Mortgage Broker in Manchester

A mortgage is a loan taken out so that you can purchase a new property. The loan is ‘secured’ against your home until you have fully cleared the mortgage/loan amount borrowed. If you can’t keep up your repayments the lender can repossess your home and sell it so they get their money back.

There are several factors that control how long it takes to get a mortgage. Below are the stages involved in the application process.

The Process: Mortgage in principle – Mortgage certificate.

The first part of the mortgage process is to get a mortgage in principle. This is a statement from a lender confirming that they can lend you a certain amount of money to purchase a home. This will be subject to final underwriting checks. This is a really quick process if you have all the documents ready i.e passport, driving licence, 3 months bank statements, and 3-6 months of payslips. A lender will ask you for some basic information such as your income and current financial status. They will then check your credit history so that they can verify if you have the required mortgage. This is not a guarantee that a lender will definitely agree to a mortgage in the future but it is useful to have to show to estate agents to demonstrate that you are serious about buying.

The Mortgage Application

The next step in arranging the mortgage is the application. Your mortgage broker will complete your mortgage application and submit on your behalf. It is not a lengthy process, it should only take a few hours at the most, as long as you have your finances in order and the necessary documents and information at hand. To finalise the amount you are able to borrow lenders will need evidence of the following:

Details of the property you have offered on, as well as information on the seller’s estate agent and proof of your deposit.

Are you looking to buy your first home and take your first steps onto the property ladder? Maybe you’re already a home owner and are looking to move up and buy something a little bigger which is perfect for starting a family in? Whatever your situation, if you’re looking to secure a mortgage, Search Mortgage Solutions, a Manchester no-fee mortgage broker is here to help. On the other hand, perhaps you’re looking to remortgage your home and are looking for expert advice on the most suitable deals and the right way to proceed. Whatever your needs, if you’re looking for a mortgage, we’re here to help. Unlike many mortgage brokers, we will never charge a fee for our services. We believe that everyone should be able to receive expert advice and guidance and that, whatever your position, your deposit shouldn’t be compromised.

We strongly advise you not to try to arrange your mortgage solely on the internet unless you are well skilled in this particular area. It is a complicated business and it will always pay you to consult and meet with a professional mortgage specialist. Unlike banks and building societies, here at Search Mortgage Solutions, we have access to whole of market for mortgages and can search on your behalf to ensure that you get the most suitable mortgage to fit your specific needs according to your personal circumstances. We welcome you to give us a call today to discuss your needs and requirements and let our expert Manchester mortgage broker find you the right deal.

Calculating how much you can borrow to buy a home will be based on your income/incomes and other factors. If you wish to apply for a mortgage, use our borrowing calculator on the website as this will give you a rough idea of how much a lender might offer you. This is based on how much you earn and whether you’re buying with anyone else. Mortgage lenders will decide how much you can borrow by basing income multipliers on your salary/salaries. Banks and building societies will offer between three and four-and-a-half times the annual income of you and anyone you are buying with. This means if you are buying on a single applicant basis and earn £30,000 a year, you would usually be offered anything between £90,000 and £135,000. There are exceptions to this however, especially if you work in a certain profession and then income multipliers may be higher. Other factors will impact how much you can borrow as well. Lenders will want to know your monthly outgoings and how you spend your money to complete an affordability assessment. Typically they will want to know about loan repayments, student loans, credit card balances, regular bills (e.g. gas and electricity), transport costs, grocery costs, spending on leisure activities. Recent bank statements and payslips may be needed to support your application.