Mortgage Broker Manchester

Purchasing a timeshare is an important decision. There are a number of ways that you may consider financing your timeshare, using a mortgage or home equity loan is perhaps something that you are considering.
Before any decisions are made, it is important you consider your options carefully, do the appropriate research and even seek advice from the experts in order to ensure that the method you choose to finance your timeshare is the correct option for you, and that you are aware of the possible outcomes of your decision.
It is also important that you are aware of the fact that timeshares do not necessarily qualify for conventional mortgages. As timeshares often result in a rather low resale value, this is one of the reasons why banks may not choose to finance a timeshare.
Although the timeshare company could try and pressure you into a purchase without you understanding the consequences of what you have signed up for, it is essential that you take the time to make an informed decision that is right for you after you have taken everything into consideration.
Therefore do not let yourself be fooled by a flashy sales pitch, incentive gifts, or be told that purchasing now will give you a great deal. Make a choice in your own time and after you have read through the contract with a fine tooth comb and weighed up all of your options.

Home Equity Loan

If you are considering financing a timeshare with a mortgage then one of the ways you may choose to do this is through your home equity loan.
Applying to the bank or mortgage company for a home equity loan may not be too difficult.
One of the benefits with purchasing your timeshare outright is that you can help to avoid finance charges that you could be presented with at a later stage.
You should be aware with this option according to eHow’s guide discussing financing a timeshare is that unlike conventional mortgages, the interest on a home equity loan does tend to be higher.
However, the advantage would be that in comparison to a loan that has been financed from the timeshare company or seller, the interest with a home equity loan is much lower. Furthermore the interest that you do pay does tend to be tax deductible as outlined in Home Guides article to financing timeshares.

But…

You may in the position of not owning a home but considering an equity loan, yet it you have not yet purchased a home the it would perhaps not be advisable to be purchasing a timeshare at all.
If using a home equity loan is a method that you are consider for financing your timeshare, then you also need to be conscious about the using up your equity.
If you have been saving up our equity in case of an emergency situation then using it up to finance your timeshare may not be such a wise decision as pointed out by the Financial Web’s 3 Options to Getting Timeshare Financing.
Every individual’s financial situation will differ, therefore what will suit one person may not be the best option for someone else, therefore it will be up to you to consider the consequences of using up your home equity loan.
Rather than using a conventional mortgage to finance your timeshare which may not be an option, your next choice is pointing towards getting a home equity loan. However whilst some timeshare companies may push you towards using this as a means of financing your timeshare, this doesn’t necessarily mean that it is the correct option for you.
There are other forms of financing your timeshare that could be more suitable to your financial situation. If you are seeking advice about the possibility of purchasing a timeshare but feel that you would benefit from more information before making such an important decision, or perhaps you are looking to exit your timeshare and require assistance, then make sure you get in contact with Timeshare Exit & Support Services here.

As house prices continue to rise, “generation rent” continues to grow and soon, more than half of under 40’s will be living in rented accommodation. Whilst for some this is a necessity due to the barriers faced to getting approval on a mortgage, however for others, it’s a decision taken to overcome the responsibilities of maintenance costs and the like.
For many, a side by side comparison between renting and owning is never considered, however below, we’ve put together an infographic which looks at just that:

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Last Saturday marked seven years since the Bank of England cut their interest rates to a record low of 0.5%.
While this isn’t great for those savings accounts, it is good news for those who are seeking mortgages!
The continued low rates have led to a price war amongst the major lenders, which could wind up saving borrowers hundreds of pounds a year.
The average mortgage rate has fallen by about a third since rates were slashed, with monthly repayments falling by £270 on an average mortgage of £200,000.
Mortgage rates hit an all time high back in 2008, but have continued to steadily fall ever since due to the global recession.
The current record low for a two-year fixed mortgage is 1.05%, set by the Post Office in August of last year, although this could be broken and we could see mortgage rates fall below 1% soon.
In the last couple of weeks we’ve already seen the Yorkshire Building Society cut their two-year fixed rate to 1.14% and the country’s biggest mortgage lender Halifax cut its own two-year rate to 1.64%.
First Direct are also offering extremely low rates with a 1.15% two-year deal, and 2.89% for ten-years which shows that rates are set to fall across the full range of mortgages, even the longer term deals.
According to the Bank of England, the average rate for a two-year mortgage is 1.95%, while a five-year rate is just 2.77%.
To put these numbers into some context, the average rate on a two-year deal in 2008 was 6.75%, meaning monthly repayments nowadays could be as much as 50% less.
While this is all great news to borrowers, it is important to note that lenders are making mortgages harder to qualify for.
Under new rules brought in in 2014, borrowers now have their finances scrutinised more than ever, which you can learn more about in this BBC article.
It’s also worth noting that at some point, the 0.5% interest rate is sure to rise, so make the most of it while it lasts!
One the whole though, there’s no sign that these mortgage rate cuts are likely to slow down, making it as good a time as any to make the jump and look into securing your first mortgage.
If you decide it’s something you want to look into, make sure you get in touch with one of our experts for free, impartial advice from across the market to find the deal that’s right for you.

More and more homeowners are choosing to sell their homes online, rather than using a traditional high street estate agent. Although online selling is still in its early stages, it’s estimated that around half of all properties will be sold online within the next two years, and by 2020 it’s expected that the majority of sellers will opt for digital solutions. If you’re considering going online next time you sell here’s everything you need to know.

Benefits of Selling Your Home Online

There are many benefits to selling your home online, with one of the biggest advantages being a significant saving in moving costs. High street estate agent fees can range from 0.75 percent to 3.0 percent, with the national average being between 1.5 percent and 1.8 percent, depending on which source you use. Last year, the average property price in the UK was £196,999, which means you can typically expect to pay an agent around £3000 on average for their services. And this doesn’t take into account any ‘hidden’ costs, such as VAT, extras such as a ‘For Sale’ sign, and any sole agent fees.
But it’s not just about price. Selling online gives homeowners much more control over how their property is marketed to interested parties. The Homeowners Alliance lists a set of ‘clever questions to ask an agent’ but, perhaps unsurprisingly, many of these questions would be better answered by the owner. Buyers want to know how long the owners have lived there, why they’re moving, and when they’re moving. They want to know about council tax and utility bills in the area, about the neighbours, and about the local neighbourhood. The need for a more direct link between owner and buyer is becoming increasingly apparent, and no one is capable of showing off your home’s best bits than you.

Online Selling Options

If you’re interested in selling your home online, there are a number of options available to you that you will need to consider. The ‘right’ option will depend upon your personal requirements and preferences.

• Option 1: Private Online Sale

It is possible for you to sell your home online privately without using any sort of online sales solution for assistance. However, unless you’re a marketing whizz, doing so can prove to be very challenging. Consider that websites such as Rightmove – which don’t enable listings by private sellers – can see upwards of 100 million visits per month. These sites are where the buyers are.

• Option 2: Online Estate Agent

At the other end of the spectrum is an online estate agent. Online estate agents offer pretty much the same services as a high street estate agent, but may be able to offer lower fees due to minimal overheads. They’re a good choice for those that want to save money, but they don’t provide quite the same level of control over all aspects of your sale as private selling does.

• Option 3: Property Sales Platform

Online property platforms provide a ‘middle ground’ between private selling and online estate agents. They enable you to have the private selling experience (with all the benefits, including complete control of your viewings, negotiations, and so on), but provide additional support, such as listing your property on sites like Zoopla and screening potential buyers before viewings.

How To Sell Your Home Online: A Step-By-Step Guide

1. Decide Your Platform

Firstly, you must decide how you wish to proceed with an online sale. Do you want to sell privately, use an online estate agent, or perhaps opt for something in the middle? What’s ‘best’ will depend on your circumstances, and the level of support you’ll require will be determined by a number of factors, including the type of property you own, and your location.

2. Value Your Property

Decide how much you’ll be putting your home on the market for. It’s easy to get an instant home valuation online which is useful if you have a rough idea of the value, but would like to confirm this to ensure you’re not losing out, or potentially deterring prospective buyers. You can adjust your value while its on the market to help secure a quicker sale.

3. Get the Ball Rolling

Contact your chosen online estate agent or property platform to get the ball rolling. This will usually involve arranging for photographs to be taken of your property, and erection of a ‘For Sale’ sign if you choose to use one. You will also need to arrange for an energy performance certificate (EPC) if you don’t already have one, and begin creating a description of your home.

4. Market Your Property

If you’re using an online estate agent or property platform route, the ball’s in their court. It’s now up to them to reach out to some of the UK’s biggest sales portals to market your property effectively. Private sellers will need to market the property themselves. How buyers will get in touch – either directly or through an agent – will depend upon how you’ve opted to sell.

5. Let the viewings begin

Depending on the level of support you get, you can either conduct the viewings yourself or ask the online agent to do it. Most people opt to do it themselves as the buyer generally prefers to meet the homeowner and you’ll be much better placed to answer all their questions. It’s also a good opportunity for you, the seller, to find out the buyer’s circumstances.

6. Legal Aspects

Once you have negotiated with a buyer and accepted an offer, you should find that the remainder of the selling process is exactly the same as selling through an estate agent. You’ll instruct your solicitor to correspond with your buyer’s solicitor to ensure that the sale is completed smoothly and successfully.

What Are Older Lenders?

The term ‘older borrower’ most often describes a person who is over the age of sixty-five and attempting to secure a mortgage or have their mortgage application approved by a lender. That said, potential borrowers as young as fifty years old have been surprised to discover their age has affected their chances of securing a mortgage.

Why Are Mortgage Lenders Reluctant to Approve Older Borrowers?

Mortgage lenders have traditionally always been reluctant to lend to ‘older borrowers’. The fact is, a lender’s business is to be cautious and to weigh up every potential risk before approving an individual’s application. If mortgage lenders did not do this they would be gamblers and not professionals and we would not in turn trust and so turn to them when looking for a mortgage deal.
The problem then is that the further from an ‘ideal applicant’ a person is in terms of their age the more risks or higher the risk is that a lender must take on in order approve that person for a mortgage.
Then, and suffice to say, a lender neither wants to offer a mortgage to somebody who is at an increased risk of becoming unable to make repayments, and lenders regard older people as carrying an increased risk because they may be (due to their age) less able to earn money or earn for as many years as a younger person, or even live as long. Further, an older person statistically carries more risk of becoming ill or more affected by illness which could further cause them to become unable to repay their mortgage, or continue to make repayments or return to work or their home at all.
Finally, even if a lender calculates their risk and would consider approving an ‘older lender’, often the risk (however small) of having to take an older person’s or pensioners home from them is enough to make a lender refuse to accept an application by a person who is describable as an ‘older lender’, never mind approve that application. The idea of the storm the media could kick up over a lender pulling a pensioner’s home out from under them is enough to make many lenders steer well clear of an older borrower, even if the risk itself does not.

How To Maximise Your Chances Of Having A Mortgage Application Approved As An Older Borrower

How then can a person whose age places them in the ‘older borrower’ category hope to secure a mortgage? Well, by following a few tips, an older borrower can at least improve their chances:

1. Mortgage Providers love things to be clear, clean cut and organised, so making sure your application is exactly that can in itself help a lender to make a fairer assessment as to whether to lend to you.
2. If you are retired, take extra care to state your income – and all of it – clearly and plainly. This includes any pensions, investments and insurance policies.
3. Consider securing a guarantor before attempting to secure a mortgage. Nobody, whether because they are young, self employed or older likes the idea of asking somebody to be their guarantor, but if the idea is enough to prevent you from approaching a potential guarantor you need to ask yourself: why, if I am not willing to risk securing a guarantor, would a lender risk approving my mortgage application?
4. Search for an appropriate mortgage provider. Many lenders have an age limit as to who they will lend to. Check this when approaching a lender first off to avoid wasting any time. Further, be aware that even lenders who do not state that they have a ‘maximum age’ for their applicants might still have rules as to how old an applicant can be when they finish repaying their mortgage.
5. If you are still struggling to secure a mortgage or even raise the amount desired by lenders due to your age or circumstance, consider releasing equity on any existing property you own. This tip features low on our ‘tip list’ because whilst releasing equity can make securing a mortgage possible, it can also leave a person or their family and loved ones worse off if done without sufficient thought and often expert guidance.

For more information and / or for expert advice as to your specific situation and options as a potential borrower of any age, contact our mortgage brokers today.

When viewing a property that you’re potentially thinking of buying, it may feel a little bit like you’re intruding in someone else’s space.
But this is not the way to think! Instead you should be thinking about how this space could be yours, and hopefully for many many years!
So instead of rushing in and out next time you’re viewing a property, take your time and inspect it from top to bottom.
If you don’t want to risk taking on a property fraught with problems, or pass up on your dream home, read on to discover our top tips to remember when viewing a property.

Is it structurally sound?

This can be quite hard to judge for the untrained eye. The odd hairline crack in a wall is probably nothing to worry about, but keep an eye out for any bigger cracks, as they could be a sign of structural instability.
In particular, you should be checking any extensions or bay windows as over time these can start to bow and fall away from the house.
Like we said, this can be quite hard to judge so if you’re in any doubt at all, we’d recommend calling in a professional surveyor.

Is It Damp?

This one shouldn’t be too hard to spot… or smell! If you spot any flaking plasterwork or any significant damp marks on the walls and ceilings, alarm bells should be ringing.
The mouldy smell is also a bit giveaway! Also be sure to look down at the skirting boards as well as these too can be affected by damp.

What’s The Storage Space Like?

It can easy to underestimate how much storage space you’re going to need, but think about all that junk you’ve got stored in the garage and attic!
Everything is going to need a new home in the new property and there’s a whole host of things you can easily forget about, especially bulky items such as spare bedding and towels.
If storage space is slightly lacking, is there potential to put up new shelves and cupboards?
You’d be surprised how little storage space some properties come with, especially new builds.
Also try to imagine each room without all of the current occupant’s furniture in it, as this can be a bit misleading as to the true size of the room.

What About The Windows?

Make sure to check the windows for any cracking paint, or any other damage. This could indicate that the window frames are rotten, which would need replacing.
Also look out for any condensation in-between the panes of double glazing as this will mean that that is also faulty.

Check The Roof

Another part of the property you might not think to check, the roof can wind up being one of the most expensive things you ever have to fix in your property!
The average life expectancy of a roof nowadays is as short as 15-20 years, so make sure it’s in good nick and won’t need replacing any time soon after you move in.

Consider The Electrics

You don’t need us to tell you how dangerous faulty plug sockets and wiring can be, so make sure to check them all out during the viewing.
Also have a look at the fuse board, you don’t need to be an electrician to be able to see if it looks old and outdated.

Test The Plumbing

Make sure you test out all of the taps in the property to ensure that they all work correctly, and make sure you ask planet of questions!
Try and find out how old the boiler is, and if all the radiators are working correctly.

Measure The Noise

Take a couple of seconds to just stand in silence and make sure you can’t hear any noisy neighbours next door!
It also pays to have a wander around the local area and see if there are any local pubs or takeaways that are going to lead to some loud late nights, or even worse, a train track or main road.
While you’re trying to balance all of the above information, the most important thing is can you imagine yourself making this your new home?
If you’re totally sure that this is the property for you, why not get in touch with one of our experts for some free mortgage advice?

Sorting out primary school places for your young children can be stressful for any family, with increased demand for places meaning some could unfortunately miss out on a place altogether according to this report from The Guardian.
The process is made even more stressful for families who are in the process of moving home, as the council will require proof of residency before looking at your application.
This proof of residency is usually a signed tenancy agreement or other contracts and you’ll also need a confirmed moving in date.
It’s also worth bearing in mind that you only require proof of address when it comes to state schools. It won’t be required if you’re applying to a private (fee-paying) school.
We spoke to David, one of our Manchester based mortgage brokers who said: “Competition for schools is fiercer than it ever has been, and we’re seeing parents make huge sacrifices with some even renting out second properties just to get a foot in a desirable catchment area.
“Being within a certain catchment area is up there with having a spacious garden or an extra bedroom for some buyers.”
The worry over finding a school place is sometimes enough to put families off moving altogether, so is it really that big a deal?
As with anything it largely depends on your circumstances, and of course a bit of luck.
To be on the safe side we would always recommend applying for schools in the area you currently live in as a backup.
Of course, this means that you might have to move your child half-way through the term, which is far from ideal, but it might not be as disruptive as you think, and is certainly better than being left without a place.
If this is the case, you’ll have to look into an ‘in-year admission’. These are sometimes made directly to the school or sometimes to the council, and you’ll have to apply for a place at least six weeks before you want your child to start.
When it comes to infant classes (that’s reception, year 1 and year 2), there is a limit of 30 pupils per class.
This means that once a class has its full quote of 30 pupils, it can be very difficult to find a place midway through term.
The best thing you can do is get in touch with the school’s admissions people directly who will give you more advice on their admissions criteria.
While it could understandably be very disruptive for your child to move schools midway through term, it’s still better to get it out of the way as early as possible to minimise the disruption.
While you may understandably worry about how your child will cope with moving schools, you might be surprised at how quickly they will adapt, especially if it’s still fairly early in their first year.
The two schools will also often liaise to help make the transition a bit easier.
Ultimately, moving house while applying for schools isn’t ideal, but it doesn’t need to be the end of the world.
Remember that your child’s education and happiness is the main thing here, and if it does seem like the process is going to cause too much hassle, it may be best to consider postponing the move, or looking elsewhere.
Citizens Advice also have a guide to applying for school places which you can check out here.
 

It may be just under four months away still, but the debate over the referendum to leave the European Union (often shortened to Brexit) is already in full swing!
If you’re already sick to death of hearing the claims Britain would be better off staying in the EU or leaving it, the BBC have put together a fairly straightforward guide explaining the advantages and disadvantages of Brexit.
We won’t truly know what effect an exit would have until it actually happens, but there is the potential that it could have an impact on property prices.
While all of the press coverage is making the vote seem like a very big deal, it’s worth bearing in mind that the property market is hardly going to collapse either way.
After all, there were also worries about what would happen to house prices following the Scottish independence referendum, although that now seems like a long time ago!
The worry is that if we do leave the EU then the lack of incoming capital will lead to a sharp drop in the value of the pound, which will have a knock on effect to the housing market.
Analysts are predicting that central London, where foreign investors are the most active, will be the hardest hit area, although the drop in prices will extend across the whole UK.
However, there is also an argument that the drop in the value of the pound could have a positive impact, as overseas buyers take advantage of the short term instability and low prices.
It’s also worth noting that Brexit would likely have a big impact on migration as the government is given more control over immigration.
While many might see this as a positive, it will be a real hit to the construction industry which is still struggling after the recession and relying on workers from across Europe.
Tighter immigration controls would further limit the construction industry, and again, this would have a negative impact upon housing prices.
Ultimately a vote to stay in the EU would remove any uncertainty surrounding the housing market, while a vote to leave will result in a period of negotiation which will inevitably lead to some short term instability.
As we’ve said though, it’s important not to get too caught up in the rhetoric surrounding the referendum.
There will always be demand for homes and other properties in the UK from customers and businesses, and if history has taught us anything it’s that Britain is strong enough to bounce back, and any blip in property prices will only be temporary.
So don’t allow the Brexit debate to put you off looking into a mortgage and feel free to get in touch with one of our expert mortgage advisors absolutely free of charge.
 

Investing in a buy-to-let property is becoming an increasingly popular option for those who have the money to secure a deposit, as the property market stirs back into life.
Like any other investment, buy-to-let comes with a level of risk, but it can also provide some nice returns, so if you’re considering buying a buy-to-let for yourself, we’ve highlighted three of the most important things you’ll want to consider before doing so.

Target Tenant

One of the most important things to think about is who is your perfect tenant? This factor will find up influencing most of your decisions so it’s important to have a good think about it.
Try and put yourselves in the shoes of your tenant, rather than looking at the property from your own viewpoint.
For example, if you’re letting to students, the property needs to be fairly straightforward with more focus on practicality than luxurious extras.
On the other hand, a young couple will be more likely to want something a little more contemporary and luxurious.
Obviously families are going to need a lot more space, which is something else to bear in mind.
Whichever type of tenant you choose to go for, it’s important you leave the property as a relatively blank canvas to allow them to add their own personal touches and make it feel more like home, and hopefully stay on as tenants longer.

Area

When deciding on an area to invest in, don’t just look for the place with the cheapest rates or the one with the richest tenants!
Instead take your target tenant and think about the area that they would be happiest to live in.
Things such as transport links and schools are important considerations, especially if you’re aiming toward families or commuters.
Obviously your own budget is going to be a consideration here, but investing in an area which isn’t suited to your tenants isn’t going to get you very far.
Also think about whether you want to invest in somewhere which is already close to where you live.
This is obviously an advantage as you’ll already have a fairly good grasp of the local market and you’ll also be able to keep a much closer eye on the property, but it does close off a lot of potential properties to you.

Make Sure It’s Affordable

It’s super important that you do the maths and figure out exactly what the costs of your investment will be, and how quickly you’re likely to see a return on it.
Buy-to-let mortgages will usually require a deposit of 25%, and will also typically need your rental income to cover 125% of the repayments.
Also bear in mind that the arrangement fees on buy-to-let mortgages are often higher than on traditional ones.
Feel free to get in touch with one of our experts or check out our buy-to-let mortgage page for more information and help on comparing the market for the best deals when it comes to buy-to-let mortgages.
Also bear in mind maintenance costs, and possible situations if the tenant unexpectedly moves out.
Once you’ve got all the costs added up, figure out how much rent you’ll be charging and weigh it all up to comes to a decision as to whether this investment is worth making.
Above all else, make sure you’ve got the time and motivation to fully look after your tenants as this is the best way to keep everybody happy and maintain a healthy relationship which also hopefully makes you a bit of money!
Bear in mind all of the above info and you should be a better place to determine whether or not investing in a buy-to-let is right for you.

Student accommodation has come on a long way from the run-down digs of yesteryear, and the student of 2016 now often lives in a plush “pod” often in a building fully kitted out with state of the art facilities such as gyms.
On the face of it, investing in student accommodation is a very sound investment thanks to its fairly low investment, guaranteed income, and relatively low involvement on your part.
For their investment (which can be as low as £40,000-£50,000), investors are offered a property with a “rental guarantee” and don’t have to worry about the hassle of looking after the property or looking for new tenants.
In addition, student housing has been named as the best-performing property asset in both the UK and the USA.
This article from the Financial Times from 2012 estimated the market at being worth $200bn (£143bn), with the number of rising from 98m to 165m in just over ten years.
It all sounds pretty promising, with a guaranteed return on your investment and minimum input from yourself, so what’s the catch?
While there isn’t a ‘catch’ as such, there are a couple of hidden risks that you might want to consider before pouring all your money into student accommodation!
Firstly, you’ll probably have to pay for your investment out of your own money, as mortgage lenders will usually be quite reluctant to fund this kind of venture.
Secondly, you’ll find that most of these developments are sold before they are finished. This leads to the risk that things may hit a stumbling block during the building process and could lead to the project either being delayed or abandoned altogether.
Finally, you have to think about how the investment is eventually going to end. For example, with a traditional property you can just sell it on to a first-time buyer or someone who is moving home, but with a student property you’re essentially limited to selling the property on to another investor.
However, if you’re comfortable taking on these risks, there is still plenty to be gained from investing in student accommodation.
A poll carried out last year found that student priorities are starting to shift from nightlife and entertainment toward their education and studying.
With university fees recently rising to around £9,000 a year, students are placing much more emphasis on getting their degrees, especially as it becomes tougher and tougher to get a degree.
How does this benefit investors you might ask? This means that students are spending much more time in their accommodation, and are more prepared to spend that little bit extra on a luxury touches, which is where the opportunity lies.
We spoke to Bellvue Students who provide student accommodation across the country, and they told us: “We’ve found that over the last five or so years, students have come to expect some degree of luxury from their accommodation. ”
“We’ve also noticed that there is a fair imbalance between supply and demand when it comes to student housing.”
“While we expected student numbers to drop when the fees went up a couple of years ago, the opposite has actually happened as students try to get the skills needed to succeed in the current economic climate.”
“Lots more students are also arriving from overseas, especially Asia, and they often have a preference for purpose built accommodation.”
Investing in any property is a big decision, and the pros and cons always need to be weighed up.
Don’t be sucked in by the claims that student accommodation is a risk free venture, because it isn’t, but neither is any other investment!
And just like other investments, student property could prove to be a canny long term investment, especially as demand increases.
For any further advice when it comes to property and mortgages, feel free to get in touch with one of our mortgage advisors free of charge at Search Mortgage Solutions.