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When it comes to choosing a place to live in a new city like Derby, it’s a significant decision that can greatly influence your day-to-day life. Derby boasts a range of neighbourhoods, each with its own unique charm and attractions.
In this guide, we will take a closer look at some of the best places to live in Derby, highlighting the distinct features that make each area special. Whether you’re captivated by historical allure, scenic landscapes, or modern amenities, Derby has something to offer for everyone.
Join us as we explore the diverse and welcoming communities that contribute to making Derby an exceptional city to call home.
Nestled in the heart of Derby, Mickleover stands out as an inviting and well-rounded neighbourhood, making it an excellent choice for those seeking a balanced and comfortable lifestyle.
One of Mickleover’s key attractions lies in its family-friendly atmosphere, with top-rated schools and recreational spaces, providing an ideal environment for those with children.
The neighbourhood seamlessly blends modern amenities with a touch of tranquillity, offering a range of shopping facilities, local parks, and community events. With convenient access to major transport routes, commuting to Derby city centre and beyond is a breeze.
Mickleover also boasts a vibrant local community, fostering a sense of belonging through its diverse range of shops, cafes, and social spaces.
Whether you’re drawn to its peaceful residential streets, green surroundings, or the warmth of its community spirit, Mickleover stands as a welcoming destination for those looking to make Derby their home.
Duffield, a charming suburb of Derby, beckons with its unique blend of historical charm and modern conveniences. Situated along the banks of the River Derwent, this picturesque village offers a serene escape while maintaining close proximity to Derby city centre.
One of the key attractions of Duffield is its stunning natural surroundings, providing residents with scenic walks and a sense of peaceful repose. The village boasts an array of independent shops, quaint cafes, and local pubs, creating a delightful atmosphere for both residents and visitors.
Duffield’s strong sense of community is evident in its regular events and festivals, fostering connections among its residents. Additionally, the village is well-connected with good transport links, making it easy to explore the wider Derbyshire area.
Whether you’re drawn to its historic architecture, riverside ambiance, or the friendly community vibe, Duffield stands as an appealing choice for those seeking a well-rounded and charming place to call home in Derby.
Nestled along the banks of the River Derwent, Darley Abbey presents itself as a captivating and historic locale, offering residents a unique blend of character and convenience. With its roots tracing back to the 18th century, Darley Abbey boasts picturesque landscapes and a wealth of architectural heritage.
The village exudes a timeless charm, with its cobbled streets, period houses, and the iconic Darley Abbey Mills, adding a touch of historical grandeur. Residents of Darley Abbey enjoy the tranquillity of riverside living, complemented by scenic walks along the riverbank and through the adjacent Darley Park.
Beyond its historic allure, the village provides modern amenities, including local shops, charming cafes, and a strong community spirit.
The sense of history, combined with the peaceful ambience and convenient access to Derby city centre, makes Darley Abbey an enchanting choice for those seeking a distinctive and well-connected place to call home in Derby.
Allestree, a thriving suburb of Derby, offers a dynamic blend of suburban comfort and natural beauty. Nestled on the northern outskirts of the city, Allestree appeals to those seeking a peaceful retreat without sacrificing proximity to urban amenities.
The area is renowned for its expansive Allestree Park, providing residents with acres of green space, scenic lakes, and walking trails—an ideal haven for outdoor enthusiasts and families alike.
Allestree’s residential streets are lined with a mix of traditional and modern homes, creating a diverse and welcoming neighbourhood. The local shopping precinct, Allestree Park Farm, adds a touch of convenience with its range of shops and services.
Commuting to Derby city centre is straightforward, thanks to good transport links, making Allestree an attractive choice for those desiring a balanced and well-connected lifestyle in Derby.
Nestled along the River Derwent, Belper stands as a characterful town with a rich industrial heritage and a vibrant contemporary appeal. Known for its historic mills, Belper offers a unique blend of picturesque surroundings and a thriving community atmosphere.
The town’s charming streets are adorned with a mix of period architecture and modern residences, providing a diverse range of housing options. Residents of Belper enjoy a bustling town centre with independent shops, cafes, and cultural venues, contributing to a lively and welcoming environment.
The River Gardens, situated alongside the river, provide a tranquil retreat for leisurely strolls. Belper’s strong community spirit is evident in its regular events and festivals, fostering connections among its residents.
With its historical charm, natural beauty, and a range of amenities, Belper stands as an appealing choice for those seeking a distinctive and vibrant place to call home in Derbyshire.
Set amidst the scenic Derbyshire Dales, Ashbourne is a charming market town that effortlessly combines historic charm with modern amenities. Renowned for its stunning Georgian architecture and cobbled streets, Ashbourne exudes a timeless elegance.
The town’s market square is a focal point, hosting vibrant markets and events, adding a touch of community vibrancy. Surrounded by green landscapes and with proximity to the Peak District National Park, Ashbourne is an ideal location for nature enthusiasts and those seeking an active lifestyle.
The town’s diverse range of independent shops, cafes, and restaurants contribute to its welcoming atmosphere. Ashbourne’s strong sense of community is showcased through local events, creating a close-knit and friendly environment.
With its rich history, scenic surroundings, and a bustling town centre, Ashbourne stands as a delightful choice for those looking to embrace a blend of heritage and contemporary living in Derbyshire.
Situated on the eastern fringes of Derby, Oakwood emerges as a well-established residential area that seamlessly blends modern living with a sense of community.
Characterised by a mix of contemporary housing and tree-lined streets, Oakwood provides residents with a peaceful suburban retreat while maintaining convenient access to Derby city centre.
The area boasts well-regarded schools, making it an appealing choice for families seeking quality education for their children. Oakwood’s local amenities include a range of shops, parks, and recreational spaces, contributing to a comfortable and family-friendly atmosphere.
With its strong community spirit, evidenced through local events and gatherings, Oakwood fosters a sense of belonging among its residents.
Easy access to major transport routes ensures a smooth commute, making Oakwood an attractive destination for those desiring a suburban haven with urban connectivity in Derby.
Embarking on the journey of buying your first home in Derby or considering a move within the city? Having a reliable mortgage advisor in Derby is important to navigate the complexities of the property market.
We’re here to make the process straightforward, whether you’re a first time buyer in Derby or looking at moving home in Derby.
Our focus is on securing favourable mortgage rates and guiding you through the process of porting your mortgage, if that is something you need to do as an existing homeowner, ensuring a smooth transition to your new Derby home.
Trust us to simplify your journey, offering personalised advice and comprehensive support. Let us be your partners in making your dream of homeownership in Derby a reality, without the hassle.
The majority of lenders will allow borrowers to make ‘over-payments’ on their mortgages. If you do decide on overpaying your mortgage, you do have the chance to clear your mortgage debt quicker which can save money on interest payments. Affording to overpay on your mortgage will mean you save thousands of pounds which in turn clears your mortgage quicker and save on the overall interest paid.
It’s a very well-known fact that if homeowners overpay even by relatively small amounts this can make a big difference to the number of interests paid back over the term. In short, the sooner you start overpaying, the better, as the additional payments over a long period of time have a greater effect.
Some homeowners find they are unable to make extra payments. Usually, this is because of the obstacles that may occur in a homeowner’s life that can affect their finances. Overpaying can be a good thing to do, however, it’s likely that you would rather spend that additional cash on more exciting things.
It’s all about remembering to make those additional payments. This option is not one that will pop into your mind on a daily basis, except perhaps when your mortgage only has a few years left to run.
If this seems like an option you want to pursue and would want to make those extra payments to maybe be able to retire a year or two early, you might be wondering how to go about it.
Firstly. you need to see whether your lender will agree to overpayments, without any penalties or associated costs. Many will allow this, however, it’s good to check first.
As a Mortgage Broker in Derby, we do strongly recommend that you create a standing order payable to your lender each month. This can be set up so the standing order can go out the same day as your regular mortgage payments. For example, your mortgage might be £500pm and is collected on the 1st of the month. You found you are able to pay an extra £75pm, so you decide to set up a standing order for £75pm to gout of your bank on the 1st along with your standard mortgage payment.
By setting up both payments to go out on the same can allow you to get into the routine of thinking your mortgage is £575pm instead of two separate payments.
One advantage of setting up a standing order to a direct debit is that the payer (in this case, you) has full control, unlike a direct debit where this is the receiver. If you find yourself a little tight with money one month, you can simply log in to your online banking and pause the standing order so that it would cancel any future payments from going out until reactivated.
At the point of stopping the payments, it’s good to keep in mind the fact you have benefitted from the additional payments up until that point. As mentioned, this does not mean you cannot reactive your standing order in the future when you are more financially stable.
Depending on the mortgage, you may be able to make reduced payments or take a payment holiday if you have been overpaying for a while. If you do decide to take a payment break it’s important that you check with your lender to see if you are eligible to do this to avoid a bad mark on your credit report.
Regardless of whether you are a First Time Buyer in Derby or looking to Remortgage in Derby, overpaying your mortgage is a good habit to get into. It will result in reducing the amount of actual debt you owe each month. One of the benefits is that you don’t need to overstretch yourself, just make adorable extra payments each month that could result in reducing a year or two off your mortgage in the future.
It can be a daunting experience taking that first step into the mortgage world, or starting the mortgage process for the second or third time around.
With many options for homeowners and homebuyers to take for themselves, it is best to get it right the first time, especially with a lot of money involved.
Whatever your mortgage goals and situation is, the tailored and friendly service we provide as a Mortgage Broker in Derby will help you through your mortgage journey, especially for first time buyers in Derby.
As much as we know and are confident in our ability to help our customers through the mortgage process, we understand the process can be complicated and may wonder how obtaining Mortgage Advice in Derby can help with this.
In this article, we have collated an overview of why approaching a Mortgage Broker in Derby may help you in some cases, and why many people prefer to go direct to the mortgage lender instead.
Many believe that you are more likely to save money by doing direct and finding your own mortgage deal. This isn’t entirely the case, as a Mortgage Broker in Derby may charge a fee, however, this does base on circumstances.
It might be easier and more cost-effective if you have a lot of knowledge and have a straightforward case, however, it can be more complex depending on your situation so approaching a Mortgage Broker would be beneficial.
It can be risky choosing this option as not having a lot of knowledge could result in your ending up on the wrong deal or being unsuccessful on your mortgage deal. Either of these circumstances could end up you spending more money than you have to or harming your credit score which can impact your chances of applying for a mortgage in the future.
With a dedicated Mortgage Advisor by your side, they will be able to help you through the journey towards achieving your mortgage goals. Their aim is to get their recommendation right the first time, at the best possible price. As much as this will come with a service fee, it could mean you are saving a lot more money in the long run.
Loyalty can be one of the reasons why many customers decide to approach the bank directly, and how the mortgage process was previously run. This was the way to go before the rise of technology and online banking in which loyal customer would approach their local branch on a daily basis, usually speaking with the same person.
In terms of the mortgage process, you would get help and guidance from the bank manager themselves, who is an expert and has a thorough knowledge of your finances so would be the best person to approve a mortgage for you. Now, the process is a lot different with the credit scoring being digital.
Because of this, the bank manager won’t physically go through the case themselves, it will go through a complex online system in order to see whether or not you are eligible for a mortgage. Everything is fair regardless of which bank you are with.
Many do believe that by going direct, you are open to better, exclusive deals. Again, this is true to an extent, however, it’s it can be limited. This is because they are only offering the best deals from their company.
Not all mortgage lenders are banks and there are many more mortgage options available to choose from. Therefore, the deal that the bank feels is suitable for you, might not be the best deal beyond the bank that you could’ve gone with.
Getting expert Mortgage Advice in Derby can be the best way to get a competitive deal that is suitable for you. One of our expert Mortgage Advisors in Derby will be able to go through your case and find you the best deal from our large panel of lenders. This is another advantage of approaching a mortgage broker instead of just a bank.
Following on from the topic of deals, you may find approaching a Mortgage Broker in Derby can provide you with exclusive deals that you can’t find anywhere else. There will be a large range of options when you with a mortgage broker regardless of if you are a first time buyer, looking to remortgage or are moving home in Derby.
In the wake of the 2007-08 credit crunch, a massive improvement in the mortgage market needed to happen. One of these changes was stated in the 2014 Mortgage Market Review, which instructed lenders to no longer sell mortgages to their customers without extensive, expert advice.
Because of this, people could not just approach a bank to tell them they wanted a mortgage and be instantly granted with no checks. Not every staff member in the bank could grant you a mortgage which was something that happened regularly regardless of if they were qualified to do so or not.
As well as this, these changes also bought about consumer protection, which a bank wouldn’t have given you. Now, you are able to place a complaint with the Financial Ombudsman in the event you feel misadvised. Another way to make a claim is through the Financial Services Compensation Scheme.
Having this in place means reassuring a customer that they will be safe and advised accordingly regardless of what mortgage journey they take. This applies to both mortgage brokers and mortgage lenders.
Another drawback you get approaching a bank instead of a mortgage broker is the timing. If you approach a bank, it can take months to try and talk with someone at a bank. Furthermore, when you do begin the process, you’re not updated as much through the mortgage journey.
Here at Derbymoneyman, our responsive team will get in touch with you at a time that is best for you and your day to day life. From early until late, 7 days a week, including weekends, our Mortgage Advisors in Derby will be available to answer any of your questions and keep you updated. You might find us being contactable on some bank holidays.
In some cases, you may find yourself attending your appointment on the same day, however, this doesn’t have to be the case. You can speak to someone any time that you are ready and available.
We understand every customer’s lifestyle is different. This is why our advisors have availability throughout the day which means you can book an appointment out of your 9-5 or even on a weekend! Booking is simple with our online booking system where you can find an available slot to speak on an advisor.
Responsiveness is a core value within our company. Regardless of if you are at the very start of the process or towards mortgage completion, our friendly team will always keep you up to date. In the event that any changes arise, your advisor will contact you as soon as possible.
Providing this high-quality service is why many Mortgage Broker in Derby, like us, are favoured in the public eye. With this popularity, many people favour approaching local experts instead of national banks.
Through our extensive experience in the industry, we have found some cases are more tricky than others. Below are just some scenarios that are a bit more difficult than the usual case:
Previously, mortgage lenders could easily compete with one another by providing deals that were better than the other. Now, the main change in which deal you go with is if you match the criteria or not.
You might find a cheaper deal but it may not match your criteria. In order to see if you are able to have a mortgage, the mortgage lender either carries out a hard search (resulting in a footprint on your credit file).
In the circumstance where you apply for the mortgage with a lender and are declining an agreement in principle, this could harm your credit file. The most frustrating about it all is that it’s very unlikely you will be given a reason as to why you were declined.
A Mortgage Broker in Derby will be able to go through your case and advise you on ways to increase your chances of being accepted.
With access to a large panel of lenders, they will be able to find you a suitable deal that perfectly matches you up with its criteria and then begins to get an agreement in principle sorted for you. If you obtain an agreement in principle through Derbymoneyman, this will usually be sorted for you within 24 hours of your free mortgage appointment.
Remember, this doesn’t automatically mean you are agreed or guaranteed a mortgage at the end. It does, however, make your credit file much safer by having an expert go through it beforehand. Our team of Mortgage Advisors in Derby will always aim at getting our recommendation right the first time.
At the end of the day, it’s entirely up to you! There are advantages and disadvantages of approaching a Mortgage Broker in Derby. On the hand, there are lots of pros and cons to going direct as well. The difference is how quickly you want your service to be, as well as how secure you want to be.
As a dedicated Mortage Broker in Derby, we have extensive experience in dealing with a wide range of customers who go through the mortgage journey. Whether you are a first time buyer in Derby taking that first step into the mortgage world, coming towards the end of their fixed period, or looking to remortgage in Derby, our team are more than happy to help!
Book yourself in for a free mortgage appointment or remortgage review to speak with an expert, FCA regulated Mortgage Advisor in Derby. Our team are here to help with your mortgage goals, with availability that suits you, subject to eligibility.
For more information about our service, check out our brilliant customer reviews. These show the high level of service we give to our happy customers, on a daily basis. We also have a YouTube channel MoneymanTV if you are looking for additional insight into the mortgage world.
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.
The scheme was initially brought into prominence back in 2014, with the £200 million scheme’s purpose being to provide a boost to anyone from the forces who needed help buying a property.
The project was not intended for long term though, as it was meant to end in December 2019. Rather than ending it, as a thank you to everyone’s commitment to their Queen and country, our government chose to turn this into an enduring policy.
If at any point you served in the military and can meet the right criteria, you will have access to this scheme, wherein you are able to borrow a deposit of up to half your annual salary (up to a maximum of £25,000), without any interest added on.
This can be used as a means of purchasing your first home or to fund a new property to move into. Arguably the best and most appealing part to this, is that you do not need to have any current savings in order to take that first step onto the property ladder.
The money you will be using is raised from the Forces Help to Buy loan and can be used for anything, from your deposit to any other additional costs. These can include, but are not limited to, stamp duty costs, estate agent fees or even the costs of finding a solicitor.
This government scheme tends to be a little more relaxed than some other schemes, as the Forces Help to Buy loan can be drawn out and paid back over a term of 10 years. This gives you room to breathe and not feel so rushed at any point.
With all this in mind, the Forces Help to Buy loan is a true lifeline to those who never even thought they’d be able to own their own home. Bear in mind you’ll still have to qualify for eligibility, which is based on if you have served your country and can meet the right criteria (length served, service term left and medical categories).
Click here to read additional information on this scheme from the government.
With the assistance of a dedicated and experienced mortgage advice team in Derby, your mortgage process may go quicker and smoother than it would going alone. Your mortgage advisor in Derby will walk you through every step you need to take, having your back from day one.
From the start of your mortgage process when you get in touch, right through until your mortgage has been completed and even beyond that, your dedicated mortgage advisor in Derby will make sure you are taken care of, and hopefully end up with the best result for your circumstances.
As a company that prides itself on a reliable and efficient customer experience, aims to take the stress away and most importantly, loves and respects the nations forces, please contact us today and we’ll take a look at how we can help with your home owning dreams.
Please bear in mind that the Forces Help to Buy is not the same as the standard UK Help to Buy scheme.
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!
As a dedicated mortgage broker in Derby, it’s always our goal to keep people informed, up-to-date and prepared for what lies ahead on their journey. In this article we have compiled an authoritative list of the 10 steps involved in the mortgage process for First-Time Buyers in Derby, so that you to be as “Mortgage Ready” as possible.
After careful planning and consideration, you’ve now decided you’re going to jump in at the deep end and purchase a home, taking out a mortgage as a First-Time Buyer in Derby. We can almost say for certain that this is going to be one of the biggest financial decisions you ever make. Upon realising this, the anxiety can kick in, especially when you have no experience doing anything like this.
It’s at this point where a dedicated mortgage broker in Derby can jump in and start to guide you through the ensuing process. We always strive to take the stress away from you, working hard and doing our very best to ensure you come out the other side with a mortgage and in good spirits, ready to move into your new home.
Once you Get in Touch with us, we’ll be able to get you booked in for a free initial mortgage consultation with one of our very experienced and caring mortgage advisors in Derby. Here we’ll take some information from you and look at what your plans for the future are, before getting started on your mortgage process.
During your free mortgage consultation, your dedicated mortgage advisor in Derby will be able to run through a Mortgage Affordability Assessment with you. This process is fairly quick, and is where your dedicated mortgage advisor will go through your monthly income with you, looking at your regular expenditures (what you spend your money on), to get a good idea of whether or not you have the financial means to afford the mortgage amount you are looking to borrow.
It is very important for us to do this before presenting you to a lender, as we will need to have confidence that you can definitely afford your monthly repayments. This will help you avoid the risk of arrears and any future repossessions that may potentially occur, something the lender will really want to try and avoid themselves if they can help it.
A Mortgage Affordability Assessment will also usually be undertaken by a lender, so checks we take out initially will help save the lenders time, our time and more importantly your time, from an application that may be declined later down the line if you happen to fail on affordability.
Once we’ve done this, the next step in your consultation will be to help you obtain a very important and useful document called a Mortgage Agreement in Principle. If you’ve been doing any research on mortgages prior to receiving First-Time Buyer Mortgage Advice in Derby, you may have seen this mentioned with various names, including ‘Decision in Principle’, ‘Mortgage in Principle’, as well as the abbreviations ‘DIP’ & ‘AIP’. The only difference between these is the name; they are the same thing.
The reason a Mortgage Agreement in Principle will be essential in your process is because it provides a record that you have passed a lenders initial credit scoring system, either by that lender performing a hard credit search (which will leave a footprint on your credit file) or performing a soft credit search (which does not leave a footprint on your credit file).
You’re still not guaranteed to be accepted for a mortgage, but this is a necessary step on your way towards your end goal. Another benefit to you having this document, is that it will show the seller of a property that you are very serious, possibly creating room for price negotiations with them when it comes to making an offer.
Usually you’ll find that an AIP will last somewhere between 30-90 days. If your Agreement in Principle expires before you are able to use it, it can be easily renewed. Our team of expert mortgage advisors can usually get one of these turned around for you within 24 hours of your initial free consultation.
After you have gotten yourself Agreement in Principle, it’s on to finding yourself a Conveyancer to provide assistance with the legal proceedings of the homebuying process. The term Conveyancing is the name used for the transfer of legal ownership of property between two different parties, whether you’re the buyer or seller.
Your Conveyancing Solicitor will be able to deal with contracts, give any required legal advice, conduct local council or authority searches, help sort out with Land Registry arrangements and finally the transfer of the funds you have acquired in order to pay for the property you are looking to purchase. As you can clearly see, this is a hugely important role in your mortgage process, so you must carefully make your choice.
Something else important to remember here, is that Licensed Conveyancers are property specialists and can’t deal with complicated legal issues, whereas a more general Solicitors will be able to offer you a full range of services, so can often appear to be more costly. Whilst we do not offer these services ourselves in-house, we have a list of trusted companies that we will gladly be able to refer you out to, if you ask us for this.
At this point in your story so far, you’ve spoken to a Mortgage Broker in Derby, passed the Mortgage Affordability Assessment, gotten yourself an Agreement in Principle and found yourself a suitable Conveyancing Solicitor to help process the legal side of your purchase. This means you’re almost at the finish line! The step that will follow is for you to make an offer on a property!
As mentioned earlier on, with an Agreement in Principle in hand, you will be in a far better spot to start negotiations with the seller regarding the price of the property. Make sure not to insult the seller with an offer that is too low, but in the same breath, don’t be afraid to ask for a lower price. Knowing you have an AIP to hand, the seller will be more likely to accept your slightly lower offer than an offer from someone who is willing to pay the asking price but hasn’t even begun to prepare themselves for a mortgage.
At the end of the day, the worst thing that can happen is the seller might say no, but it’s at that point you can work out a more reasonable offer for both of you or take a step back and find yourself a different property with a price that is within your range. Once your offer has been accepted, it’s back to your mortgage advisor and onto the final stretch of your mortgage process.
The step you’ll be moving onto is an important one, as you’ll be submitting the required documents to go forth with your mortgage. As you might have expected when such a large amount of money is involved, a mortgage lender will be very picky as to who they are willing to lend to and rightfully so. There are various notable instances in the past where they were a little more lax on the rules and things didn’t work out too well.
Your mortgage lender will need you to present them with various documentation to prove that you are the right person to lend to. They’ll need to see the amount you earn from your current career, where your current residence is and how well you conduct your finances on a monthly basis. If you’re obtaining a joint mortgage, they will require this same documentation from either person involved with the purchase of the property.
The types of documents you will be required to submit to the lender include; proof of identification, proof of address, the last 3 months’ of your pay slips and latest P60 (employed), the last 3 years’ proof of earnings and Tax Year Overviews (if you are Self-Employed in Derby), proof of any income such as state benefits or maintenance, proof of deposit and the last three months of your personal bank statements.
When your mortgage has been agreed in principle, and you’ve had an offer accepted, we can now proceed to submit your full mortgage application to the lender. With everything readied and checked by your Mortgage Advisor in Derby & their team of Mortgage Administrators, we are ready to submit an application to the lender and await confirmation that you’ve (hopefully!) got your mortgage.
Your mortgage advisor in Derby will send off all the collected evidential documentation for this, and then all that is left is to wait for them to respond with either an accepted application or one that has been declined. Whilst there is no given time frame, our Mortgage Administration team will be able to chase the lender for an answer on this for you, until we have a clearer answer for you.
In-between the point of submitting your mortgage application and being offered a mortgage, the lender will require that your property have a valuation survey undertaken. These are usually carried out by accredited companies nominated by the lender (someone that they will trust to do this).
The reason they do this is to understand how much the property is truly worth overall, compared to what you’ve agreed to pay for it with the vendor of the property in question. If you’re paying above what it is deemed to be worth, the lender may be less willing to accept your offer. The reason for this is because they will most likely be out of pocket and unable to make back the amount that they had let you borrow if you happen to fall gain any debt at any point. This is usually referred to across the mortgage world as a ‘Down Valuation’.
There are various types of property survey available, with each of these varying in price. Some will just want to take a look at how much the property is worth, whereas some will also provide information on any issues with the structure that you should look into, as well as possible repairs that you may need to keep an eye on for in the future. Your Mortgage Advisor in Derby will be able to advise on which one may be right for you.
Now it is time for the moment you’ve been preparing for all along. Your mortgage lender has checked over your case and performed an assessment of all the documented evidence. Once this is completed, they will be able to present you with your Mortgage Offer.
Our team of friendly Mortgage Advisors and Administrators in Derby, that you’ve no doubt gotten to know quite well over the course of your process, will check over the offer on your behalf to ensure everything is correct and right for what you wanted. Then after your mortgage offer has been received, it’s down to your Conveyancing Solicitor to take your purchase from there, all the way through to the point of completion.
Congratulations, you’ve now officially graduated from the point of being a First-Time Buyer in Derby, all the way to being a full fledged First-Time Homeowner in Derby! You can hopefully now rest assured that any of the previous anxieties and concerns that were bothering you before, are now in the rear view mirror. We sincerely hope you are happy with your new home and ready to begin your new life and bright future.
All that is left for you to do is go get your keys and begin the process of moving in all your belongings! From the bottom of our heart, we hope you received a fast & friendly Mortgage Advice service in Derby and enjoyed speaking to our team throughout your journey to becoming a homeowner. If you have chosen a fixed rate mortgage, at the end of your term, we will Get in Touch once more to help out with your Remortgage or any other future property plans.
As a First Time Buyer in Derby that has started house hunting, you may have found a property that has drawn you to make an offer. Creating a proposal is a key factor in the mortgage process and is just as important as part of the homebuying journey so needs to be approached with care.
When you’re looking at properties and are looking to make an offer, you need to keep in mind that other applicants will be scouring the market as well. This means you need to put yourself in a better position than them to have a better chance of getting your offer accepted.
Cash buyers can be a challenge to compete against regardless of whether you have everything organised. They might even offer less than the one you proposed, however, sellers will see this as an easy buyer as they will usually have barely any complication with the process. The good news is that there is only a small number of cash buyers in the market today.
One way to increase your chances of getting an offer accepted is to be very organised. To start, you need to send your mortgage agreement in principle to your estate agent. This will put you a step ahead of many other applicants who may not have sent theirs off. Here at Derbymoneyman, we offer ‘same day service’ for this documentation if your case is straightforward.
Negotiating comes with buying a home. We do find that people who got an offer accepted the first time have more than likely offered too much. In the case where your first offer gets rejected, there is no need to worry as you will get asked whether you want to increase your initial request after this.
Your second offer may get rejected too which sometimes means that you will left with the only option of paying the original asking price, which is the case if the property is quite new to the market. Sometimes, it can mean that you have to walk away and find somewhere else.
Scanning through Zoopla and Rightmove can be helpful as you may find out the sold prices of properties similar to the one you are looking to make an offer on in that area. These types of websites collect their data from the land registry which is perfect to find an accurate asking price. Keep in mind, however, that some houses do sell lower than the neighbouring properties around them, but there will be a reason behind this.
If they are getting sold lower than you expected, some houses can sometimes be down to such reasons as being repossessed, sold to a sitting tenant at a discounted price or it was an inter-family sale.
Houses that are sold at a lower price may be due to the fact that it has been repossessed, sold to a sitting tenant at a discounted price or it was an inter-family sale.
As an experienced Mortgage Broker in Derby, we can advise you on how your approach this part of the home buying process. We are available 7 days a week and are more than happy to help!
In most cases, the minimum amount that you’ll need for a mortgage deposit is 5%. Despite this, the amount can change depending on your credit history, type of house, where you live, etc.
As well as this, this also depends on what you are wanting to do. Some customers are looking to into the property or they are renting it out as a buy to let. We do find that many are interested in a government scheme.
Keep in mind that everyone’s mortgage situation is different. Therefore, your total deposit can vary based on your circumstance.
Taking it back to the mid-2000s when lenders were giving out mortgages to applicants who couldn’t really afford one, before the credit crunch. At that time, some applicants didn’t have the money there for a deposit! This resulted to the mortgage market crashing in 2008. This became a 5-year long recovery to get mortgage market back to a stable condition.
Since then, lenders will now ask for some form of a deposit. This can show to a lender that you’re in a serious financial position to proceed and you have the ability to keep up to date with your mortgage payments. This one of the reasons why an individual with bad credit could find getting a mortgage a challenge.
If you have good credit and a green credit score, there is a high chance that you’ll be able to access a 95% mortgage. On the flip side, having bad credit could mean you need to provide a 10%-15% minimum deposit.
No, the government will never pay for your mortgage deposit but, they do offer mortgage schemes.
Some of the schemes that are included are Lifetime ISA, Shared Ownership and the mortgage guarantee scheme. If you are looking for further information regarding the government-led schemes available to you in Derby, check out ownyourhome.gov.uk.
In the unfortunate case that you have a bad credit history, you often find that you have to put down a higher deposit. As a mortgage broker in Derby, we have found that lenders ask between 10%-15%.
In some cases, customers in this situation have taken out a specialist product. In this case, we would suggest that you get specialist mortgage advice in Derby.
We have a team of expert mortgage advisors in Derby that will work hard in finding you the best rate available to you that is fitting for your personal and financial state.
When it comes to a Buy to Let, you will need to put down a higher deposit. Commonly, lenders will be asking between 20%-40% for a deposit. Through our experience as a mortgage broker in Derby, we have found high street lenders asking for a 25% minimum.
For those who are existing landlords and have a large buy to let portfolio behind them, lenders may be more favourable to lend to you.
On the off chance that you are able to pursue with a loan as your deposit, you need to keep in mind that you are being given 100% of your mortgage, which will result in an increase in your payments. Therefore, you need to compensate for both sets of payments which can be a downside in the lender’s eyes.
For more information regarding this situation, we do strongly recommend that you get in touch with a mortgage specialist in Derby like ourselves. Our friendly team are here 7 days a week to answer any of your questions, contact us today!
We do find that First Time Buyers in Derby are strongly encouraged by lenders to utilise the option of a gifted deposit. It can be a fantastic way for people to get onto the property ladder for the first time.
We find that gifted deposits is from family members or friends. If you receive a gifted deposit, it’s important that it is evidenced correctly and highlights where the deposit has come from.
There can be rare cases of an individual not needing a deposit. One of these is if you are a sitting tenant at a discount from the open market value. Another would be if you were buying from a family member.
On the off chance that you can get a mortgage without a deposit, you may need to seek help from a professional to help with evidencing your income, affordability, credit score, etc.
Please note that the above information is for reference purposes only and is not to be viewed as personal financial or mortgage advice.
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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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