Here’s an example of how trying to get a mortgage with a High Street lender can be a disheartening and time wasting process…
Manchester Mortgages were approached by a two First Time Buyers who were trying to get on the property ladder and had a 10% deposit which was to be provided partly by one of the clients parents with the remainder coming from their own savings.
The problem was that they had spent a week speaking to various lenders like the Halifax, Santander and Nationwide Building Society and got nowhere.
Each time they were with the lenders they were speaking for up to two hours at a time. A total of 6 hours. With one of the Lenders (the Halifax), they spent the majority of that time watching a video with the rest speaking about the various insurances they would need along side the mortgage.
The Clients had found a property that they wanted to purchase in the Worsley area of Manchester and were keen to proceed as quickly as possible as they were both renting separately.
They came away from the lenders they had met with feeling totally confused.
That’s when they decided after a recommendation from one of their friends to contact Manchester Mortgages to try and make some sense of what they had heard with the various lenders.
One of our Industry experienced Advisers was able to meet with them at a time and place convenient to them.
Our adviser who was able to recommend from the Whole of the Market (ie. every deal available rather than just those of a certain lender), sat down with them and got a full understanding of their financial situation. It was then discovered that one of the lenders would not be able to offer sufficient mortgage borrowing due to the way one of the applicants income was structured – Basic Salary with substantial bonuses. It didn’t meet the borrower’s lending criteria but it didn’t stop them registering a credit search against their name. (Too many searches in a small space of time can be detrimental to you credit rating).
Once our Adviser had got a full understanding of how the clients wanted to try and arrange their mortgage they were able to make a full recommendation to use the NatWest.
Our clients were happy to proceed with the recommendation and the full application was submitted to the lender. The Whole process had taken 1 ½ Hours in the comfort of their own home.
Our clients are now proud owners of their first property paying substantially less than they were paying in rent.
Note: Going direct to Lenders like the Halifax, Santander, Nationwide Building Society or even Natwest isn’t always the best option. Speaking with Manchester Mortgages who are Whole of Market Mortgage brokers they can do all the work for you and in some cases obtain better terms than you could on your own.
So if you are a first time buyer contact Manchester Mortgages on 0161 706 0242 and find out what your options are.
