Category Archives: Manchester

Remortgaging in Manchester

A popular way of raising extra cash for home improvements or to fund a large expense is to remortgage your house. Remortgaging has become very popular in the last few years and is especially attractive to people whose houses have increased significantly in value from when they first got their mortgage.

remortgage your Manchester home

For example if you first took your mortgage out 10 years ago, your house may have cost you £180,000. Now, 10 years later it may well be worth £250,000, so it’s increased in value by £70,000. You can’t spend this £70,000 however unless you sell your house. By remortgaging you get access to this £70,000.

Remortgaging works by switching your mortgage deal to a new one that releases equity and is more suitable for you. Remortgaging can extend the term of your mortgage and reduce the monthly repayments or you can keep your existing mortgage repayment schedule, often at a cheaper cost.

Remortgage Example
Using the above example, let’s say you’ve a house in Manchester that you bought 10 years ago for £180,000. It’s now worth £250,000, and you’ve got £130,000 left to pay on your mortgage, with monthly repayments of £900. Let’s also say that you want to raise £20,000 for some home improvements. Here’s how it works:

You remortgage your house, stopping your old mortgage arrangement and setting up a new one but instead of borrowing the outstanding £130,000 you borrow £150,000. You can set the term to 25 years or keep your existing one. With interest rates considerably lower now than they were 10 years ago when you bought your house you’ll find that you have been able to borrow more money but are paying back less because of the lower interest rate!

Remortgaging your house makes great sense for many people.

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Mortgage Broker Didsbury

Didsbury is a thriving community of well to do people within Greater Manchester. The area is mainly inhabited by professionals and has always has a sort of cult kitsch about it. Now with the house pricing increasing significantly with Manchester, Didsbury is no exception, and house prices have risen over the last 18 months or so.

Didsbury

With great places to eat, shop and live, Didsbury is attracting many people to the area. In fact, according to the Manchester Evening News it is Manchester’s most expensive suburb (see https://www.manchestereveningnews.co.uk/news/property/buying-a-house-in-didsbury-12924443). It’s interesting then that it attacks so many first time buyers too.

“But how does a first time buyer afford a house in Didsbury?” I hear you ask. Well it’s all to do with clever mortgage planning. The chances of first time buyers getting a mortgage in Didsbury from a high street mortgage lender are slim to say the least, however, this is where independent brokers who specialise in Didsbury come into their own.

This is because they are able to find mortgages offered by all lenders, not just those of the Halifax, RBS, Virgin etc. Quite often these larger companies won’t offer you a competitive rate, or even a mortgage deal at all, but smaller lenders (e.g. https://www.coventrybuildingsociety.co.uk/) will be interested in lending you the money – and at a competitive rate too.

So my advice if you’re looking to buy a house in Didsbury is to use an independent mortgage broker. Look around some of the other pages on this site for recommendations.

Channel 4 move to Salford

Salford is one of the cheapest areas of Manchester to live. Officially of course, Salford is a city in it’s own right and is separate from Manchester. And now with the recent announcement by Channel 4 that they are moving to Manchester (http://www.manchestereveningnews.co.uk/news/channel-4-should-move-salford-14036549), Salford is set to become a boom area for housing and mortgages.

salford university stationSalford is divided into various areas such as Broughton, Claremont, Irwell Riverside, Kersal, Ordsall, Langworthy and Weaste. Mortgages of many different types are available for first time buyers, buy to let, remortgagers and homeowners. Ensure you get a good mortgage deal by seeking out a good mortgage broker: someone who can supply you with all the mortgages available from all the different mortgage brokers, rather than just those of a specific company. Did you know that if you go to the Halifax for a mortgage in Salford, they will only tell you about THEIR OWN products that cover Salford. Similarly if you go to First Direct, they will only tell you about their own products that they offer in Salford.

Salford has good rail links too, with many stops only 5 minutes away from Manchester. Here’s a picture of Salford station, from the University, which is also good.

The moving for Channel 4 to Salford is just one factor that will do a lot for the area of Salford. Expect house prices to rise shortly and property becomes more desirable.

Bredbury, Burnage, Stockport and Mortgages

If you live in the Greater Manchester area, then you’ll probably be familiar with the areas of Burnage and Bredbury. To most Mancunians, Burnage is a poor part of Manchester where the band Oasis came from, and Bredbury is a posh part of Stockport. The two places aren’t that far away geographically, but in terms of house prices and the type of accommodation available they vary considerably.

house for sale in manchester

Bredbury and the well known Bredbury Hall Hotel are both popular areas for homebuyers and home movers. There are less buy-to-let properties available than in Burnage, and more of the desirable 3, 4 and 5 bedroom detached properties that you’d expect from such a smart area.

Rightmove estate agents (http://www.rightmove.co.uk/property-for-sale/Bredbury.html) is currently selling 3 bedroom detached bungalows in Bredbury for £300,000 whilst detached houses of smaller size are going for less money. Mortgage experts Manchester Mortgages are advising potential home buyers to be careful in choosing the right mortgage as a poor decision of mortgage lender could reflect in a mortgage overspend of £10,000 or more.

Available houses for sale in Burnage are also highlighted by Manchester Mortgages as being potential traps for people getting the wrong type of mortgage. It’s our advice to (a) choose the area you wish to live in carefully and (b) choose your mortgage broker carefully. Always consider your options when it comes to mortgage lender.

MEN Property Pages

MEN logoIf you’re looking to buy a property in Greater Manchester, may I suggest that you look at the Manchester Evening News’ Property Pages at http://www.manchestereveningnews.co.uk/news/property/

While it’s not ideal for locating your dream house in a specific area, it is good for getting a feel of various areas of Manchester, new housing projects and the latest information.

For example you’ll find that Rusholme and Withington are areas of cheaper housing but higher social problems, whereas Cheadle Hulme and Dunham Massey are far more affluent areas with lower crime but high house prices.

Once you’ve got some areas you’d like to start looking at houses in, simply Google something like “Houses for sale in Withington” or “Houses for sale in Rusholme”. What will be returned with be Estate Agents and mortgage brokers in that area. Then you can either visit their web sites to browse the houses they have for sale or call in and speak to them.

For example a recent post in the MEN (http://www.manchestereveningnews.co.uk/news/property/buying-a-house-in-hale-13734144) discusses the very high property prices in Hale and Altrincham, where prices are only affordable for very few people.

Know that you’ll need to be in full time employment (ideally) and have a substantial deposit in order to buy a house.