In this post we offer advice to a couple wanting to buy a house in the Worsley / Swinton area of Manchester and needing a mortgage offer…
The Enquiry: “Could you please tell me about your services? My partner and I are wishing to buy a house in the Swinton / Worsley part of Greater Manchester. I am 25, she is 27. We are not married. We both have jobs, mine is full time salary is £30,000, she is part time, salary approx £15,000. We are selling our house that we own already which will shortly complete. This will give us a sum of about £50,000 that we can put towards a new place. We have started looking around Worsley but don’t know how much we can borrow – can you help us please?”
Our Reply: Thanks for your enquiry. Mortgage lenders lend on an affordability basis and maximum mortgage amounts will vary lender to lender ( see our website for comparisons ) – however, based on the figures that you have given a mortgage of around £215,000 should be achievable – if you have any loans, car leases, or outstanding credit card balances outstanding this will reduce the mortgage available.
You advise that you will have £50,000 available for a deposit on your new property which when added to the maximum mortgage available means you should be looking at properties around the £ 265,000 mark – however , you do not state if you have taken into account buying costs which at £ 265,000 would include stamp duty of £ 3,250, solicitors costs of approx £ 1,300 and the cost of a valuation report which could be up to £500 ( dependent on lender ) and type of valuation required – you may also wish to keep some funds back for carpets, and home improvements such as a new bathroom etc.
Bearing in mind all of the above you should be looking to buy in the region of £ 250,000 to £ 265,000 – part of our fully comprehensive service will be to fully discuss your requirements and take into consideration the above costs and to advise you which lender from the whole of the market will best suit your needs – Manchester Mortgages will also ensure that you will not be incurring any Early Repayment Charges (penalties) on your existing mortgage.
Manchester Mortgages will arrange your mortgage with the chosen lender, deal with all the associated paperwork and keep you informed through each step of the purchase, we will also liaise with the Estate Agent and your Solicitor to ensure the whole buying process runs smoothly taking all the stress away from you.
We will also be happy to discuss the best way to protect your new mortgage in the event of death or suffering a critical illness, and how to protect your income against accident, sickness and redundancy.
To take matters forward I suggest you ring us on 0161 706 0242 to arrange a mutually convenient appointment with one of our friendly experienced mortgage advisers