Buying a house in Manchester isn’t as easy as you might think and one of the biggest problems you’ll encounter is actually getting a mortgage. Most people think they just go and start looking at houses in places where they’d like to live. But many forget that to actually get to that stage it’s a good idea to check out what mortgages are available to you first of all.
Different lenders have different lending criteria, meaning that some will lend money to you while others won’t. One of the most frustrating things is spending the best part of a morning in a mortgage brokers office only for them to tell you that you don’t match their lending criteria.
What most people are doing these days is instead of going to a bank or building society, who will only offer you their own products anyway, they will instead seek out a mortgage broker – someone who can advise on all the different types of mortgages that are available from all the different brokers out there.
Mortgage brokers like this are referred to as “whole of market” brokers as they are not confined to just offering the products of one company. Whole of market brokers like John Simpson offers regular advice through his blog to people who are wish to move or relocated to live in Manchester.
My recommendations for securing a house in Manchester is to first consider your situation – how much deposit do you have and how much can you afford to spend on a mortgage each month. Simple questions yes, but you’d be surprised at how many people don’t actually work this out. Once you know the answers to these questions, add up your monthly incomings and outgoings and you’ll have a rough idea of how much money you’ll be able to spend on a mortgage. Be careful not to overstretch yourself too – think what a change in interest rates would mean to you monthly repayments for example.