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As a First Time Buyer in Derby, stepping into the mortgage world can be an exciting experience that may come with its stresses. The good news is that it doesn’t have to be that way. Through our experience as a Mortgage Broker in Derby, we have helped many people with their mortgage journey, below is the questions we commonly get asked:
There comes a big financial commitment when you are looking to buy a property. Because of this, it’s best that you have a good think about whether or not you want to commit to buy a property.
When it comes to buying your dream home, you will only have a set amount of time to decide because of the growing interest that would potentially be in the property. Asking how many people have viewed the property you are thinking about purchasing is a wise thing to do to give you an idea of the amount of ‘thinking’ time you have.
When you are on the mortgage journey, you may find yourself in a property chain. This is where a group of sellers and buyers are linked in the buying and selling process. Certain aspects of this chain could significantly impact your mortgage process.
In the circumstance where there is no onward chain, it could make the moving process smoother. This is also the case if you aren’t a part of a chain yourself. If you don’t need to sell your property first, this could make the process quicker. This is because you will not be holding up the home buying process.
If this is the situation you are in, this can be used to your advantage and is good to mention in the negotiation process.
It can be common for previous homeowners to leave items behind as a way to save costs, which could definitely benefit you. The items they may leave include things like a washing machine, fridge, freezer and in some cases, a shed if the property has a garden.
As long as the appliance work, it can be helpful to new buyers as it saves them some cash until they get something new and modern. If you decide you don’t want the items left, it is your responsibility to dispose of the items.
With new properties, you may have the choice to purchase additional items that are brand new and ready for you on your moving day.
Neighbours can be an important factor when considering to buy a property, as for some, good or bad neighbours can really effect your home living experience. If you are moving into an area that you don’t know much about and haven’t lived in before, having friendly neighbours can help with the unfamiliarity of the area.
When it comes to moving into a new home, it can be a risk initially as you won’t have any idea of what your neighbour will be like. As much as first impressions aren’t a massive factors, it can be nice to have a good connection with them as you may find yourself living in the property for a while.
Depending on the property you buy in Derby, the running costs can differ. With this in mind, it can be best to do some research and ask the right questions. It’s good to research into topics like council tax costs or average spend on utilities which the seller will know. This can also help when you are looking at budget for each property.
Having a south-facing garden could be important to you and affect your decision process. It can be essential for people who like to relax in the garden on a late summer’s evening as well as read in natural light. It’s common for some locations to require a premium price from the buyer in order to have a south-facing garden because it’s where the sun shines for the majority of the day.
The amount of work the property will need can make a big impact on your budget. Below is some points to consider:
Negotiating a property price can be a poignant part of the home-buying process. This means that it is important to be prepared as possible to make an offer on a property that you like. Furthermore, it can be helpful to brush up on your negotiating skills and be one step ahead.
If you are wondering how low in price the seller would want to go, it’s good to chat with the seller or estate agent. You could ask them if any other offers have been made and rejected before your bid.
The first thing you need to do is set out what date you will be moving, then you can start planning the rest. Other jobs you will need to sort out is tasks like instructing a conveyancing solicitor, packing your belongings, and sorting out a removal van to transport your belongings to the new property.
Lenders vary in the way they work by using different ways of deciding who gets accepted for a mortgage and who unfortunately doesn’t. Because of this, some lenders are stricter than others. Therefore, the goal is to match you up against a particular lender’s criteria and how good your credit score is.
Our team have encountered situations where a customer’s mortgage application has been declined due to the applicant failing to meet the lender’s criteria on a specific deal. This is why it can be beneficial to seek the help and support of an expert Mortgage Broker in Derby. Here at Derbymoneyman, we have a team of friendly and knowledgeable advisors who have experience in this and can help you find the most suitable lender for your situation.
One way you can avoid this is to look at your credit file before you apply to check if it is of a high standard. In the case where your it doesn’t look as good, it’s best to look at way to improve your credit score. As well as this, you can get in contact with a Mortgage Broker in Derby where you can get information on which factors are most important for improving your score.
It’s good to remember that very few people indeed are realistically eligible for every deal that is on offer to them. For the most part, homebuyers and home movers are just searching the wrong mortgage deals. You might have found a deal that is cheap, however, it doesn’t mean that you will pass the lender’s criteria and quality for that specific deal.
As an open and honest Mortgage Broker in Derby, we would always suggest that you research the different types of mortgages available in detail or contact us to get a free mortgage appointment with one of our advisors.
A common route we have seen many customers using price comparison websites is a mortgage in Derby. Even though there is no problem with doing this, you need to keep in mind that the price comparison websites are only to analyse the different costs of mortgage deals, as opposed to matching you to all the different nuances of a lenders criteria.
By doing this, you may end up wasting a lot of time because the mortgage lender could potentially decline your case in the future. If you were to be in this situation, you may end up losing the property you were hoping for and potentially break a property chain you were a part of. Another issue is that you may have been declined for the mortgage you picked which could result in your credit score being damaged due to a failed application.
In many cases, a customer may be eligible for a wide range of mortgage products, however when it comes to matching the criteria for those deals, the lenders may end up only offering you a reduced deal. This is something that occurs on a daily basis, with lenders initially having a tendency to say that you can borrow a set amount, only to change their mind further down the line to reduce the previously available mortgage.
As mentioned before, each lender has their own unique way of handling the mortgage process. Often, there is a significant difference between mortgage lenders and it’s very unlikely that you are going to match up against all these lenders varying criterium. Therefore, it’s wise to narrow down your options and work out the option that is suitable for you.
Whether you are a First Time Buyer in Derby or looking at Moving Home in Derby, we highly suggest that you get in contact for some expert Mortgage Advice in Derby that will help you on your mortgage journey. Here at Derbymoneyman, we have a team who are available 7 days a week to assist you throughout the process and will work hard to find you the most suitable mortgage product for your situation.
Throughout the years in the industry, we have worked with thousands of customers, assisting with specialist mortgage cases to hopefully mortgage success. We also strive to make the process as smooth and stress-free as possible.
If you get in contact with a Mortgage Broker in Derby, you can get an idea of ways to improve your credit score in the event of any unfortunate financial circumstances.
Get in touch today with a Mortgage Broker in Derby for your free mortgage appointment if you are in a specialist mortgage situation.
A question that we regularly get from customers, is how much will their process actually cost? Generally speaking, first time buyers in Derby are the ones who reach out to ask this question the most.
Because of this, we have put together a handy list of the different fees you can expect to pay throughout your mortgage journey, and the different points at which they become payable.
Estate agent fees will generally only be payable if you are selling a home. With general interest in online estate agents on the rise constantly, you can sell your home with much lower fees on a basic Rightmove listing.
On the other hand, if you are looking for a more localised and personal service provided by a dedicated sales negotiator in a local branch, you will be looking at a fee somewhere around 1-2%.
Your mortgage lender will require that you have a valuation carried out on your new home. This is to determine the value of said property, to confirm that it is worth the amount you’re looking to borrow.
The costs of a valuation can vary from nothing at all (for a basic valuation with some lenders), all the way up to well over £100 for a much more detailed Home Buyers’ Report. A full Building Survey can potentially cost more than that.
Really, being able to choose which report you would like is the key here. The valuation you decide will vary based on the age and type of the property you’re looking to buy, as well as any concerns you have.
If it’s a newer property, you may want a basic valuation. If you are buying a period property, you’ll probably want a more in-depth report.
For more information regarding the different types of property surveys, check out our article here.
Some of the mortgage products that you will find, will have cheaper rates. Occasionally though, the arrangement fee can outweigh how cheap it is.
This isn’t always the case, as there are products that won’t have a fee, meaning they cost nothing. That being said though, some might have a fee and they could be quite costly, depending on your lender or product.
You may have the choice to either add these to your mortgage balance or pay these upfront. If you add these to your mortgage, you may incur additional interest charges.
You will need to hire the services of a solicitor, and the fees for these can be very different depending on who you speak to. With a local company and a straightforward property purchase, you may find it’ll be around the mid hundreds.
When dealing with a solicitor, you will need to give them your property address. This will apply whether leasehold or freehold. In order to obtain a quotation, they’ll also need to know the purchase price.
The key points to cover when asking for a quote are:
You may need to pay an extra tax on your home, which your solicitor will collect on the completion of your purchase of the property. Further details about who this applies to can be found here: https://www.gov.uk/stamp-duty-land-tax.
A trusted and experienced mortgage broker in Derby will typically charge their own service fee. The fee amount will vary depending on the case and the mortgage advisor.
The cost of removing your furniture from your home can vary depending on who you use and the service you are looking for. Hiring a van to do it yourself may be a cheaper option than hiring a removal service, though they will be more efficient.
To learn more about your mortgage options or to get started on your mortgage process, book your free mortgage appointment to speak with one of our mortgage advisors in Derby today. We usually have a great selection of appointments available, at times that are convenient for you.
Here at Derbymoneyman, we find the two questions First Time Buyers and Home Movers in Derby commonly ask us is ‘Can I get a mortgage in my circumstance?’ and ‘How much can I borrow?’. In this article, we will be discussing the second question as this has changed drastically in the past decade.
Prior to the days of credit scoring, your local Building Society Manager would manually assess mortgages. To make the process more consistent and reliable, the 1990s introduced the idea of lenders carrying out more regular income assessments.
In order to lower the number of mortgages being accepted to people who couldn’t afford one, a lending cap was introduced. This prevented people from borrowing more than three to four times their annual income.
To receive more applications, lenders started to become more generous with this leading cap as well as their conditions. There were even some lenders who accepted customers a mortgage without any background checks such as payslips. This would eventually become the catalyst for the credit crunch in 2007. In the midst of the credit crunch, lenders were requesting a 20-30% deposit, which made it very difficult to obtain a mortgage as a first time buyer in Derby or if you were moving home in Derby.
In the early 2000s, lenders became flexible in their criteria a lot more, arguably being too generous in the amount they would be willing to lend their customers.
Depending on the lender, some people were offered self-certified mortgages. These type of mortgages meant you were not required to have a background check so as the customer, you could self certify your income, regardless if the buyer falsely inflated the amount they were declaring.
Due to many people carrying out self certified mortgages, the market fell. This began the infamous Credit Crunch of 2008, from then to 2010, these became a very difficult times.
This especially effected individuals who were wanting to take their first step onto the property ladder. At that time, stricter lending criteria was to be put in place due to lenders having to change.
As the market made a recovery, the Mortgage Market Review (MMR) 2014 was created to provide an updated and sounder credit scoring system. The MMR was a set of requirements that lenders had to follow. Nowadays, lenders can determine if an applicant will be able to pay off their mortgage based on their financial state through the affordability calculator.
Lenders can use the calculator to receive a more meticulous insight into an applicant’s spending habits as well as net disposable income. A thorough assessment of your bank statement is carried out to ensure that if you can’t afford a mortgage, then you are not granted one as you could have been prior.
With this assessment, you will find that the majority of lenders will no longer go past 4.75 times your annual income.
As mentioned, lenders will look into your spending habits and the way they analyse these depends on your situation. For example, you may have to pay high childcare costs, have a large number of credit commitments and in some circumstances, you might be paying off your student loan. With this in mind, a mortgage lender will likely offer you less than your work colleague for example, who has fewer outgoings.
These days, there is a distinctive difference between lenders when it comes to how much or little they will lend to some customers. Now and again, lenders have been known to penalise low-earners.
The reason for this might be that they are looking for that type of applicant. They may lend if they see pension contributions as a fixed outgoing, in particular, to customers who have a significant deduction, less than a private-sector worker.
With every lender comes a very unique lending criteria, and every customer has its own circumstance, in the case that you need to maximise your borrowing capacity to have a chance at buying your dream home.
Lenders will always be competitive when it comes to price and lending criteria, however, they will avoid competing for the lowest rate as this will provide no profit gain for them. Furthermore, this will be highlighted through the difference between lenders and their maximum borrowing capacity. Different lenders target for different niches of clients therefore don’t feel it’s inevitable that one lender won’t lender to you as there will be another out there who would.
State benefits like tax credits are factors lenders will take into account for a mortgage. Some lenders may be more generous if you are for a self-employed mortgage in Derby. Increasing the amount they will lend can be done through extending the term of the mortgage to the maximum allowable.
Seeking Mortgage Advice in Derby can be very beneficial. On behalf of the customer, our team will search the market to try and match you to various lenders criteria.
When it comes to knowing the maximum amount you can borrow for a mortgage and your repayments, book your free mortgage appointment online today to speak with one of our expert Mortgage Advisors in Derby. They are determined to make sure your process run as smoothly as possible and search through thousands of mortgage deals to find you the most suitable for your circumstances.
Through our experience as a mortgage broker in Derby, we have found that there are a lot of questions within the mortgage industry that come up regularly. To relieve clients worries, below is a list of common difficulties you may get into:
If childcare costs are involved, you usually aren’t as at risk of getting turned down for a mortgage. Potential outgoings of childcare costs can sometimes affect affordability. This is something you should consider as the lender may grant you a lower mortgage amount because of your childcare, in comparison to an applicant who may have the same amount of income but have no children.
Childcare costs are usually associated with a loan or credit commitment. Parents can still be granted a lower mortgage without the childcare costs and the mortgage amount may still be lower than applicants who aren’t parents. This is because lender’s affordability calculators often factor in having kids in as some additional expense.
Child benefits and other state benefits can be something lenders will consider. In some cases, increase the amount they will be willing to lend you.
Nobody ever plans ahead in buying jointly with a partner, expecting to eventually get a divorce or to separate. Unfortunately, this happens more often than you might think. When divorce or separation occurs, certain files and documents need to go through changes such as a name change on a mortgage and inquiring as to whether or not a person is allowed two mortgages.
It’s a requirement that you get in-depth mortgage advice in Derby for instances like names to be removed and for someone to be allowed two mortgages. In the circumstance where you receive maintenance, this usually is put towards your income for a mortgage.
Surprisingly, this is a lot easier than people might think. In some cases, the lender’s criteria may require the applicant to be in work continuously for a period of time while some lenders are flexible with this. Even if you are still in your first job, and haven’t been employed with anyone else, you may still be able to get a mortgage.
Obtaining a signed contract and job offer when you’re starting a new job can give enable you to get a mortgage. Gaps in employment might be a problem with lenders, which is something to remember and probationary periods are typically acceptable.
The years after the financial crash have seen Anti-Money Laundering precautions become stricter. Lenders will want you to evidence where your money for the deposit has come from. This is something solicitors and estate agents might want to discuss with you.
Due to this, any large amounts that you want to deposit will be questioned and could mean your application will be at risk of being rejected. This can be a common occurrence for first time buyers in Derby.
It’s common for some applicants to have a ‘gifted deposit’. In this case, the person who decides to gift your deposit will need to confirm in writing that it is not a loan and is just a gift.
Once you begin the process of moving home in Derby, there will be a lot for you to deal with stress-wise. One area that is always tedious, but it essential to make sure you get right, is updating all records of your address, to make sure that bills and other post goes to the right home.
There will no doubt be a lot for you to update, from your local GP, to your Amazon shopping account and more! It goes beyond just making sure you get your post though, as consistent address information is helpful in many other areas as well.
Most of the time, addresses can be missed when you are updating everything, which can leave you being linked to multiple addresses. What you may not realise though, is it can impact your credit score too. The less varied addresses you have, the better it is for your credit score.
Because of how important your credit score is to a lot of areas, you need to make sure that your credit score is looking in a good way, especially if you are looking to apply for a mortgage on a new home in Derby.
In more recent times, first time buyers in Derby and home movers in Derby seem to think they have a much bigger and better understanding of how their credit scores work and will look to use this to their advantage, keeping both old and newer addresses active.
Typically, this will be done if they have moved out of their family home with their parents, becoming private or council tenants. Even though they will now be living somewhere else, they don’t see the issue in leaving their credit cards, electoral roll info and bank statements at the old address they had.
Many think that with this type of practice, they can manipulate how it looks to seem like they have a long-standing and stable address in their name, rather than moving from address to address. In theory, this works, though in practice, it really does not.
The reason why this does not work, is that somewhere as time has gone on, if you have moved home in Derby, there will be a record of the new address on your credit report. Staying linked to your previous addresses is a flawed strategy, unfortunately.
Whether it’s through paying home bills, any car insurance you have, things that you have ordered from online stores like Amazon or eBay, or from anything else you have given your address over time, there will be a record of it existing on your credit file.
In turn, this can seem like you are actually living in two places at the same time or even like you have failed to disclose important information to the mortgage lender. In either case, this can have an impact on your ability to achieve mortgage success, as this will be based on trust.
The best thing that anyone who is looking to purchase a new home in Derby and apply for a mortgage can do, is to make sure that every record of your address is completely accurate and your accounts are all updated.
This means you need to be sure that all of your online shopping accounts, the electoral roll, your credit cards and pretty much anything else that springs to mind that has your address on it, is all correct and the most up to date it can be, with your current home address only.
When you update your address to be where you are currently living on the electoral roll, make sure that you have definitely got the right moving in and out dates, as getting this wrong can also make it seem like you have two homes.
Making sure that all of your addresses and dates for moving in and out are correct is a far more open and honest way of handling your application for a mortgage in Derby, with a mortgage lender. Not only will it paint you in a good light, but it will make your mortgage process a little easier.
Aside from keeping your addresses on and offline up to date, there are also a collection of different tips that could prove to be quite useful to those applying for first time buyers mortgages in Derby, as they start their own home buying and home owning journey.
These tips include making sure you maintain your bank accounts, try to avoid unnecessary charges if you are able to do so and limit your gambling transactions, if you happen to be a regular gambler. Gambling can have a massive negative effect if you do this too often.
Remember that your bank account needs to represent a true reflection of how well you can keep up monthly payments, generate income and handle your finances in a suitable way. This is a big determining factor in your ability to obtain a mortgage.
A gifted deposit can be a great opportunity for a first time buyer in Derby to take their first steps towards homeownership. This is where a family member is able to gift you a portion of or even the full amount of a deposit to you, to help you buy your new or first home.
This is solely to be a gift, however, not a loan to be repaid. Your mortgage lender will want to see this in writing, to prove that this is the case.
We would always absolutely recommend that customers, whether they are new or existing, they should take a look at obtaining an up-to-date credit report as soon as possible.
Check My File is a really great tool that can pull together information from a variety of sources, such as Experian and Equifax, in order to get a more complete view of your financial position. You get a 30 day free trial, that can be cancelled at any time, before it rolls onto £14.99 a month.
Try it FREE for 30 days, then £14.99 a month – cancel online anytime.
Straight away, the answer is yes, you can get a mortgage over 40 years old. This does, however, depend on your situation.
In some circumstances, where your mortgage term extends past your intended retirement age, you may be required to provide an estimation of your pension income to your lender.
Over the years we have seen lots of declined mortgage applications from first-time buyers in their 40s. We often find that when dealing with customers aged between 45-54 with declined applications during the last two years, the reason for being declined was due to their age.
In the past, when you visited a building society to seek a mortgage, you’d likely have an appointment with a Branch Manager or Mortgage Advisor. This was before computerised credit scoring and regulations that we know today. The decision process of whether to approve your application would be them looking at personal circumstances such as how well you’ve managed your current account. If they decided to accept your application, then you would be advised of how much you could borrow. This would typically be a multiple of your gross salary.
These income multiples don’t account for age so, you could borrow the same amount if you were 30 or 50 years old. Even though this seems fair, suppose both applicants were due to retire at 65 years old, it would have different effects on both individuals. Let’s explore this example of using a £70,000 (capital and interest) mortgage using a notional interest rate of 5%.
This example shows two identical earners with the same mortgage debt, but the second applicant has a higher monthly payment. Therefore, the risk of repossession and arrears due to the mortgage rates shooting up is likely. This reason is why modern mortgage calculators consider the maximum term of the mortgage (i.e. your age) along with income and expenditure.
Despite being constantly reminded that we will be working until an older age due to State Pensions, banks don’t seem to consider this when granting a mortgage.
One of the requirements when it comes to lenders granting a mortgage to someone beyond retirement age is that you would need to demonstrate that you can afford the payments after retiring. To prove this, it’s best to obtain a letter from your pension provider that showcases your future income. The problem is that the majority of people reading this will likely take a reduction in income at retirement. Therefore, it’s expected that you can still afford your mortgage from that reduced income. In reality, this can hardly be a success unless you require only a very small mortgage so you wouldn’t probably need to stretch the mortgage past your retirement age anyway.
In 2011, the default retirement age was scrapped, and your employer can no longer force you to retire. Therefore, fewer lenders are using the State Retirement age as the age you must have your mortgage paid off by, and the majority are letting people decide the age they intend to retire.
When you’re over 40 and seeking a mortgage, you are questioned on how you would afford your mortgage in the later years. It’s key to remember that these regulations are there to protect consumers and sensible lending. In some circumstances where your mortgage term runs past your normal state retirement age, you will need to demonstrate that you can keep your payments sustained and provide this proof if requested.
Please note that the above information is for reference purposes only and is not to be viewed as personal financial or mortgage advice. For the professional and tailored advice you need, get in touch with our team for Specialist Mortgage Advice in Derby.
Firstly, we need to look back at the years that lead up to the 2007/08 “Credit Crunch”. In the 1970s and ’80s, if a first time buyer in Derby took out a mortgage, it was likely through a building society. Surprisingly, banks didn’t always do mortgages!
The process to know if you could qualify for a mortgage involved making an appointment with the building society manager. Customers would take out savings accounts with them, and this money would go towards the building society to lend to other customers. In order to make a profit, interest rates were higher when dealing with borrowers compared to savers.
When it came to the banks going into mortgage lending, they moved away from the older model. Alternatively, they would look at the markets to ‘buy’ the money. This would accelerate the rate at which they could lend to customers.
Skip to the mid-2000s, and the market was full of new specialist lenders, with many originating from North America. Their method allowed them to raise their new money and lend again by selling their book of mortgage customers.
This was dubbed Securitisation. These books were bought by investors and were typically from larger institutions such as pension funds and high street banks.
Due to the market making a large amount of money, the new lender’s created lending criteria that was more relaxed. A poor credit score or wanting to self-certify was no problem, or so they thought.
As mortgages began to default, major banks lost their confidence in each other. This was because they were uncertain of how exposed they were in the quick unraveling sub-prime mortgage market.
The banks’ share prices dropped. The UK Government (or more specifically, the taxpayer) bailed out some banks to stop them from going bust, however, many failed to continue.
Almost 80 different banks, building societies, and lenders, across around 20 different countries, filed for bankruptcy or were acquired. This was named “The Great Recession”.
Due to this, lending quickly dried up. Everyone lost confidence in the UK economy and property prices significantly dropped. The market took almost a decade to safely recover.
Investigations were undertaken to look into where it all went wrong, as nobody, especially the UK government, wanted it to happen again. This led to the creation of the “Mortgage Market Review of 2014”.
By this time, self-cert mortgages were banned, but the biggest change was the lender’s responsibility to ensure mortgages were affordable.
Lending criteria tightened as lenders were required to look more into customer’s incomes and outgoings. Credit commitments, childcare, and other outgoings were taken into account so lenders could have confidence that customers could consistently afford their mortgage repayments.
These days it’s a lot harder to get a mortgage. Customers are expected to be a lot more organised with paperwork to prove their finances are taken seriously.
Mistakes were made in the time running up to Credit Crunch, but we hope that the industry learned a lesson from this event and continues to minimise the chance of this ever happening again.
If you are a First Time Buyer in Derby or are looking to move into the area, you may be thinking about where in the area of Derby you would like to live. House hunting is known to be the most daunting. Along with this, you will need to factor in mortgage arrangements as well as find the best mortgage deal and sort out your finances for your new home.
There is a high chance that at this point you will have a rough idea of where you may like to live and the type of houses you would like. Furthermore, you will be looking into the location and its amenities and the amount you get for your money. You may be stuck between a few places and will want to weigh up the pros and cons of each place to help you towards your final decision.
In this article, we have listed some points you could keep in mind when selecting a place to live in Derby.
An important factor for many homebuyers will be what type of area they would like to live in Derby. For many, this is whether they want to live in a more central location or a more rural area.
It’s more important to think about whether the area will affect your commute to work, as well as access to local amenities, shops and schools.
You need to think about the transport links around the area you are thinking of living in. For drivers, you may want to look at the motorway links, whereas, those who are looking for public transport will want to look at the railway or bus links to their place of work. It’s generally important for those who don’t have their own mode of transport.
One of the reasons for moving home in Derby is to look for a property with a larger space. This is normally for homebuyers who are looking to start a family. With this, many people look at an area that has excellent schools nearby for their children to go to. If you are in this situation but are wondering which school is best, looking at the school league tables to get an idea of what each school is like can help towards your final decision too.
The type of amenities in the area will change depending on what lifestyle you have. For example, you may enjoy exploring and being around nature which is what a rural area can fulfil or you enjoy the thriving city where there are lots going on at your doorstep. Whatever your lifestyle is, it’s good to look into these and what facilities will be around your area and whether these will benefit you.
Making some sort of ‘wishlist’ of the things you would like and need in the area can help towards a decision. You may find that all the areas you were looking at don’t have all the things you want which is why you should split up your list into priorities and desires to whittle down to an area that will benefit you.
Being close to your family and friends can be important to those with children who are in need of childcare like the school run. Therefore, it’s best you look into this yourself and find a property that is not far for your family or friends and is convenient for you to visit or approach them for any support you need.
Through your property search, you may have noticed that property prices slightly change in different parts of the U.K as well as within Derby. Through our experience providing Mortgage Advice in Derby, we do find homebuyers, in particular, those who are looking for their first property will look at a cheaper place and compromise on the facilities to save money while they save for a bigger property in the future.
Community is an aspect to think about when moving, however, it’s not at the top of everyone’s list. An area with a thriving community can be important if you want to be a part of it or if you are new to the area. Many areas do have community websites and Facebook pages which can provide insight into what the locals are like. Many areas do have a community centre or village that puts on plenty of weekly activities if you are looking to build friendships with the people in your area.
Again, house prices can slightly change in areas, but you may be house hunting in the hopes of finding a property you want to settle down in long term in the hopes the property prices may rise so you can sell in the future.
Your new job may take you to move to Derby. It’s very likely that you will be looking for a property that is located in a convenient route to your workplace and within a reasonable distance. On the other hand, many do look to live on the outskirts of Derby as it may be cheaper and have some brilliant transport links making it easy to commute to and from work.
Future developments in the area can be important to look at to see whether the property you are interested in will be affected. This is especially the case if you are looking for a long term property.
This is another reason why doing your research is key as you will be able to see if there will be any future investments. From this, you can conclude whether this will have a good impact on your lifestyle or not.
You may be looking for a more quiet and rural life, however, you may not be happy with the fact that the area is thinking of developing a large housing estate nearby.
If you are in the process of finding a property in Derby and are looking to make an offer, it’s time to look at getting yourself a mortgage. Contact our team today so we can book you in for a free mortgage appointment with one of our expert Mortgage Advisors in Derby.
Our team are here every day of the week from early until late, subject to appointment availability. We have a fantastic reputation for helping those taking that first step onto the property as well as those Moving Home in Derby. Our team are more than happy to help with your mortgage success!
A CCJ, short for County Court Judgement, is a court order issued in the UK to residents who fail to pay back any owed payments.
Having one of these court orders associated with your name can actually have quite an adverse effect on your credit file, reducing your ability to take out any form of loan in the near future. Included in this, is a mortgage, possibly the biggest loan anyone will ever take out. If you have a CCJ preventing you from obtaining a mortgage, you will benefit from speaking to a specialist mortgage advisor in Derby.
Our hard working team have lots of experience within this area, dealing with CCJ mortgages on an almost regular basis. Feel free to speak with our dedicated team, who will be more than happy to lend their expertise to your case.
When applying for a mortgage with a CCJ tied to your name, your mortgage advisor in Derby will need to look at a few things with you. These include:
If you fail to keep up and ultimately miss any form of payment that is owed, you may find yourself with a County Court Judgement. This could occur from regularly missing a small loan payment such as a phone contract, to consecutively missing your mortgage payments. A CCJ can seriously harm your credit score.
When you are issued a CCJ, you will be given 30-days to pay off your debt. This is known as a satisfied CCJ. If you are able to meet this deadline and pay it off in time, the CCJ may be stripped from your credit file. That being said, if you fail to meet this payment, it will remain present on your credit record for a total of 6 years, known as an unsatisfied CCJ.
Concerns and complications aside, this can still happen! By having a reputable mortgage broker in Derby like ourselves working alongside you, it is not outside the realm of possibility to get a mortgage with a CCJ.
Providing you kept on top of your finances are were able to meet the 30-day deadline, the CCJ can be withdrawn from your records, which in turn would increase your chances of obtaining a mortgage. Failing to meet these payments within the given time frame will leave the CCJ linked to your name for 6 years.
If we’re dealing with a recently issued CCJ, getting accepted for a mortgage may be a little more difficult. This will often depend on how much of the payment that is owed has been paid off, and how much is still remaining. Also, the further away you are from the initial issue date, the more likely you are to be accepted for a mortgage.
We have a variety of unique specialist mortgage lenders on panel, each with their own specific lending criteria relating to CCJ’s and how much deposit you will need. It’s our job to know all of their lending criteria well, in order to recommend the most appropriate mortgage for your personal situation.
When you have a CCJ linked with your credit file, lenders will require more information from you regarding the CCJ. They will look for any underlying issues, like if you already owe money to another mortgage lender, as well as the effect your financial state could have on the property and how you well you can manage your overall finances.
It may be harder to get accepted for a mortgage with a CCJ, though with the help of a mortgage broker in Derby and a different approach, such as trying to improve your credit score, this may be possible.
Though it may be difficult, by providing enough evidence, it may be possible to remove your CCJ from your records.
On the chance that you feel like something isn’t quite right and you have been given a CCJ by mistake, you can ask for the court to re-open the case against you. You will need to fill out an N244 form and send it to the court in order to appeal against your CCJ and save your credit file from further duress.
If the court agrees that the CCJ was wrongly issued, they will remove it from the register clearing it from your name. For this you will be given a certificate of cancellation, though you will have to pay for this yourself. Any costs involved are arguably worth it though, for the benefits reaped from undertaking such an action.
If a CCJ is left unsatisfied, it will still be removed from your credit file after the 6 year mark. As mentioned before, the further away you are from the CCJ issue date, the more likely it is that you’ll be accepted by a lender for a mortgage.
It is important to note though that if the debt has not been settled within the 6 years of you being issued the CCJ, your chances of being accepted are still slim. This means you can’t just wait out the 6 years and hope it will all work out.
The lenders confidence in you will increase the quicker that you pay off your debt. Remember though, that each lender is different and will look at a CCJ differently to another lender. In some cases, you may find that a lender will not even work with you at all. It’s reasons like this why it’s incredibly beneficial for you to approach a specialist mortgage lender in order to see what your options are.
In order for you to get your credit score back on track, you will definitely benefit from taking bad credit mortgage advice in Derby. You must keep up-to-date with your mortgage payments, current financial commitments and your CCJ over the course of this 6 years. Even if you’ve paid it off within the 30-day window, you should still be wary of your finances and be certain to make sure this absolutely never happens again. This is because having multiple CCJ’s to your name can hurt your credit score even further.
If you want more free mortgage guides, tips and tricks on how to improve your credit score in Derby, feel free to check out our guides or contact us now and speak with our amazing team of specialist mortgage advisors in Derby today.
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Derbymoneyman.com & Derbymoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Derbymoneyman.com & Derbymoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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