Mortgage Broker Stockport
Mortgage Broker in Stockport
Mortgage Broker for First Time Buyers in Stockport
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 you 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, Nationwide won’t accept any overtime, Halifax only accept 30% 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 Check My File 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. At the moment the Vernon Building Society are considering applications for 5% deposits. They will only consider certain SK post codes, so if you only have a 5% deposit you may want to get in touch with them.
If they aren’t able to help you, get in touch with me and we’ll put a plan in place to get you ready for a 10% deposit mortgage as soon as possible. You could also consider using the Help-to-Buy equity loan scheme on a new build property.