, or in the areas of Clayton, Miles Platting and Beswick, good advice is to stay away from the high street mortgage lenders. The reason is that they’ll only tell you about the mortgages available from them. Manchester Mortgages will tell you about the different mortgages available from every lender. Over the duration of a mortgage, their advice will often save clients over £10,000.

There are a number of different properties available close to the Etihad, and the area is ideal for first time buyers, remortgages, home movers, or buy to let agents.

Manchester City fans should contact Andrew at Manchester Mortgages on 0161 706 0242.