Mortgage Broker Warrington
Mortgage Broker Warrington
I’m Jamie, the go to first time buyer mortgage broker in Warrington. Although I can help people moving house and remortgaging, my favourite people to help by far are first-time buyers. Helping somebody buy their first home is so much more rewarding than saving a landlord ten pounds a month on their buy to let remortgage!
Most of my clients are first time buyers in Manchester but I’ve noticed more and more of them buying their first house in Warrington. See the section on why I think Warrington is a great place for first time buyers and see if you agree with me.
After reading this page you should also see my first-time buyer mortgage guide.
Last updated 13th August 2022
The first time buyer mortgage broker in Warrington
I specialise in first time buyers. Below are some other mortgage brokers in Warrington that you may want to check out if you’re not a first time buyers.
Other mortgage brokers in Warrington
It might be unusual for somebody to name their competitors, but just like it’s important to a client to work with the right mortgage broker, it important to me to work with the right clients: first time buyers.
Home Financial – Bad credit & joint borrower sole proprietor mortgages
AFP – Later life lending specialist
Warrington Mortgage Centre – Buy to let & investing
Nick Loggin Mortgage Services – Equity release
There are dozens more mortgage brokers in Warrington to chose from. Just be sure to pick one that specialises in your situation.
What does a mortgage broker do?
A mortgage broker’s job is to get you the best mortgage. The best mortgage is usually the one that meets all of your needs at the lowest cost.
Notice I didn’t just say to get you the mortgage with the lowest interest rate? This is because first of all we need to ensure you will actually qualify with a specific lender. Each lender has their own rules on who qualifies with them. Your type and time of employment can affect who you qualify with, as does your credit history, and hundreds of other things.
Also, the lowest interest rate mortgage usually isn’t the cheapest one. This is because the ones with the lowest rate usually have a large arrangement fee. If a 0.2% lower interest rate only saves you £800 over a 5 year fix period but you have to pay a £1,000 arrangement fee to get that rate, you haven’t saved anything at all!
You may be able to borrow hugely different amounts with different borrowers. Mortgage brokers typically know which lenders are best for your situation which will save you time and avoid disappointment.
Once you’ve found a home it’s then a mortgage broker’s job to explain the best mortgage to you, submit the application and monitor it until the lender issues a mortgage offer.
How to choose a mortgage broker in Warrington
It’s important to choose a mortgage broker in Warrington that you think you will enjoy working with. They are going to need to find out a lot about you so make sure you are comfortable with them and how they work.
Here’s what I think you should consider when choosing a mortgage broker in Warrington:
Do they make it clear that they are experienced in your situation? Or do they just say they do any and all mortgages?
Working with people remortgaging is different to people buying their first home. The best doctors specialise in certain areas of the body. The best lawyers in certain fields of law. Even pilots only usually fly one type of aircraft.
You also need to consider their set up. Do you prefer working with large companies with fancy systems or the more personal touch of an independent business?
Are they available when you are available? Ideally you don’t want to take time off work to speak about your mortgage. If they close at 5pm, will this be an issue for you? Can they do everything remotely or do you need to physically go to an office to see them?
I do all of my appointments over Zoom video, am available to do appointments in the evening, even after children’s bed times if necessary. In some cases I can also do Saturday mornings.
Consider how they communicate. Is everything by email that they’ll reply to in a day or two, or can you get much quicker responses?
I encourage my clients to WhatsApp me as that’s the quickest way to get hold of me and get your questions answered even outside normal office hours. Big companies typically don’t do this.
Check their reviews. You can read mine here.
Don’t just look at the number and overall rating though, actually check are the reviews from people in a similar situation to you? A company with thousands of great reviews might not suitable for you if they are all for buy to let mortgages and you’re a first-time buyer!
What does a mortgage broker in Warrington cost?
Mortgage brokers in Warrington range from no fee brokers to several hundred pounds.
If your case is straight forward, you’re employed, have good credit, and are buying a normal house, there are many mortgage brokers in Warrington and beyond that can assist you for no fee.
This includes myself. I make a conscious effort not to charge wherever I don’t need to. I want to make professional advice accessible. Mortgage brokers can do this as they receive income from the lenders regardless of whether they charge their client on top as well.
Read more about fees and how I can be a fee free mortgage broker in Warrington.
Some companies charge all clients and typical fees range from £250-500 per case. If your case is more complex then you should expect to pay a fee. I charge for more complex cases such as CIS Mortgages, fixed term contract mortgages, and a few other scenarios which you can see here.
How much deposit do you need?
The minimum deposit right now is 5%.
There are 5% deposit mortgage options on houses and flats so long as they are not new builds.
For new build properties you can use the help to buy equity loan scheme. There are also a couple of lenders that will consider a 5% deposit on new builds without this scheme.
The minimum deposit on a new build flat is currently 10%.
The larger the deposit that you have the lower the interest rate you will qualify for. This is because it’s seen as less risky by the lenders. You are also more likely to qualify with more lenders if you have a larger deposit. This gives you more options which means you’ll likely get a lower cost mortgage.
How much can you borrow?
How much you can borrow can vary massively between lenders. This is where mortgage brokers are worth their weight in gold.
If you have fairly simple income and no debts a typical first time buyer can borrow around 4.5 times their total income.
If you earn over £37,00 individually, or £55,000 as a pair you may be able to borrow 5.5 times your income if you have a 10% deposit and no significant loans or debts.
Other things that affect how much you can borrow are if you have children or even how much it’ll cost you to commute.
There are certain lenders that are more lenient if you already have some debts or children so don’t be put off if you’ve been told you can’t borrow what you need with your own bank or an online calculator.
See my first-time buyer mortgage guide for even more detail on this.
What schemes are available to help First Time Buyers in Warrington?
Most mortgage brokers in Warrington will be able to assist you with mortgages using the following schemes:
Help to buy equity loan
The government can effectively loan you a deposit of 20% of a property’s value to fund your deposit. You still need a 5% deposit of your own though.
The scheme is only available to first time buyers and in Warrington and the North West the maximum purchase price is £224,400. The property must be a new build and in a development that’s part o the scheme.
If you can buy a home that suits your needs without an equity loan I believe you are better off not using the scheme. If there are not homes available that meet your needs other than by using the scheme, then I say go for it!
With shared ownership you buy a set percentage of a property with a deposit and mortgage. You then pay rent on the rest of the property that you don’t own.
If the choice is between not buying anything at all or using shared ownership then I believe you should consider it. If you can buy a suitable home without using the scheme you’ll be better off not using shared ownership in the long run.
Previously called the Help-to Buy ISA this savings account can provide a bonus to go along with your deposit when you buy a house.
You need to have had the account open for a year before using it though.
They are great for first time buyers.
Why I think Warrington is a great place for First Time Buyers
I’ve noticed more and more of my Mancunian clients leaving Manchester to buy in Warrington. I don’t blame them. Here are a few reasons why I think Warrington is a great place for first-time buyers right now:
Warrington is relatively affordable. A couple earning £19,000 each could borrow £171,000 and place down a 5% deposit to buy a three bed house for £180,000 as their first home.
Go for a two bed terrace and you’ve even got change to spare.
I think more people in the North West will cotton on to Warrington’s housing opportunities and prices may increase faster than other areas in the North West. But remember, you aren’t buying a house to make a profit, you’re buying a house to make a home.
Warrington’s got a fair amount going on. From experience I can tell you that living near an IKEA when you buy your first home is a massive time saver!
There’s plenty of opportunities for work in and around Warrington. I used to work on one of Warrington’s industrial estate and there were thousands of jobs and we were always hiring.
It’s also well connected though. You can get to Liverpool and Manchester pretty easily, quickly, and cheaply. This means that you can buy a place in Warrington knowing that if you ever wanted to change jobs you could look at companies in Warrington, Liverpool, and Manchester. That’s a lot of jobs.
Being close to Liverpool and Manchester Airport also makes getting away on holiday pretty convenient.
Why Jamie Thompson Mortgages
Mortgage Broker North West