Mortgage Broker Stockport

Mortgage Broker in Stockport

If you’re looking for a Mortgage Broker in Stockport to help you buy your first home then you are in the right place. After this page you should also check out:

Last updated: 13th August 2022

Mortgage Broker for First Time Buyers in Stockport

I specialise in First Time Buyers in Stockport, Manchester, Bolton, Warrington and the surrounding areas.

When choosing a Mortgage Broker to work with you should pick somebody who specialises in what you’re trying to do. Focusing on First Time Buyers means I keep up to date with the First Time Buyer market in Stockport which enables me to help you have the best home buying experience possible. If you’re a First Time Buyer looking for a Mortgage Broker in Stockport, I’m your man!

Fee Free Mortgage Broker in Stockport

For most First Time Buyers I don’t need to charge a fee. I do sometimes, like if you’re using an equity loan, or if you’ve got bad credit. You can read all about Mortgage Broker fees, and why I don’t need to charge most people here.

Remember though, don’t choose your Mortgage Broker based solely on cost. Choose them based on if they solve your specific situation.

Is it best to use a Mortgage Broker local to Stockport?

What’s most important is to use a Mortgage Broker that specialises in you. I specialise in First Time Buyers in Stockport and Greater Manchester.

It’s not essential that your Mortgage Broker is local, but it can help. We get to know the market, know if there have been issues with valuations in a certain area, or if lenders avoid certain property types in an area. This can save you time and money.

How much can you borrow for your first mortgage?

As a rough guide most banks may consider lending up to 4.5 times your usable income, though people in some jobs can borrow more. Your usable income varies massively from lender to lender. For example, some lenders won’t accept any overtime, others only accept 30% to 60% of it. This can rule these lenders out if you do a lot of over time.

To be able to borrow the amount you need it’s important to approach the right lender. Applying for a mortgage and then being rejected feels awful and it’s my job to make sure that doesn’t happen to you.

Lenders will reduce what they are willing to lend you in proportion to the amount of credit commitment you have. That’s why I’ll go through your credit report so I see exactly what the bank will see, before they get to see it. Credit commitments are things like personal loans, credit cards, and buy now pay later agreements.

You should go into any property viewing knowing that you can afford the place if you like it. I’ll get you an agreement in principle to check what you can afford before you fall in love with a property.

Why do people use Mortgage Brokers in Stockport?

People don’t have to use a Mortgage Broker. Most lenders deal with the public directly though some are only available through Mortgage Brokers.

People choose to use a Mortgage Broker due to the service they provide and value of professional advice. And why wouldn’t they when it usually doesn’t cost them.

A Mortgage Broker has a professional duty to get you the best mortgage available and explain exactly why they have done so. They should also help you put things in place to make sure you can afford to stay in your home if your circumstances change.

As an Independent Mortgage Broker in Stockport, it’s my job to get you the right mortgage and make one of the most stressful things in your life, buying your first home, as simple as possible.

Are 5% deposit mortgages available in Stockport?

Yes. Today there are many options if you have only a 5% deposit. 

During the pandemic most lenders stopped 5% deposit mortgage though. However, the Vernon Building Society kept considering applications for 5% deposits if the property had an SK postcode! They are a local building society. You might have see their branches in Stockport, Reddish, Hazel Grove, Marple, Bramhall, or Poynton.

They are great at some niche mortgages such as student landlords, but most First Time Buyers may find more suitable mortgages elsewhere. 

Today there isn’t really any advantage of using a local building society as it’s more likely that a national high street lender will have the best mortgage for you. And it’s my job to find it for you!

Deposits if you don't have indefinate leave to remain

Lenders often have additional rules on deposit size if you don’t have indefinite leave to remain in the UK.  If this includes you then read about mortgages on a spouse visa or mortgages if you have pre-settled status