Suttons Independent Financial Advisers have grown and developed, over the last two decades, by providing expert financial advice across the Greater Manchester (Bolton, Bury, Manchester, Oldham, Rochdale, Salford, Stockport, Tameside, Trafford, Wigan) area.

If you are on the lookout for an independent mortgage adviser in Manchester then speak to one of our specialist mortgage advisers who will be happy to discuss a range of different mortgage products, such as:

  • First-time buyer mortgage
  • Remortgage
  • Second mortgage
  • Buy-to-let mortgage
  • Property investment
  • Shared ownership mortgage
  • Self-build / new build mortgage
  • Commercial mortgage
  • Land purchase mortgage
  • Specialist business mortgages

Whether you are a first-time buyer or a seasoned property professional we will be happy to discuss your requirements. We believe in supporting you through the whole of the buying process, whether you are buying your first property, moving house, remortgaging or building a buy-to-let property investment portfolio.

Our experienced mortgage advisers, based in Manchester, we will walk you through the whole mortgage application process and use our mortgage calculator to answer that commonly asked question “how much can I borrow?”.

We are happy to discuss mortgages for property purchases right across the UK but if you are in Manchester, you will find us right on your doorstep.

To help you on the path to your new property we’ll walk you through some of the common questions that often arise on your property purchase journey.

 

What does an Independent Mortgage Adviser do?

Your independent mortgage adviser at Suttons will look at your circumstances and use their expertise to find the most suitable mortgage for you. In order to provide such advice our advisers have undertaken mortgage adviser qualifications, such as, CeMap (Certificate in Mortgage Advice and Practice) in order to provide you with professional advice on which mortgage product suits your particular circumstances.

Our advisers are independent which means that we work for you and not the providers of mortgages. As such, we are not restricted by a specific mortgage provider or product in choosing the right solution to meet your individual mortgage needs.

As an independent mortgage adviser, we assess your needs, complete all of the necessary research and provide a justified recommendation taking into account every available lender in the market.

We start this process by looking at your personal financial situation, including such things as the deposit amount you have saved (or your current equity), your income and your household expenditure. This research enables us to make an initial assessment of the level of mortgage you can afford.

Your independent mortgage adviser at Suttons can then go to the whole of the market and review an array of mortgage products that may best suit your requirements based on your particular financial situation and needs.  This can include comparison of hundreds of mortgage deals across a wide range of providers, for example: Aldermore, Bank of Scotland, Barclays, Coventry Building Society, Halifax, HSBC, Leeds Building Society, Lloyds, L & C, Nationwide, NatWest, Paragon, RBS, Santander, The Mortgage Works, TSB and Yorkshire Bank. This is only a selection of mortgage providers and another specialist provider may better suit your requirements.

We will work with you through the whole of the mortgage application and home buying process. Don’t worry if you are new to the journey, we have all been first-time buyers at some point, so we are happy to guide you through the maze of people, terminology and stages that make up the first-time buyers’ house purchase process.

 

What is the cost to speak to a mortgage adviser?

At Suttons we are happy to provide you with a free initial consultation to discuss your requirements.

Generally, we will be paid by the mortgage provider so there is not additional fee to be paid by you.

For very small or highly complex mortgages we may discuss a fixed fee arrangement as our costs may be larger than the commission received.

However, this will all be discussed in advance at your free initial consultation meeting.

 

What do mortgage advisers look for on bank statements?

A key reason for checking bank statements is to check for mortgage affordability and how much you can afford to borrow. In short, you don’t want your potential total household expenditure to exceed your income, which could then result in you failing to meet your mortgage payments. Ultimately, there is little point in progressing a mortgage application that places the lender or mortgage holder in a situation that leaves both parties at financial risk.

In addition, you will also want to check you have enough money for a deposit, the costs associated with buying a property, moving costs, Stamp Duty costs, the ability to meet short term mortgage payments and some emergency reserves.

 

What questions will a mortgage adviser ask?

We will ask questions to initially help make an assessment of if you can afford a certain level of mortgage. Whilst the mortgage lender will want to limit their risk of someone failing to make a mortgage payment there is an equal balance to be struck that you do not overextend yourself in trying to meet your mortgage payments.

Our exact questions will vary depending on a number of factors depending on if you are a first-time buyer, remortgaging, buying a second property or are a property investor with a buy-to-let portfolio.

At this first stage we are looking to make an assessment your circumstances and plans so your mortgage adviser will want to examine:

  • What you earn (we’ll usually need to look at your last 3 months payslips or 2-3 years accounts if you are self-employed)
  • Any debts you hold (e.g., car repayments, credit card bills, hire-purchase agreements)
  • Your regular day-to-day spending habits and outgoings (usually involving a review of your bank statements for the last 6 months)
  • Rent and regular household bills
  • If you have any children and dependents
  • The cost of the proposed property and its value compared to properties in the surrounding area
  • That you hold enough money to cover costs for other fees (e.g., solicitor fees, legal fees, Stamp Duty, estate agent fees, emergency funds, money to kit out a new house and fees you may have to pay leaving an existing mortgage provider)
  • We’ll also need to check your identity with a passport and/or driving licence to check

Following this conversation, we’ll progress to credit scoring which is a process that will check that you have been efficient in paying bills and making other payments. Credit scoring is also an important step in the pre-approval process and obtaining a Mortgage in Principle.

 

How long will a mortgage interview last?

A typical mortgage interview will last 1 – 2 hours depending on your experience with the mortgage process (first time buyer or experienced house mover), the process of confirming your income (slightly longer if you are self-employed) or complexity (e.g., if you are buying a single property or are a multi-property buy to let investor).

Interviews can take place face-to-face, over the phone or video call at a time that suits you and your busy lifestyle.

 

What mortgage can I afford?

As outlined above, there are many factors that are taken into account when considering the mortgage that will be available to you and your particular circumstances. These will act to support or constrain the type of mortgages available to you.

As a rough rule of thumb many mortgage companies currently cap an upper limit of 4.5 x salary with some exceptions for 5 x to 6 x salary.

 

How much do I need for a house deposit?

Mortgage terms and interest rate deals, offered by mortgage companies, change over time depending on a range of macro and micro economic factors.

Whilst there have been times that one hundred percent mortgages were available the general guideline is to save a 5% or more of the purchase price as a deposit with the balance financed by a mortgage.

However, when making deposit calculations you should not forget the other associated costs when buying a house. These costs could include the costs associated with leaving an existing mortgage, moving costs, Stamp Duty costs, estate agent fees, legal fees, surveyor fees, furnishing costs and some money for emergencies.

Again, your mortgage adviser at Suttons will be happy to discuss these factors with you as part of your mortgage discussions.

 

How much does a mortgage adviser cost?

Mortgage advisers here at Suttons are generally paid by the providers of the mortgage so there is no separate fee to be paid by you.

We’ll offer you an initial no-risk, no-obligation, free independent mortgage consultation to discuss your requirements. Following this meeting we will develop a personal proposal outlining a solution to your stated needs.

We may in certain instances charge a fee, for example, where the commission payment from a mortgage lender does not cover the minimum costs of our advice.

Issues of costs will be discussed with at your free consultation and we will not proceed until you are happy with the cost of our mortgage advice.

 

What is the mortgage application process?

Whether a first-time buyer who needs guidance or a self-employed trader who needs assistance qualifying their income streams we’ll be happy to support you through the mortgage application process.

The property journey can be long and complicated with long property chains, legal concerns, survey setbacks and money constraints leading to some difficult choices.

But, don’t worry, we’ll be there to support you.

This starts with your free mortgage advice consultation, where we’ll discuss issues, such as:

1.Understanding the mortgage processes

  • Outlining the journey from initial enquiry to crossing the threshold of your new house
  • Explaining the criteria for mortgage calculations and how a Mortgage in Principle is derived
  • Calculating mortgage affordability against your budgeted outgoings
  • Working with the mortgage deposit you have (also known as loan to value calculations)
  • Calculating potential monthly mortgage payments

2.Discussing your circumstances

  • Are you a first-time buyer, remortgaging or building a buy-to-let portfolio?
  • What amount of house deposit is required by lenders based on your aspirations?
  • Do you have equity in your current property?
  • What is your age and what duration would you like a mortgage for? (10, 15, 20 ,25-year mortgage)
  • What is your household income? (e.g., salaried vs. self-employed declarations)
  • What are your current outgoings and what can you afford?
  • Are you on top of your bill repayments? (i.e., credit scoring)
  • How many people are applying for the mortgage?

3.Discussing your new property

  • Is your proposed property purchase in England, Northern Ireland, Wales or Scotland?
  • What is the proposed property purchase price?
  • Will property ownership leasehold or freehold?
  • Will the property be a main home, a second home or a commercial investment?

4.Discussing your needs and the type of mortgage required

  • New mortgage
  • Mortgage renewal
  • Remortgage
  • Second mortgage
  • Property investment mortgage / loan

5.Our mortgage market research for you

  • Finding the best mortgage companies and lenders to suit your needs
  • Sourcing mortgages, rates, types and terms to match your expenditure

6.Considering other market factors that may affect you

  • Current Stamp Duty issues
  • Current mortgage interest rates

7.Discussing types of mortgages relevant to your needs

  • Interest only
  • Repayment
  • Fixed rate
  • Variable
  • Tracker

8.Detailing how we will support you on the journey

  • How long the process takes (estate agents, legal, conveyancing, surveys)

This list of discussion topics is not exhaustive and we’ll be happy to discuss more complicated scenarios such as applying for a mortgage with a poor credit rating or receipt of income from a mix of sources (work, dividends, investments).

 

How long does the mortgage application process take?

As a general guide we have found that it can take around 2 to 6 weeks from enquiry to final mortgage approval.

Within this timeline there are also shorter timelines to obtain a Mortgage in Principle (1 to 3 weeks).

At the end of the mortgage approval process a mortgage offer is usually valid for 6 months.

 

How do I trust a mortgage adviser?

The first assessment of any mortgage adviser is that they hold relevant valid qualifications. The primary qualification held by Sutton’s mortgage advisers is the CeMap qualification (Certificate in Mortgage Advice and Practice).

Recommendation and endorsement are key markers of client’s trust in our advisers. Here at Suttons, we are registered with an independent review service called VouchedFor.

You can see and review our advisers here:

 

Ben Horsfield – Head of Mortgage Services  

https://www.vouchedfor.co.uk/mortgage-advisor/sale/064195-ben-horsfield

Rob Ferguson – Mortgage Adviser

https://www.vouchedfor.co.uk/mortgage-advisor/sale/064040-rob-ferguson

 

Next steps

If you are thinking of moving home, remortgaging or seeking advice on a property purchase then please contact us on 0161 969 1703 or email:

Ben HorsfieldHead of Mortgage Services ( [email protected] )

Rob FergusonMortgage Adviser ( [email protected] )

We recognise that the traditional 9am to 5pm does not always suit modern life – so rest assured we are happy to discuss your requirements at a time that suits your busy lifestyle (just let us know the time and day that suits you).

We’ll be happy to discuss your needs face to face at our office (a beautifully converted chapel) in South Manchester, by telephone, by video call, at your workplace or at your home.

 

Suttons Independent Financial Advisers – March 2022