It's Free to Speak to an Advisor, 7 days, 8am - 10pm

Can I Get a Mortgage in Derby with Bad Credit?

Can I Get a Mortgage With Bad Credit? | MoneymanTV

Bad Credit Mortgage Advice in Derby

Dealing with unsecured credit issues demands careful navigation. At our firm, we often engage with clients seeking specialised mortgage advice in Derby, particularly those grappling with missed payments, a low credit score, CCJs, and defaults, among other challenges.

Even seemingly minor mishaps, such as missed payments on a mobile phone contract, can lead to defaults on your credit file, potentially complicating future mortgage applications by indicating a lack of financial reliability.

Fortunately, having missed payments or defaults doesn’t signify the end of the road. While securing a mortgage with bad credit in Derby may require specialised guidance, viable options do exist.

For instance, a significant deposit could bolster your prospects, demonstrating your commitment despite past credit setbacks.

Lenders specialised in bad credit mortgages will carefully scrutinise the timing and reasons behind any defaults, with applications further back in the past often viewed more favourably. Transparently explaining the circumstances contributing to the default may elicit a more sympathetic consideration from lenders.

Bad Credit Mortgage FAQs

Our comprehensive list of frequently asked questions and corresponding answers regarding bad credit mortgages in Derby serves as a valuable knowledge base.

Should your query or situation not be covered, don’t hesitate to reach out. Our seasoned mortgage advice team, adept at navigating complex scenarios, stands ready to explore tailored solutions.

What will my mortgage advisor in Derby need to see?

Regardless of past credit hurdles, your mortgage advisor in Derby will need an updated copy of your credit report.

This report, easily accessible online and often free of charge, plays a vital role before embarking on a mortgage application, particularly if there are uncertainties about your credit history. Multiple failed credit searches can adversely affect your credit score, potentially impeding your mortgage prospects.

I have a good income but bad credit. Can I still get a mortgage in Derby?

The impact of your credit score on mortgage eligibility varies based on individual circumstances, often leaving clients bewildered. While some may possess less-than-ideal credit scores, a sizable deposit and steady income could offer promise.

However, due to inherent risk, lenders may proceed cautiously, prioritising certainty in meeting mortgage obligations to avert the risk of repossession.

Despite hurdles, bad credit mortgages in Derby remain attainable, albeit typically accompanied by higher interest rates. The prudent approach is to schedule a consultation with an experienced mortgage broker in Derby.

I’ve had mortgage problems before. Will that stop me from getting a mortgage?

Financial hardships beyond one’s control may lead to difficulties in meeting mortgage commitments, potentially resulting in adverse credit entries.

Whether during remortgaging in Derby, first-time home purchases, or moving home in Derby, challenges arise from lenders’ risk assessments and trust in your ability to prevent recurrences.

As providers of transparent and expert mortgage advice in Derby, we’ve successfully helped clients with past mortgage ties and subsequent credit struggles. If you find yourself in a similar situation, consulting a prompt and supportive mortgage broker is important for future mortgage success.

What other types of adverse obstacles are customers facing?

Throughout the mortgage process, clients encounter various bad credit challenges, each presenting its unique obstacles. These may include missed mortgage payments, defaults on loans or credit cards, County Court Judgements (CCJs), or even bankruptcy.

While less than ideal, such circumstances needn’t signify the end of your homeownership aspirations. Specialist mortgage lenders may extend assistance, albeit with a more stringent process and potentially higher rates. Focusing on credit score improvement can enhance your prospects.

Get in Touch for Bad Credit Mortgage Advice in Derby

For expert advice on bad credit mortgages in Derby, book your free mortgage appointment online today.

Our seasoned mortgage advisors in Derby, boasting over 20 years of expertise, are committed to devising a clear strategy for addressing your credit challenges ahead of the mortgage journey. Our ultimate aim is to guide you towards securing your dream home.

Do Gambling Transactions Look Bad on My Bank Statements?

Why does the lender need my bank statements? 

Regardless of whether you’re a first time buyer in Derby, a home mover in Derby, or considering remortgaging in Derby, your mortgage lender will inevitably request copies of your bank statements along with other evidence to assess your mortgage affordability.

Bank statements serve as a window into your financial habits, allowing lenders to gauge your reliability and financial management skills. Therefore, it’s crucial to carefully consider your financial decisions in the months leading up to your mortgage application.

Particularly noteworthy to lenders are large gambling transactions. While gambling itself is not illegal, frequent and substantial gambling activities may raise concerns for lenders during the mortgage application process.

What has it got to do with the lender whether l gamble or not?

While lenders cannot dictate how you lead your life, they are obligated to lend responsibly. Excessive gambling transactions could potentially jeopardise your mortgage application as lenders assess your financial responsibility.

Lenders need assurance that they are extending credit to individuals capable of managing their finances prudently. Therefore, they scrutinise bank statements to ensure responsible financial conduct.

Will gambling affect my chances of getting a mortgage?  

Occasional gambling transactions may not necessarily hinder your mortgage prospects. However, lenders will assess the frequency and size of these transactions, as well as their impact on your overall financial stability.

Consistently dipping into overdrafts or borrowing money for gambling activities may raise red flags for lenders, indicating potential financial irresponsibility.

What will lenders be looking for on my bank statements? 

Beyond gambling transactions, lenders examine various aspects of your bank statements, including loan repayments, overdraft usage, credit card activities, and recurring payments. These factors collectively contribute to lenders’ evaluation of your financial suitability for a mortgage.

While occasional overdraft usage may not significantly impact your application, chronic reliance on overdrafts and financial struggles may negatively affect your mortgage prospects.

What can I do to show the lender I am reliable? 

Demonstrating reliability and financial prudence is paramount to lenders. Planning ahead and presenting a responsible financial image can enhance your chances of mortgage approval.

During the months preceding your mortgage application, ensure responsible financial management, including prudent spending habits and timely bill payments. Taking proactive steps, such as temporarily refraining from gambling or setting betting limits, can further strengthen your mortgage application.

Get in Touch with a Mortgage Broker in Derby

As your mortgage broker in Derby, our role is to guide you through every stage of the mortgage process, offering support and expertise.

From reviewing your evidential documents to providing ongoing assistance, our mortgage advisors in Derby are committed to helping you navigate the mortgage journey seamlessly. With flexible availability 7 days a week, we’re here to help you at every step of the way.

What Are The 7 Best Places to Live in Derby?

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.

1. Mickleover

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.

2. Duffield

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.

3. Darley Abbey

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.

4. Allestree

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.

5. Belper

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.

6. Ashbourne

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.

7. Oakwood

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.

Book Your Free Mortgage Appointment

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.

Should I Overpay My Mortgage in Derby?

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.

Put the plan into action

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.

You’re still in control

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.

Problems & Hurdles Obtaining a Mortgage in Derby

Specialist Mortgage Advice in Derby

When you are going through the mortgage journey, you may find that you encounter some obstacles along the way. In some cases, this can get complicated!

Through our experience as a Mortage Broker in Derby, we have dealt with a range of mortgage hurdles. With over 20 years in the industry under our belt, we have encountered many complex situations both common and unique and can provide you with the solutions. In the rare case that we are confronted with a situation, we haven’t seen before, our team will work hard in overcoming it and provide support through the process. These hurdles may not be familiar to you, in particular as a First Time Buyer in Derby, we hope that we can help!

Common mortgage hurdles

Child Care Costs

Having your mortgage application turned away because of having children is unusual, but not having children can increase your chance of an offer acceptance.

From a lenders point of view, they want to make sure an applicant can manage all of your mortgage payments along with current expenditures. With this in mind, childcare costs are classed as expenditures each month. They have to take these costs into account as these costs can run into the hundreds per month. It is known for childcare costs to go down, they always increase! It’s always seen as a financial commitment and is treated the same way as a car loan or hire purchase agent.

Regardless of if you don’t have to pay nursery fees to pay, having children could mean you are offered less than other buyers who don’t have children. The one positive of this is that families can often be in receipt of tax credits and many lenders will take these into account and child benefit.

Mortgages following Divorce/Separation

It’s unfortunate when divorce or separation occurs, however, if you decide to end things with your partner, financially related issues can happen. In particular, mortgages.

It can be challenging for lenders to accept your application when you are financially linked to someone else. This is because they would prefer that applicants not to have two different sets of mortgage payments to meet each month, it could be difficult to manage.

In this situation, many people have approached us looking for Specialist Mortgage Advice in Derby and have sometimes asked these questions:

  1. How can I remove my ex’s name from my mortgage?
  2. How do I remove my name from my ex’s mortgage?
  3. Can I have two mortgages?

We find that mortgage hurdles like these can get difficult, very quickly. Most of the time, there is a way around these scenarios, it’s just knowing how. Having a Mortgage Broker in Derby by your side, like Derbymoneyman, can help relieve any stress you may have during these difficult times.

Benefit income

When it comes to benefit income, lenders have varying opinions on this, including the assessing aspect of it. The good news is that benefit income like a child tax credit, working tax credit, disability benefit and pension can all be included one way or another.

Please don’t hesitate to get in contact with us if you want additional information regarding mortgages and benefit income. Here at Derbymoneyman, our team will look at your situation and find you a lender that will consider your benefit income.

Starting a New Job – Can I get a Mortgage?

When you get a new job, normally you will be getting a larger salary which in turn can be used towards something like a new mortgage. Because of this, you may assume that you are more likely to get a mortgage but, this is not always the case.

At the beginning of your new job, you will normally have a probationary period. These are normally fine but there is still some uncertainty there. Therefore, lenders may only accept you when you have job security, this all depends on the lender and the mortgage costs.

In order for the lender to know your work patterns, they will look into your employment history. This is so lenders can see if you are the type to dip in and out of work. Having gaps in employment can have a negative effect on your application.

Some lenders will work from a newly signed employment contract even in month one or if you are about to start your new job.

Evidencing Your Deposit

With any purchase, all mortgage lenders and mortgage broker are legally required to evidence the source of the borrowers’ deposit funds. Evidence of the deposit may be required from your estate agent and your solicitor.

As an expert Mortgage Broker in Derby, we feel this is the most challenging part of applying for a mortgage and could cause issues if not done correctly. You are required to have the part audit trail for the funds if your deposit was from savings, premium bonds, the sale of another property, gifted from a family member or friend, from family overseas or from a personal loan.

The Pros & Cons Of Using A Mortgage Broker in Derby

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.

What are the pros & cons of using a Mortgage Broker in Derby?


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.

Local Bank Branch Relationship

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.

Exclusive Mortgage Products

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.

Changes to Regulation & Consumer Protection

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.

Book an Appointment with a Mortgage Advisor in Derby

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.

Handling of Complex Scenarios

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.

In Conclusion; Should I use a Mortgage Broker in Derby?

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.

Sole Name Mortgage Advice for Married Applicants

There are many reasons why an individual would apply for a mortgage as a sole name mortgage while married. In some cases, a sole name mortgage might be more appropriate than a joint for a number of the reasons below:

-One applicant has a low income. 
-One applicant is not working.  
-Your partner has poor credit. 
-Your partner already has a residential mortgage.  
-You are using a deposit from your servings. 
-You want to retain certain stamp duty benefits. 

Above are just a selection of reasons to take out a sole mortgage when you are married. Whatever situation you are in, it’s important to prepare your application to improve your odds of approval. Our Mortgage Advisors in Derby are here to provide a helping hand through the mortgage journey. 

Applying for a sole mortgage when you’re married

If you want to apply for a mortgage as a sole applicant, it’s key to have a strategic approach. The aim is to get you the best deal that is perfect for your circumstances.
When you get in touch with Derbymoneyman, our Mortgage Advisors in Derby will need to know why you are wanting to get a mortgage in one name. This is so they can look into other potential opportunities, for example, you may not want to apply for a joint mortgage because your partner has bad credit. However, you may find that there is a chance you can get a joint mortgage even if one applicant has bad credit.

For applicants who are looking to purchase in their sole name due to personal reasons, this might be something lenders will allow. It can be common for lenders to not be comfortable with this arrangement because you are purchasing a marital home for you and your partner. Being permanent residents, lenders do like for both partners to be on the mortgage. This is to prevent any potential conflicts in the future about who can and can not live in the property.

Looking for a mortgage while a divorce goes through

Divorce & Separation Mortgage Advice | MoneymanTV

In the unfortunate case where you decide separate from your partner or are going through a divorce, this is where getting a mortgage in one name could be utilised. You may have the option to buy your partner’s share of the property from them meaning you would remove them fully from the mortgage.

If you are in this situation, there are a number of mortgage options to choose from. This is because there are many scenarios when you are going through a divorce or separation. These include you moving out and buying a new home or you might decide to stay put in the current property and buy your partner out. Either way, both would mean you would need to obtain a new mortgage.

As long as both parties are cordial when going through a divorce or separation, the process can be pretty straightforward. A relationship that is causing conflicts can make things challenging. With a large variety of options and variables available, our Mortgage Advisors in Derby can provide you with a more tailored answer about your situation.

You may find that lender will require some evidence of separation so it’s key you have all your paperwork prepared prior to applying with a lender. Our team can look over this before the application stage.

Mortgage advisors for married applicants

If you are married but want to get a mortgage in one name, it can be important to obtain suitable advice prior to applying for a mortgage.

As a married individual applying for a mortgage as a sole applicant will require to obtain specialist Mortgage Advice in Derby. Get in touch with our team today.

9 Questions to Ask When Buying A House in Derby

First Time Buyer Mortgage Advice in Derby

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:

The 9 most common questions:

1. How much interest has there been in the property/development?

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.

2. Is there a property chain?

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.

3. What comes with the sale?

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.

4. Are the neighbours friendly?

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.

5. How much does it cost to run?

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.

6. Which way does the house face?

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.

7. After moving in, how much work will be needed?

The amount of work the property will need can make a big impact on your budget. Below is some points to consider:

8. Are you open to offers?

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.

9. When can we move in?

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.

Moving Home Mortgage Advice in Derby

Removing a Name From a Mortgage in Derby

Mortgage Advice in Derby

When we deal with a customer who is looking to remove a name from a mortgage as a Mortgage Broker in Derby, we commonly find that the reason is divorce or separation. In this situation, the homeowner may decide to remove their name or their ex’s name from the mortgage.

During a divorce or separation, financial commitments should be at the forefront of your mind as they are deemed an important factor to sort out. Despite this, they do seem to be left until last. This is can be a challenging process as it can be stressful and time-consuming, therefore, sorting that out first can make the process a lot easier.

First, you will need to see if you are able to be on the mortgage as a sole applicant. This will be determined by your lender, building society or Mortgage Broker in Derby who can assess whether or not you will be able to live comfortably with just one income. As well as this, the individual remaining on the property must also be able to keep up with the mortgage payments on their own.

Before proceeding with removing a name from a mortgage, it’s important that both parties must agree. In the case where one party doesn’t agree, the situation would need to be taken to court before they can proceed. As a result, this can become time-consuming and costly.

If you are going through a divorce or separation, it can be beneficial to seek specialist Mortgage Advice in Derby. This is where you can speak to an expert which can be helpful further down the line.

Mortgages After Separation & Divorce | MoneymanTV

Need help removing a name?

In the circumstance where you are looking to remove a name from a mortgage, it may be beneficial to seek support and help with the process which can be done through obtaining specialist Mortgage Advice in Derby.

Here at Derbymoneyman, we can connect you with an expert Mortgage Advisor in Derby who can get an idea of your situation. As mentioned, the person that you want to remove off the mortgage will need to be agreed to be off the mortgage. If they are adamant that they don’t ant to be removed, this can be a challenge.

Our team are available 7 days a week to answer any questions and support you on your mortgage journey. Get in touch today and book yourself in for a free mortgage appointment.

What Can I Do If I’ve Been Declined For a Mortgage in Derby?

Mortgage Advice in Derby For Complex Situations

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.

How can I avoid disappointment from a mortgage?

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.

What are other mortgage applicants doing?

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.

Reduction in your mortgage loan amount

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.

Accepting help from a dedicated Mortgage Broker in Derby

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. & 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

Equity Release Council Logo Solla Later Life Logo
Facebook Image X Image Instagram Image YouTube Image LinkedIn Image SpotifyImage

Speak to an Advisor – It’s free!
7 Days a Week, 8am – 10pm

Speak to an Advisor – It’s Free Enquire Online 01332 979 187
We use cookies to enhance your customer experience. More detailsGot It