Mortgage Broker Manchester
Get The Best Mortgage Rates In Manchester With Deedle
With multiple properties available for both homebuyers and investors, you can get started now with a Manchester mortgage. Speak to an expert advisor today to secure a property ASAP!
How To Get A Mortgage In Manchester
Fill in Our Online Form
Receive A Callback
Check If You Qualify
Receive Your Manchester Mortgage
Can I Get A Mortgage in Manchester?
Yes, you can get a mortgage in Manchester even if you are self employed, a pensioner or have bad credit! Deedle can help you get:
- A residential mortgage in Manchester
- A buy to let mortgage in Manchester
- A first time buyer mortgage in Manchester
- A next time buyer mortgage in Manchester
- Affordable Housing scheme mortgages in Manchester
- Equity release mortgages in Manchester
- Remortgage a property in Manchester
How Much Deposit Do I Need For Properties in Manchester?
Generally, lenders in Manchester usually expect a deposit of at least 5-20% of the property’s purchase price. With the average price of a property in Manchester totalling just over £200,000, a typical deposit will range between £10,000 and £40,000 on average.
The higher the deposit, the more favourable terms you will get such as lower interest rates. So it is ideal to save closer to 20% of the property’s full value. The amount you need to pay for the deposit will also depend on the property’s value, the lender’s criteria and your financial situation.
Different Types of Mortgages Available
Fixed Rate Mortgages
A fixed rate mortgage allows borrowers to fix their mortgage rate for 2 to 15 years.
Repayments stay the same during that time.
You can usually overpay by 10% a year to reduce the total loan amount. Any more than this could lead to early repayment charges.
Discount Variable Rate Mortgages
Discounted variable rate mortgages mean that borrowers get a discounted rate for some time, usually between 2 and 5 years.
These mortgages tend to have the lowest interest rates and lowest monthly repayments.
However, interest rates and monthly repayments can go up or down.
Tracker Mortgages in Manchester
Tracker mortgages follow the Bank of England’s base rate.
They are often a certain percentage above it, so they do not follow the same interest rate changes as fixed mortgages.
Monthly repayments can go up or down with a tracker mortgage.
Why Should I Enquire With Deedle?
At Deedle, we pride ourselves in being the best mortgage introducers in the whole of Manchester. Better yet, our service is free of charge!
Whether you are looking for a mortgage advisor in Manchester City Centre, or anywhere else in the area, Deedle can help to connect your request with experts who will call you back on the same day as enquiring. Our award winning team will then assist you in finding a mortgage deal that meets your borrowing requirements and help you through every step of the process, from initial consultation to mortgage completion.
Where Can I Get A Mortgage In Manchester?
Whether you are based in the City Centre, the Northern Quarter, Didsbuy, Chorlton or anywhere else in Manchester, Deedle can help you get a mortgage deal through our streamlined process. Other locations you can purchase a property include but are not limited to:
- Abbey Hey
- Alport Town
- Ardwick Green
- Barlow Moor
- Belle Vue
- Chorlton Park
- Circle Square
- Great Heaton
- Green Quarter
- Highfield Country Park
- Miles Platting
- Moss Side
- New Islington
- New Moston
- Newall Green
- Newton Heath
- Northern Moor
- Northern Quarter
- Old Moat
- Old Moat
- Parrs Wood
- Peel Hall
- St John’s
- Victoria Park
- West Gorton
- Whalley Range
- Woodhouse Park
What Are The Mortgage Eligibility Requirements in Manchester?
When assessing your application, lenders will consider:
- Your age
- Your income
- Your employment status
- Your employment history
- Your credit rating
- Any debts you might have
- The deposit amount
- The size of the loan
- Your monthly outgoings
What Documents Are Needed To Apply For A Mortgage in Manchester?
The following documents are usually required in order for you to obtain a mortgage in Manchester:
- Proof of ID e.g your passport or driving license
- Proof of postal address
- Proof of income (usually the most recent three months of payslips)
- Proof of deposit
- Current or most recent P60
- Your SA302 tax return forms if you are self-employed
- Proof of any bonuses or commission if applicable
Frequently Asked Questions About Mortgages in Manchester
If you are looking to get a mortgage, costs will include the deposit, mortgage monthly repayments, valuation fees, arrangement fees, stamp duty taxes and legal fees. You may also wish to pay for home insurance, property renovations, new furniture and moving costs.
It can take a few weeks or up to a few months to complete the mortgage process in Manchester from when you start with the initial application to the final approval and disbursement of funds. Timings can vary depending on factors such as the lender’s processing time, your financial circumstances, whether you are in a chain and the complexity of the transaction. Other factors that can influence the timings include property valuations, credit checks and legal processes.
Yes, it is possible to get a mortgage if you bad credit. The lender may just offer you higher interest rates due to the larger level of risk involved for them.
Even with a poor credit history, there should be mortgage deals available for you. Whether you want to buy a flat, house, bungalow or maisonette in Manchester, then we will endeavour to find the best solution possible.
Yes, Manchester is a great place to purchase a home. The vibrant city has lots to offer including its art scene, leisure activities and culinary delights. It is certainly an attractive choice for families, young professionals and retirees alike. Better yet, Manchester’s property market has historically shown strong growth, offering potential for long-term investment gains.
Yes, there are government schemes available in Manchester to help with mortgage affordability. The Help to Buy scheme, for instance, offers monetary assistance towards eligible buyers deposit when they purchase a property.
Manchester City Council and local housing associations may also offer support or affordable housing options that can help make mortgages more accessible to certain individuals or families such as first time buyers or those with low incomes.
Before applying for a mortgage in Manchester, you should compare the different mortgage types to work out which plan is best for you. For instance, you may wish to have a fixed-rate mortgage or perhaps a tracker mortgage. Our advisers will be able to help you decide and can explain the pros and cons of each type.
Make sure the terms of your loan is suited to your financial situation, with monthly payments you can afford, an interest rate you are comfortable with and clear terms. It is also important to think about how you are going to pay off the loan at the end of your mortgage term; for instance you may wish to sell the property at this point or decide to take out another mortgage.