In this article we provide mortgage advice for NHS workers who are first time buyers in Manchester.
Manchester Mortgages were contacted by clients who were First Time Buyers both Nurses working at Salford Royal Hospital with a 10% deposit. However this limited their choice of lenders as at the time there was very few lenders were offering first time buyer mortgage options with the deposit they had.
The situation was more complicated further as one of the clients had a default registered against their name from when they were at university some four years ago. The other client had an excellent credit profile but was also the lower earner.
The adviser at Manchester Mortgages after discussion with the clients ascertained that a family member would be able to provide a gift of an additional 5% meaning that there options would increase as their deposit would now be 15%.
There are lenders in the market that would accept the application however it would normally result in a much higher interest rate due the default registered against one of the clients.
The adviser was able to speak to a high street bank who was able to consider the application as the default was over 3 years old but still registered on the clients credit file.
The adviser submitted the application to the lender for a decision and the application was accepted subject to proof of income and identity.
The full application was submitted the property was valued by the lender and the mortgage offer was issued by the lender.
The lender recommended were able to offer a mortgage below 3% much lower than the none high street lenders who would have accepted the application but at a much higher interest rate (Closer to 5%).
The difference in the interest rate meant that the monthly savings was £171 per month (Which over 2 years saved in excess of £4,100 in mortgage payments)
The Mortgage adviser by asking other questions was able to establish that there would be a family member willing to assist.
Our clients had sought advice from two other mortgage brokers who had advised the clients that they would not be able to help.
Manchester Mortgages has in excess of 50 years experiencing arranging and advising on mortgages for a variety of clients and think outside the box.
Whatever your situation contact MANCHESTER MORTGAGES on 0161 706 0242 to speak with our industry experienced advisers who will help you buy or remortgage your property.
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