First Time Buyer Mortgage Advice in Derby

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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.

How much deposit do I need for a mortgage in Derby?

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.


We search 1000s of mortgage deals across a large number of lenders, including:

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Mortgage Advice for First Time Buyers

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:

How much can I borrow? 

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.

Ready to Make an Offer 

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.

You’ve Had an Offer Accepted 

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.

Declined by your Bank or Building Society

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. 

Why choose us to help you buy your first home in Derby?


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.

Reviews Stars5.00 Rating21 Reviews

Common mortgage

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.

We make it so easy!
Our 4 step process

Step 1

A telephone test call where we can take some initial details and find out about your plan of action.

Step 2

Enjoy finding a property!

Step 3

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Step 4

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.

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Authorised and Regulated by the Financial Conduct Authority.
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