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As a first time buyer, taking a step into the mortgage world can be a little daunting which is understandable with mortgages being a big financial commitment. As a Mortgage Broker in Derby, we have helped many First Time Buyers achieve their mortgage goal. Our mortgage advisors do their best to make the process as stress free as possible.
We believe the most important part of obtaining a mortgage is the journey, looking at how you got there and what happens next. Our goal is to make the process straightforward and keep you constantly in the loop.
It all comes down to your credit score. As a general rule, we usually find that first time buyers have a good credit score. With this, you are opening yourself up to better mortgage rates and put down a lower deposit, this could be as low as 5% of the purchase price.
Whereas a first time buyer with a quite low credit score may only have access to a lot more higher rates and will need to deposit much higher. This could range between 10-15%.
The deposit amount will also depend on the type of property you’re looking to buy. For example, if your property is more expensive, you may need to put down a larger deposit.
The government mortgage schemes can be a helpful way of obtaining a mortgage if you are struggling to reach the minimum deposit that is required. The schemes were introduced to help first time buyers get on the property ladder and succeed in their home owning goals.
The government currently offer schemes including the Help to Buy Equity Loan, Shared Ownership, Mortgage Guarantee Scheme, the First Home Scheme, along with many other. All of these schemes were introduced to help home buyers to get onto the property ladder in some way. A Mortgage Broker in Derby can help with the eligibility side as you still need to be eligible for them.
If you are a first time buyer wanting to learn more about the schemes available seeking Mortgage Advice in Derby, book online for you free mortgage appointment with one of our Mortgage Advisors in Derby. The appointment can help you understand if you are eligible and apply for your mortgage.
Having over 20 years of working experience in the mortgage industry to our name, our hard-working team of Mortgage Advisors in Derby have dealt with many first time buyers in Derby and have given them the boost they need to get onto the property ladder.
It’s rare to find a situation that we haven’t come across before in the past. We have highlighted the most popular questions that we regularly hear from customers who has got in touch with our team:
A Mortgage Advisor in Derby can provide a rough estimate on how much you can borrow as well as your monthly costs which can be helpful if you are first time buyer in Derby wanting to know the amount you need to put aside as well as the amount you can borrow.
When you have seen a property you are interested in it’s now time to look into getting an Agreement in Principle which is also known as a Decision in Principle, Mortgage in Principle, DIP or AIP.
With an Agreement in Principle by your side shows that you have passed the lenders initial credit check.
Furthermore, having this document with you can demonstrate the seller that you’re in a big serious position to progress if they accept your offer, giving you a boost in front of other buyers.
Normally, our hard working mortgage advice team can get an Agreement in Principle within 24 hours of your initial appointment.
Firstly, you need to get in touch with your dedicated Mortgage Broker in Derby to inform them. From this, we will then proceed with your mortgage application and deal with all the paperwork on your behalf.
Don’t worry about any hurdles that could potentially arise, your experienced advisor would have encountered something similar in the past and can help with overcoming this obstacle.
We do come across customers who are First Time Buyers in Derby who have approached the bank and have unfortunately been turned away for a variety of different reasons.
If you come across any issues during your process, our team of specialist advisors in Derby will work hard to find a solution.
Get in touch to book yourself in for a free mortgage consultation with a more tailored service.
We love helping first time buyers as a caring Mortgage Broker in Derby. Your dedicated Mortgage Advisor in Derby will be by your side throughout the process from your initial call all the way to obtaining the keys to your new home.
They will be there to answer any questions you may have about your mortgage keeping the technical jargon to a minimum.
The benefit of approaching a Mortgage Broker in Derby compared to a high street bank is that we have access to thousands of mortgage products, finding you the one that is appropriate for your circumstances.
We are here seven days a week to relieve any stress and solve any hurdles we encounter along the way. It’s rewarding when we find a property that you like and obtain the keys!
Check out our genuine customer review, as they show how our dedication and hard work has helped many customers on their mortgage journey. The service we provide and your satisfaction with our service means a lot to us.
5.00 Rating21 Reviews
Sarah
I can’t believe the service we have had and we can’t recommend them enough, Matt and the team are amazing. We have had several mortgage offers through them but the houses we have bought have fallen through but nothing has been too much trouble...
Adam
Thank you to Wayne and the team at UK Moneyman, Derby. We were first time buyers, both with adverse credit history and one with sporadic income from agency work. I was finding the whole process of applying for mortgages to be quite stressful and...
Arran
The team over at Derbymoneyman have been incredibly helpful in helping me understand the process of buying a house. A friendly and welcoming team who do all they can to help. Definitely recommended, you feel like the team is invested in helping you.
Chantelle
This company has helped get a mortgage, when we didn't think we could get one the first time, and we have continued to use them the second time and will reuse them again. They are professional and Friendly and communication is fantastic.
Clive
Dinah delivered an excellent service. She was very helpful, knowledgeable and filled me with confidence to go ahead with the mortgage offer. I would definitely recommend her to friends and family.
Anonymous
Thanks for make my life easier
Adnan
I am amazed with quality of service and care given by the team.
Anonymous
Absolutely brilliant service from beginning to end. Mortgage application was easier than we anticipated. Would recommend this company to everyone!!
George
Very happy with the brilliant service given by Jason especially who went above and beyond replying to emails post 10PM to help get my mortgage sorted. Laura too who was very friendly and helpful over the phone. Overall very pleased and would...
Maryam
Absolutely fantastic service provided. Matt was very knowledgeable and he was always available to answer our queries. We liked how well the process was organised from start to finish and we were were well looked after by also Lyndsey and Megan who...
Pamela
I can’t underestimate how easy to process was, I was kept well informed at all stages with excellent customer service!!! Would honestly recommend everyone to use this company!
Jonathan
Matt from Moneyman has just completed what can only be described as a very simple mortgage switch to the same provider but at a lower rate, RESULT!. Great service as ever and would highly recommend Many Thanks Jonathan & Helen
Anonymous
Without doubt a very smooth and professional re-mortgage after attempting to do myself with my own bank and not doing very well!! From the start Denise put me at ease and was very informative based on my situation and was always in contact and...
Shkoor
Very helpful , definitely glad that it was recommended to me to use. Staff were constantly assisting me throughout the process and they ensured i was fully aware of the mortgage process. Matt was consistent and clear, providing me with the optimal...
James
Great service received from Nathan and the team.
Christina
From the first call Leo's service was exceptional. The service has been one of the best I have received and I would always go back for in future years. Thank you you friendly professional approach helped massively
Andrew
Professional and a friendly service. I would always recommend you friends and family
Jacqueline
Absolutely brilliant service! I highly recommend these guys!
Lewis
Excellent service from start to finish. I dealt with Leo and Rachael who were great.
Anonymous
Didn’t think I’d be able to get a mortgage until I contacted these guys. They are always there to take your call when you need them and keep you informed every step of the way. It really helped to have someone to guide me through the whole...
Your initial free mortgage consultation in Derby will last for roughly about 30 mins. An advisor will then recommend a mortgage for you, that you are under no obligation to accept and proceed with, if you decide it’s not for you.
As a dedicated and trusted mortgage broker in Derby, we will carry out a Fact Find to establish your circumstances & needs prior to recommending the most suitable mortgage for you. A credit check will then be required for an Agreement in Principle. Once you have provided all the relevant documentation and a valuation of the property has been carried out, a formal mortgage offer can be issued to you.
We would highly recommend you obtain an Agreement in Principle prior to property viewings in Derby, to avoid possible disappointment, especially as this can boost your bargaining position pre-making an offer and can be obtained with the help of one of our mortgage advisors in Derby, free of charge.
A standard Agreement in Principle generally lasts for between 30 and 90 days depending on which lender you are with. If your Agreement in Principle happens to expire, it can easily be refreshed.
If you’re looking to make any potential home improvements or consolidate any debt, then it can be possible to get a second mortgage on your home. Second Mortgages are also usable for if you are wanting to take out a mortgage for a family member, a holiday home or a Buy to Let.
When purchasing a property in Derby, the minimum deposit a High Street Lender will usually require is 5%, though if you have had previous credit problems, this can be higher.
If you have had credit problems, it could still be possible for you to get a mortgage, however, you may need to put down a higher deposit than usual. This could be 15% of the purchase price.
You may still be able to get a mortgage once you have submitted at least one year’s accounts. Typically we find that, for the most part, lenders will use your salary + dividend to calculate the maximum mortgage. Alternatively, some may go off your net profit.
To prove your income to a lender, it’s usually three payslips for an employee. If you are self-employed, it’s the latest 2 years’ accounts. In addition you will need to produce the lender with proof of ID, address and the latest 3 months’ bank statements.
Your free initial mortgage consultation will typically last up to 30 mins. Our team have the ability to obtain an agreement in principle within 24 hours. A formal mortgage offer will take about three weeks on average.
A telephone test call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
A telephone call where we can take some initial details and find out about your plan of action.
Enjoy finding a property!
Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.
Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.
