Mortgage Broker Manchester

Mortgage Broker Manchester

If you’re looking for a mortgage broker in Manchester then you’re in the right place. If you’d like to learn a bit more about mortgage brokers before deciding who to contact then this guide is a great place to start.

Things to know about getting your first mortgage in Manchester (summary).

The complete first time buyer mortgage guide.

Mortgage Broker Manchester

List of mortgage brokers in Manchester

When choosing a mortgage broker you’ll get the best results by picking somebody who specialises in your situation.

Jamie Thompson Mortgages – First time buyer specialist. Independent mortgage broker based in Manchester with five star customer service.

Mortgage Broker Manchester

Can I help non first time buyers?

Yes. Although in the time I’ve bee mortgage advising first time buyers have made up most of my clients. I am happy to help home movers and people remortgaging, these situations are usually easier than first time buyers anyway!

Others mortgage brokers near Manchester

Poole Family Financial – debt consolidation

Simple Fast Mortgage – HMOs

First Mortgage –  new build

Manchester Money Man – buy-to-let mortgage

Manchester Mortgages – equity release

Jackson Potter – international & ex-pats

Search Mortgage Solutions –  bad credit

These are just a selection. There are many more available from nationwide companies with call centres and hundreds of staff, to independent one person businesses.

Why have I just listed my mortgage broker competitors?

As well as home buyers wanting the right broker, mortgage brokers want the right clients for them. For me, that’s people buying their first house, preferably in and around Manchester. I help lots of people outside Manchester but most seem to be in and around Manchester, Stockport, and Bolton.

However, if you’re trying to mortgage a limited company buy to let, HMO, get a mortgage with (really) bad credit, ex-pat mortgage, or something else weird, then you’re best-off speaking to somebody who specialises in that area.

I have a few areas I specialise in other than first time buyers. These include CIS mortgages, stipend mortgages, NQT mortgages, new job mortgages, and fixed term contract mortgages.

What does a mortgage broker do?

Read more about what a mortgage broker does.

Ultimately a mortgage broker’s job is to find you, our client, the most suitable mortgage by giving great mortgage advice and guide you through the mortgage process from start to finish.

Notice that I didn’t say ‘find the best mortgage deal.’ That’s because there is no best mortgage. However, there is a most suitable mortgage. That’s usually going to be the cheapest mortgage that you qualify for and meets your needs. 

We do this by considering a lot more than just the interest rates available, though this is a large factor. We must also take into account other things that might be important to you, like being able to adjust the repayments on your mortgage, or avoiding lenders with notoriously long wait times.

Different people qualify for different mortgages. What mortgages you qualify for will depend on many things, including:

  • Your income
  • Employment status
  • Credit score
  • Your age
  • The property you are trying to buy
  • This list could go on for a long time

A mortgage broker saves you time and money by getting the right mortgage first time around. This is one reason why around 70% of mortgage are arranged by brokers. Having a mortgage application rejected could lead to you losing the property you want to buy. Don’t become one of the 41% of young home owners that have a mortgage application rejected.

Additionally, a good Mortgage Broker will take on the responsibility of pushing your case from application to getting a formal mortgage offer. They do this by using their dedicated contacts at the lenders.

Your mortgage broker should be authoristed and regulated by the Financial Conduct Authority and covered under the Financial Services Compensation Scheme.

Read more on what a mortgage broker does.

How to choose a mortgage broker in Manchester?

Just like lawyers specialise in one part of the law, doctors on one part of the body, or pilots on one type of aircraft, top mortgage brokers specialise in one type of client. Make sure your broker specialises in you! For me that’s certainly first-time buyer’s mortgages in Manchester.

Mortgage brokers can be employees of big companies, right the way to business owners who work by themselves.  When choosing which you would prefer, think about what type of company you prefer to work with for similar things, and what your experiences have been.

Availability

You may not be able to contact an advisor after 5pm if they work for a big company. Consider if things like this are important to you. How important is that to you?

I am happy to conduct appointments in the evenings and even Saturday mornings. Most many only be available in offices hours, five days a week.

Consider if you want to meet your broker; physically, or via Zoom, or if you are happy to do everything over phone and email. I prefer to see the people I’m dealing with when it comes to recommending a large commitment like a mortgage as I can then see if they are comfortable with the details of the mortgage. This is why I do all my appointments over Zoom.

What mortgage lenders do they have?

When choosing a mortgage broker make sure they have a comprehensive list of lenders. Be careful around the term ‘whole of market.’ This doesn’t mean that a mortgage broker has access to every lender available in the UK.

Whether or not a mortgage broker has access to the State Bank of India is probably not going to affect you unless you’re trying to do something very specific. But make sure that have access to all the big names.

A quick tip to do this is to make sure they have access to TSB, HSBC, Atom Bank (Digital Mortgages), and the West Brom Building Society as these lenders can be selective with who they work with and usually have some of the best mortgages for first time buyers.

See my full list of lenders.

Reviews

Reading the reviews of previous clients can give you an insight into what it’s like to work with a particular mortgage broker in Manchester. Their rating will tell you one thing, but read the comments to see how people in a similar position to you actually describe their experience.

See my Google reviews.

Most importantly

Most importantly, pick somebody you are going to enjoy working with and you trust! Are they confident enough of their services to put their face on their website, or is it just a logo and phone number so you don’t know who will actually take your call? These days I only use tradespeople who are confident enough to post pictures of the work they’ve done on social media!

Here’s some answers to questions you might have about getting your first mortgage in Manchester.

Mortgage Broker Manchester

How much do mortgage brokers charge?

Mortgage brokers can charge nothing, a set amount, or a percentage of your mortgage amount. If you’re looking for a fee-free Mortgage Broker in Manchester there are several to choose from, including myself (most of the time). Unfortunately it’s not uncommon though to see broker fees of around £500 for even the most basic cases. If the company has offices, fancy advertising, or an estate agent introducer fee to pay for, ultimately that cost gets passed on to the client.

If your case is relatively straight forward, and you just want to use a mortgage broker to make sure you are guided through the process and get the right mortgage for you, you’ll be able to find a decent one without paying a fee.

However, you might be wise not to choose your advisor solely on cost. For example, if you have a history of bad credit, are trying to buy an unusual property, or have very complex income, your best option may be to go to somebody who specialises in that scenario. In the end, if it helps you get the home you want any fee will feel insignificant.

I am a specialist in CIS mortgages, stipend mortgages, NQT mortgages, and fixed term contract mortgages. As these are more complex I usually charge for these.

Brokers have to be open about their fees. Some will charge right at the beginning before doing any research. Some charge on application (some will refund if the application is rejected), some charge on receiving an offer, and some charge when the mortgage completes. And of course many don’t charge at all.

My Fees

On the few cases I do charge a fee it’s usually paid at the outset with a guarantee that it will be refunded if I can’t get you a mortgage.

 

Don’t worry about asking your advisor about fees. They will be able to answer your question and make it clear what you should expect.

Read more on why I choose to be a fee free mortgage broker in Manchester for the majority of cases.

How do mortgage brokers get paid?

You might be wondering how a mortgage broker can help you for free. Regardless of what lender your mortgage broker advises you to go with they will receive a fee from the lender. The amount usually depends on the size of the mortgage, and the amount varies slightly from lender to lender.

Your broker should go through a mortgage illustration with you before you apply. This is a standardised description of the mortgage. In section 2 it will tell you exactly how much the lender will pay the broker or their company. 

Remember, they will receive this regardless of whether you are being charged a broker fee or not. It is not an either or and does not affect the terms of the mortgage.

Mortgage Broker Manchester

Is it best to use a mortgage broker local to Manchester?

Not necessarily. Your mortgage broker does not need to be local to you in Manchester, or anywhere in the country really. These days they can do all the work remotely. Most of my clients tend to be in Manchester, Bolton, Stockport, and the surrounding areas though.

You may find that it can be useful to use a local broker when it comes to certain properties. There are some houses in Cornwall made out of a material that lots of lenders won’t issue mortgages for. But I bet an advisor local to that area can sort it with their eyes closed.

One thing to watch out for in Manchester is the high number of leasehold properties. Some lenders have extra rules for these. The same applies for flats in tall buildings. The broker in Cornwall might not be as used to getting mortgages for flats in tall buildings!

What’s the difference between a mortgage broker and a mortgage advisor?

There isn’t one, really.

Some people will say that a Mortgage Advisor works at a bank and can only arrange one lender’s mortgages, whereas a Mortgage Broker is independent and has access to multiple lenders. However in reality it comes down to what an individual wants to call themselves.

I think of myself more of a mortgage advisor as I think that better sums up my job, I’m there to advise. Broker sounds too salesy for me.

I guess it stems from the fact I value being advised, I’ve never enjoyed being brokered. If that’s even a thing? Most people seem to say broker though which is fine. It means the same thing.

You might see the term Independent mortgage advisor around. Here’s an explanation of what that actually means.

Mortgage Broker Manchester

Do I need a mortgage broker?

No. It’s not a requirement to use a Mortgage Broker. The reason people choose to use brokers due to the service and value they provide.

Watch out for estate agents and developers saying that you must, or should, use a certain broker. Conditional selling is not allowed. This is a big red flag as it usually means they are getting a fee for recommending you. I wouldn’t want my mortgage advisor, who knows exactly what I can afford to borrow, sitting in the same office as the person I’m negotiating the purchase price with!

People don’t use brokers because they have to, but because they want to. Broker will also know about schemes that certain lenders may have, like professional mortgage products who may lend more to people with certain jobs or qualifications. Our assessments of what you can borrow are way more accurate than a mortgage calculator every can be.

There are a few lenders who are only accessible via a broker too.

Why use a mortgage broker?

Having a mortgage broker on your side from start to finish can relieve a lot of stress. We do something that you would do a few times in your life (and maybe you’re doing it for the first time ever), every day.

 

Different lenders have very different criteria when assessing you for a mortgage. This is why you hear people saying they got turned away by their own bank even though they’ve been with them since they were sixteen. It’s a mortgage broker’s job to make sure you only apply to the mortgage lenders that you actually qualify with.

 

We will give you options that you didn’t know you had. A great example is the number of people that think if they take out a 35 year mortgage they are stuck with it for that entire time. In reality you could go with a lender allowing overpayments without a penalty. This is great for people wanting to keep a low payment in the first year after buying a house, but increase payments afterwards.

 

Mortgage brokers are trained professionals in a highly regulated industry and must demonstrate why their advice is the best outcome for you. We represent you not the lender.

What lenders do I have access to?

Below is a list of all the lenders I have direct access to. I can also use other lenders not in this list in certain situations. Last updated 16th August 2021.

See tips on assessing a mortgage broker’s lender panel.