There's a good Youth Hostel here which makes a great base for bagging some of the Munroes in the area.

when your in manchester and your budget is low, stay in the hatters hostel at newton street near the main train station. it´s the best place to stay, includes breakfast, nice staff, and a central place in the city of manchester

This tip is really for anywhere and everywhere that your feet can take you...and for those budget travelers such as myself:) My saving grace website for researching and booking accommadation is hostelworld.com. I love this website. You can browse and book hostels/budget hotels/bb's all over the world. It gives descriptions of the hostels, pictures, and most importantly, reviews! I've stayed in hostels that seemed amazing over the net, but were rat nets in person. People review hostels on character, location, security, staff, fun, and friendliness. They charge a small fee to book through them, but its worth it (or you can find a hostel you like and go to the hostel with hopes they have an open space for you without pre-booking. Personally, I like the piece of mind knowing I have a place waiting for me, but whatever works for you.)