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Mortgage Brokers in Manchester

Interested in buying a property in Manchester but not sure where to start? Get expert advice and access to the best deals with an independent mortgage broker.

No impact on credit score

Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: July 5, 2021

We work with brokers who have plenty of experience in arranging mortgages for property in Manchester including the City of Manchester, Stockport, Tameside, Oldham, Rochdale, Bury, Bolton, Wigan, City of Salford and Trafford as well as Greater Manchester. Use the contact details below to get in touch.

Our office

First Floor, Swan Buildings, 20 Swan Street, Manchester, M4 5JW

Contact us

01613 004854

Open hours

Mon – Thurs: 9am – 6pm Fri: 9am – 5pm Weekend: Closed

If you’re not ready to purchase a property in Manchester and would like to find out more about buying a house in that area, read on as we highlight the reasons to buy a property in Manchester, explore the average property prices in different postcodes, and tell you how to find the best broker for your needs.

Why buy property in Manchester?

Manchester’s property scene is brimming with potential for homebuyers thanks to properties generally costing far less than those in London. If that’s not enough to get you excited, Manchester was also ranked the highest ‘most liveable’ city in the UK, offering a better balance between lifestyle and affordability.

Unlike London with its steep housing and rental prices, Manchester can offer a more sustainable standard of living without having to make any sacrifices. And while Brexit has stirred some uncertainty in the property market, the demand and predicted growth in Manchester look to offset any concerns (at the time of writing).

If you’re in the market to buy, here are just a few reasons why buying a property in Manchester could be a smart move:

  • Cost of living As we touched on earlier, the cost of living in Manchester is far cheaper compared to London. However, on a larger scale, the cost of living in Manchester is also cheaper compared to 56% of cities in the UK despite it being the second largest in the country. This includes everything from food, housing and rental prices, clothes, transportation, personal care and entertainment.
  • Affordable properties On average, homeowners will find purchasing property in Manchester is around 20% cheaper than in London. Depending on which area you choose, on average you could get a flat for around £150,500, while a semi-detached house will cost around £190,244 – for comparison, an average house in London will set you back a whopping £466,824.
  • City growth It’s evident in the statistics that Manchester’s popularity has only been on the rise, with 440,221 people living in the city in 2002 and jumping to 555,610 in 2017 – an increase of 26%. However, the latest forecasts also suggest that the population will only increase, with the population expecting to exceed 635,000 by 2025. Manchester’s job creation is also a big talking point. It’s forecast to increase by 63,000 by 2038, meaning that your property’s value will likely increase to meet this high demand.
  • Prospective rental yields If you’re looking to expand your property portfolio, you could make a tidy profit on the rent payments of a buy-to-let. Manchester is also one of the UK’s favourite university cities, with over 100,000 students across its five universities, and this number is only set to rise. Rental properties are also increasingly sought-after by international students, so there’s plenty of opportunity to provide yourself with a great income if you buy in the right location. An independent mortgage broker would be more than happy to discuss locations, potential rental yields and predicted mortgage payments and much more with you. Get in touch to find out more.
  • Cultural offers  Manchester is the 9th most cultural city in the UK, with enough museums, art galleries, music venues, theatres, listed buildings, restaurants and more to satisfy everyone’s tastes. It’s also one of the most culturally diverse cities in the UK – its history of migrants has helped transform the city into a multicultural and progressive hub, transforming the social, economical and cultural landscape of Manchester.

Areas within Manchester

Manchester is the UK’s second-largest city behind London, though navigating the many different places to determine where you should live doesn’t have to be a minefield.

Get in touch and we’ll match you with an independent broker who can find tailored mortgage products thanks to their ‘whole-of-market’ access, meaning that they can find exclusive deals that may not even be available to the public. Making an enquiry is free and there’s no obligation to take things further.

Most in-demand areas

Whether you’re looking to enjoy nights out with pubs and clubs on your doorstep, settle down with a family or find a great area with the cheapest properties, Manchester has it all.

Below, we’ve listed just five of the most popular places to move to in the city.

  • Castlefield: Within walking distance to central Manchester, the average house will set you back around £226,520.
  • Moston: One of the most affordable areas to live in Manchester with average house prices of £111,324. The average household income required is typically just above £24,000.
  • Saddleworth: A little further afield, Saddleworth is nestled in the Peak District National Park, and the average house goes for £234,087. So you enjoy breathtaking views and scenic walks and commute to central Manchester in 45 minutes.
  • Ancoats: With a vast array of trendy bars, cafes, restaurants and more set in an older industrial town, Ancoats is ideal for younger people. A property here could cost you £251,074.
  • Worsley: With plenty of excellent schools and family-friendly attractions, Worsley could be ideal if you have children or are planning to expand your family. Houses here fetch for approximately £234,577.

House price figures were sourced from market-leading services including Zoopla, RightMove , House for Sale and The Move Market and were accurate at the time of writing (March 2020).

If you’re interested in finding out if you can afford a property in any of these areas, speak with a mortgage advisor. They can calculate your affordability and gauge how much you could borrow based on your circumstances.

What are the average property prices in Manchester?

The average price for a property is Manchester is £203,740, with flats selling on average for £178,642, semi-detached houses for £231,299, and terraced houses for £172,904. As to be expected, the closer you get to the city centre, the more expensive property is likely to be., although sought-after suburbs can be just as costly to buy in as the city centre.

Oldham is the most affordable area of Manchester (at the time of writing), where first-time buyers could grab a house worth just over £90,000, though for around £20,000 more, you could afford a property closer to the city centre in Ardwick or Longsight.

Average deposit amount

In Manchester, the average deposit amount for first-time buyers is around £23,306, though this amount won’t be reflective for everyone.

Mortgage lenders will take your income and outgoings into consideration so they can calculate your affordability. They will then offer to lend you a certain percentage of the property’s value, for example, 85%. This means that you’ll need to foot the remaining 15% to get your mortgage. This is called the ‘loan-to-value’ (LTV) ratio.

For example, if you and your partner were on a combined wage of £50,000 and you were looking to buy a property worth £200,000, a 90% LTV would mean that you’d need to put down a 10% deposit worth £20,000.

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Do I need to find a mortgage broker near me?

No, there’s no need to work with a broker who is physically based in Manchester. While these brokers would have experience of the area, this isn’t enough to guarantee that you could get the best rate on your mortgage, or even if that area is right for you.

Many mortgage brokers are available to speak to online and via phone calls, so there’s no need to ever meet your broker face-to-face. And, by speaking with an independent broker who is tied to no particular region, you can benefit from their ‘whole-of-market’ access.

Find our contact details at the top of the page click here

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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