Manchester Mortgages recently obtained mortgage offers for 2 First Time Buyers – one was buying a 100 year old 2 bedroom terraced property in Stockport the other a 3 year old modern 2 bedroom apartment in Manchester City Centre.

Due to clients requirements the same lender was used for each purchase – so which of the properties was it quickest to get to mortgage offer – the 3 year old  modern flat or the 100 year old terrace ?

The mortgage application for the 100 year old terrace was applied for on a Monday, the valuation ( a Homebuyers Report ) was done on the Thursday, with the mortgage offer being produced on the Friday – ie all done within 5 working days.

The mortgage application for the 3 year old apartment was applied for on a Tuesday, the valuation ( standard valuation for mortgage purposes ) was done on the Friday of that week – however, the valuer raised issues with the cladding on the building and also with the internal fire safety which required responses from the Builder.

Manchester Mortgages corresponded with the lender’s valuer, the Estate Agent, Builder, and of course the client – however, due to the slow responses from the Builder and the need to keep referring the responses back to the lender’s valuer despite our best efforts it took 3 months to obtain the mortgage offer – that said by this time mortgage rates had fallen and Manchester Mortgages applied for the lower rate and the client saved £139 per month based on their mortgage payments at application.

It just goes to show that when buying a property for the first time ( or second or third time ) things can be very straightforward or there can be problems that need to be solved – Manchester Mortgages have the advisers with the experience and patience to deal with all eventualities in obtaining the best mortgage for you.

Call us now with your mortgage requirements on 0161 706 0242 or email