Compare Manchester Building Society mortgages
Manchester Building Society’s mortgages are tailored to different kinds of customer. Which will offer the best match for your needs will depend on your personal circumstances and specific borrowing needs.
First Time Buyer mortgages
With house prices having risen so significantly in recent years, many first time buyers struggle to make it onto the property ladder. First time buyer mortgages are intended to make things a little easier by offering various advantages to those looking to buy their first home.
First time buyer mortgages often allow borrowers to buy a property with a deposit of as little as 5%. They may also offer reduced repayment rates for an introductory period and may allow a close relative to stand as guarantor for the mortgage to help mitigate the risk for the lender.
Remortgaging with Manchester Building Society
If you feel you are not getting a good deal on your mortgage or need to find an affordable way to increase your borrowing, remortgaging is worth considering. It can allow you to pay off your existing mortgage with a new one offering lower monthly payments or leaving you with a spare lump sum if you choose to borrow more.
Second charge mortgages
Remortgaging is not always the cheapest option when it comes to increasing your borrowing against your property. Taking out a separate secured loan can make more sense if you are already getting a good deal on your current mortgage. You can often take your total borrowing up to as much as 90% of the value of your home with a second charge mortgage.
Loan to value ratio
Mortgage providers look at two main things when deciding how much to lend – the income of the borrower or borrowers and the loan to value (LTV) ratio. LTV is a way of showing how much the mortgage is relative to the market value of the property. It is expressed as a percentage.
So, if you borrow £50,000 on a property worth £100,000, this gives an LTV of 50%. The lower your LTV, the better interest rates you will tend to be offered. LTV takes into account all borrowing secured against a property. So if you already have a mortgage, then seek to borrow more as a separate loan, both the value of the loan and the value of the mortgage will be combined when calculating the LTV.
Find the best deals on mortgage rates
Knowing which mortgage provider and product offers the best deal for you can be difficult, which is why we offer an easy-to-use mortgage calculator to make things simpler. Enter some basic details about your borrowing needs and we will match you with our pick of the best mortgage deals from across the market. That way you can easily compare and contrast the different offer available without the hassle of checking each provider individually yourself.
Independent Mortgage Advice
Remortgaging is particularly popular at the moment as interest rates are low.
Whether it will be a good idea for you to remortgage depends on a number of factors, including your goals and your personal circumstances.
However, in general, if interest rates are lower than you are currently paying on your mortgage, it may be a good time to remortgage.
If interest rate are higher than you are currently paying, it may be better to look at other options, such as a second mortgage or a personal loan (if you aim is to borrow more).
If you are not sure whether now is the right time to remortgage, it is a good idea to speak to an independent mortgage broker who will be able to offer impartial advice.