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 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, 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.

Divorce Options

When you’re getting divorced, loan issues want to be addressed and taken care of if the 2 of you personal a home collectively. Even if your divorce decree states that your husband may be chargeable for the mortgage, you need to recognise that this might not cast off your legal responsibility in the eyes of the lender. while the two of you signed the unique loan papers, you and your husband agreed to be collectively chargeable for repaying the loan. This can be a very trying time for those involved and it’s a good idea to read as much as possible about people in a similar situation.

To dispose of this legal responsibility, the house will want to be bought or the loan will either want to be refinanced or assumed. you can also pick out to keep the mortgage the manner it’s far, but this is a unstable proposition. to help you apprehend what your options are, read the following methods to handle your divorce mortgage obligations.

Maintain the original loan

unluckily, that is the option that many people unknowingly make when they break up. In essence one partner agrees to hold the house, however the loan isn’t always modified after the divorce is finalized. If this is your state of affairs, comprehend that if your ex doesn’t make the mortgage payments, it may ruin your credit if your ex defaults at the mortgage.

maybe you need to preserve the co-ownership of the house and go away the unique mortgage intact until the children are grown. once the kids are gone, the residence can be bought and the proceeds can be split. To make this association paintings, each you and your ex should be able to cooperate in any such manner that the loan bills, taxes and protection are paid in a timely fashion.

Like I said earlier, this is a unstable proposition. initially, do you really want to hold that closely tied in your ex. Secondly, if your ex has any destiny liens filed in opposition to him, they can be connected to your private home. This ties up the identify and makes it tougher to promote the house. And subsequently, having an existing loan can make it hard to qualify for a new mortgage as it will boom your debt to profits ratio. you are higher off attempting some of the other divorce mortgage alternatives underneath.

Sell the residence

one of the simplest approaches to eliminate your legal responsibility from the loan while getting divorced is by using promoting the marital home. The proceeds from the sale will first be used to repay the present mortgage, and whatever that is left over after closing prices can then be break up among you and your spouse. commonly, it is a great idea to promote the house earlier than your divorce is finalized to save you destiny opportunities to combat over the income rate. Plus, neither of you may should fear about the other not making loan payments, retaining the house, or paying taxes and coverage.

One partner continues the home and Refinances the loan

That is a not unusual strategy when one spouse wants to preserve the house. In this case, the partner who desires the house commonly buys out the alternative partner’s equity share and refinances the mortgage into his or her own call. If you may be keeping the residence, it’s far vital to have your partner signal a cease declare deed which relinquishes his ownership and rights to the assets.

in case your spouse is the only who can be maintaining the home, it is very important that the mortgage be refinanced in his name best. as long as your name remains on the loan, you will stay accountable for the mortgage bills must your ex default at the loan.

if your divorce is not but finalized and your ex may be retaining the house, it’s a terrific concept to encompass language to your divorce decree that your spouse will refinance the house. along with this, you should additionally have your partner sign a Deed of agree with to comfortable Assumption. This gives you the right to foreclose and take again ownership of the house if he fails to refinance and ultimately defaults at the mortgage. After your divorce papers are signed and the whole lot is finalized, you want to inform the mortgage lender of your security interest and request that they notify you at your present day address of any missed bills.

One partner maintains the home and Assumes the loan

A divorce loan assumption can be a terrific alternative if your bank will approve it, but you have to realize that now not all mortgages are assumable. consequently, the primary element to do is to contact your loan lender to look if they will permit you to anticipate the loan.

If the mortgage lender will can help you anticipate the loan, you begin the method via filling out the belief settlement and a release of legal responsibility. The lender will also need documentation to decide if you could pay the mortgage primarily based entirely for your personal income. if you meet the lenders underwriting guidelines, you can also want to supply a copy of the give up declare deed in addition to a replica of your divorce decree. If the assumption is accredited, the lender generally executes a release of liability to the alternative spouse.

this can be a terrific option if your financial institution will allow the idea and you’ve got correct terms in your existing loan. despite the fact that there are assumption prices, they may be commonly lots less than what it might value to refinance the mortgage.

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.

Visiting a NatWest Mortgage Advisor

NatWest logoWe are first time buyers and wanted to buy our first home together so made an appointment with our bank NatWest to see the mortgage adviser.

We went to see them on a Saturday morning as this was the only convenient time for us as we both had full time jobs and could not afford to take time off work.

When we met with them they checked our income and advised us that we were good for a mortgage and they would only be to glad to arrange this on our behalf.

We left there really excited that our bank was going to lend us the money to buy our first home together.

We then saw the house of our dreams and put in an offer and it was accepted. We then contacted the bank to arrange an appointment so that we could put in our mortgage application. We were told it would be 4 weeks before we could see a mortgage adviser.

This was going to be to long a time to wait as the people we were buying off needed to move fast on a house they were buying.

My Dad knew a mortgage broker who would probably be able to help us get our mortgage arranged so we contacted them. I told him that we had been to see our bank and that they had told us we were good for a mortgage.

The mortgage broker advised that we could still use the NatWest and he could deal with it on our behalf.

We put forward our application and were surprised and shocked when the NatWest advised our broker that they could not proceed with our application after initially saying they would lend us the money.

Our Mortgage broker contacted the NatWest who advised that we had failed the credit score and they were not able to help with the application.

After further consultation with our Broker regarding how we needed to proceed he advised us to get our credit reports which we did.

It appeared that my partner had two defaults registered against his name from a mobile phone company.

We were bitterly disappointed that the NatWest had told us we could borrow the money and then changed their minds. It appears that what in fact the NatWest had done was just work out if our income was enough to allow us to borrow the money and not make proper checks as to whether we were credit worthy.

This left us in a difficult position regarding purchasing our dream property.

Fortunately for us our Mortgage Broker was able to research the whole of the mortgage market on our behalf taking into account our full financial & personal circumstance and was able to find us an alternative mortgage with a building society.

He was able to deal with all the paperwork on our behalf and within 2 weeks had a mortgage offer for us, he also recommended a solicitor to us.

We have now moved into our dream home and would always advise that you seek help from a mortgage broker to arrange your mortgage as they can look at all the deals in the market place and take away all the stress of trying to do it yourself through the bank yourself.

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.