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Our Mortgage Broker Guide to getting a mortgage in Salford

The mortgage application process has 4 stages regardless of which mortgage lender you use:

    1
    Approval/Decision in Principal (AIP/DIP)
    2
    Mortgage in Principal (MIP)
    3
    Mortgage Valuation
    4
    Mortgage Offer

Read about the full mortgage process here - What is the mortgage process?

Mortgage Broker Salford Tip 1
Top Mortgage Lenders

Mortgage Broker Tip 1

Mortgage BrokerTip 2

Be wary of your financial ties with other people

If you're looking to open a joint credit agreement, such as a loan or mortgage, with someone else, their credit rating can affect yours, because your credit file will be linked to theirs.

Make sure you terminate financial links with ex-partners by shutting down any joint accounts and contacting relevant credit reference agencies to ask for a 'notice of disassociation' to stop your credit files being linked.

Mortgage Types

Mortgages can be broadly divided in the following ways:

  • Repayment or Interest-only
  • Fixed or variable rate
  • Offset
  • Help to Buy
  • 'Helper'

Residential mortgage applicants can only take out repayment mortgages, where monthly payments are divided between paying off the interest on the loan and paying down the capital borrowed. Non-residential mortgage applicants can take out interest-only mortgages, where monthly payments are purely used to pay off the interest on the loan and the capital must be found at the end of the term from other sources.

Mortgage interest rates can either be fixed for set periods or track a rate (essentially the Bank of England base rate). Offset mortgages involve interest which would be paid to the mortgagor on another account being put towards paying off the interest on the mortgage. Help to Buy mortgages are residential mortgages which accompany Government equity loans to enable buyers on the scheme to buy New Build houses.

Helper mortgages describe mortgages which involve an associate of the mortgage doing something which assists a mortgagor to buy a home. The associate has carry out an action such as open a linked account, guarantee the mortgagor's repayments using their own home as security or devote the interest on a savings account to helping pay down the interest which the mortgagor owes.


Salford, often referred to formally as the City of Salford, is a city and metropolitan borough within the Greater Manchester area. Its boundary with Manchester city is the River Irwell. It's a mix of highly industrialised areas, densely populated residential areas and rural open space. It has a long history and has more than 250 listed buildings.

It greatly developed in the era of the industrial revolution, specifically alongside the textile industry. These days, the growth industries in the city are finance and professional services, tourism, culture and computer and internet-based services.

Landmarks include the Cathedral Church of St John the Evangelist, the Church of St Augustine, the Parish Church of St Mary the Virgin, Ordsall Hall and Wardley Hall. All of these are listed buildings.

M6 5DS

Property Price Stats for Salford


Average property price in Salford £178,679
% Change compared to last year 0%
Population of Salford 245,600 (2015)


The property price data is sourced from the Land Registry's UK House Price Index and you can view up to date property prices by clicking - Land Registry House Price Index >> Land-Registry

Mortgage Broker Salford - Recently Completed

  • Madison Court, 52, Broadway, Salford, Greater Manchester M50 2UD
  • Broadoak Cres, Ashton-under-Lyne OL6 8QE
  • Crowhill Rd, Ashton-under-Lyne OL7 9HD
  • Rossall Way, Salford M6 5DS
  • Eccles New Rd, Salford M5 4RX

Local High Street Banks in Salford

Mortgage Broker in and around Salford

Our Salford mortgage broker can help you with your mortgage app;lication locally or in any of the surrounding areas including Pendlebury, Eccles, Stretford, Hulme, Prestwich, Moorside and Broughton.

Which banks are local to you?


  • RBS - 115 Mather Way, Salford M6 5EH
  • Lloyds - Salford City Shopping Centre, 10-12 Hankinson Way, Pendleton, Salford M6 5JA
  • Barclays - Gateway Bldg, 5 Anchorage Quay, Salford M50 3XE

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You'll have access to the whole of the market as our mortgage brokers aren't tied to any one mortgage company.

Salford Mortgage Broker Insider Tips

If a family member or friend is providing you with any of the finance towards your home purchase in Salford, make sure your solicitor has all the information in good time.

If there is a loan or a gift, your solicitor may need proof of funds, relevant documentation and a proof of ID. If they do not have this, you may find yourself ready to exchange but not able to go ahead. Furthermore, your mortgage lender may not be happy to lend where there is an unregistered interest (i.e. the financial interest of your relative or friend) over the property. 

They will want to know if this is going to be a gift or a second registered charge. As you can see this is prone to getting complicated and can affect whether or not you decide to proceed. If you can get everything underway and sorted out as soon as possible, you will be in a better position to make an informed decision from the outset.

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