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If your bank or building society has turned down your mortgage application, it means you don’t fit their lending criteria, despite having the correct documentation and having evidence to prove you can afford your mortgage payments.
No homebuyer wants their application declined, which is why here at Derbymoneyman, our team of Mortgage Advisors in Derby will take the time needed to understand what you are trying to achieve and try our best to find you the most suitable mortgage deal available for your circumstances.
We work with a large panel of mortgage lenders with various deals that cater to different homebuyers with their mortgage situations.
When you are hoping to achieve something slightly ‘complex’, having the help of a Specialist Mortgage Advisor in Derby on your side will prove to be highly beneficial to you as we aim to search through 1000’s of deals to find you the most suitable mortgage for your circumstances.
We have previously dealt with customers who have been turned away from a high street bank at the last second as they branded their application as ‘complex’.
We tend to find that some customers can be weeks into the mortgage application process and then get turned away for one reason or another. Usually, the issue should have got picked up by the bank’s mortgage advisor at the start of the process.
This results in customers losing time and money due to that one mistake, causing you stress and frustration. Without understanding the lending criteria before your application, you could be risking your chances of getting accepted for a mortgage. In some circumstances, it’s not always easy!
Rest assured, we have faced many encounters dealing with clients in ‘complex’ situations, so we’d love to hear from you. To speak with a Mortgage Advisor in Derby, book your free mortgage appointment online or give us a call.
When a customer is struggling to achieve their mortgage goals and is having a hard time getting accepted by a lender, we will search the market to find you the most suitable deal and always offer a helping hand in any way that we can.
As a Mortgage Broker in Derby with over 20 years working in the industry, we have helped many customers get onto the property ladder, all of whom have had their personal goals and circumstances.
We felt it would be worth putting together some of the more ‘common’ mortgage situations that we came across over the years:
A property down valuation is where you had a property survey carried out on the property only to find out that the offer you put forward is above the property’s market value.
What may happen is your lender pulls out of the deal. However, this can alter if you can make up the difference between your offer and the properties actual value.
Making future arrangements for the next step together can be exciting but also challenging, especially when your relationship turns sour, and now you are both tied to a mortgage together.
Maybe things have gotten out of hand in your personal life, and you are going through a divorce or separation. We recommend getting this sorted out as soon as possible.
Similar to divorce and separation, there may come a time when you are looking to remove your name or your ex-partner’s name from your mortgage.
Depending on how stable you are financial, you may face limited options because your affordability is now only based on a single income rather than two.
If you are married and considering obtaining a mortgage on a home for you and your partner, mortgage lenders always prefer both applicants be named on the mortgage, though it is possible to obtain a mortgage in one name.
The Shared Ownership Scheme is handy for allowing applicants to obtain a mortgage as a share, initially on only a percentage of the property.
The percentage is usually between 25%-75% whoever owns the remaining share of the property, most likely to be the local authority. Regarding how your repayments work, you will pay the money back in monthly rent alongside your mortgage repayments.
Professional mortgages are only available by precise lines of work. It’s an incredible niche section of the mortgage market. Because of this, you need to speak with Specialist Mortgage Advisors in Derby for more information about professional mortgages.
If you plan to take out a mortgage on more than one home, you must present your financial stability to the lender. This will show that your income is financially enough to cover the costs. Lucky for you, we can help prepare you for this.
Holiday lets operate in a similar way to a Buy to let Mortgage. The main difference is that your property might not always be occupied during down periods. In some situations, you are paying monthly costs on an empty property.
In situations like this, lenders need to be confident to lend to you. It would be best if you showed that you could afford your repayments at all times, whether someone is renting in the property or not.
New builds can often cost a little bit more than slightly older properties, but some will argue it’s worth every penny. If you find it challenging to save up for your primary deposit, you could be eligible in one of the UK Government’s Help to Buy Schemes to help get you on the property ladder.
A ‘non-standard’ property is a property not built from building materials like mortar or bricks. If you need to take out a mortgage on a non-standard property, you need to speak to a specialist Mortgage Advisor in Derby. We highly recommend getting a full structural property survey if you are looking to purchase a non-standard property.
HMO properties are properties usually bought to lets with 4-6 tenants. You may see these used for student accommodation. Looking into Mortgage Advice in Derby can be the help you need to get you an HMO mortgage if you are eligible.
If you have built up an amount of equity in your property, you may be able to release some of this and turn it into cash by taking out a lifetime mortgage. We would recommend speaking to a Specialist Mortgage Advisor in Derby if you are over the age of 55.
An Offset mortgage is where it combines a savings account with your Mortgage. Offset mortgages are a suitable method of helping you access competitive mortgage products and interest rates.
We have many specialist mortgage lenders on the panel, all with unique mortgage lending criteria. Our trusted Mortgage Advisors in Derby utilise their knowledge and experience over the years to recommend our customers the most suitable deal based on your situation and the lending criteria.
If you have any questions regarding your credit score, we recommend getting an up-to-date copy of your credit report. This documentation will come in handy during your free initial mortgage appointment. It helps give our Mortgage Advisors in Derby a better understanding of what you’re looking to achieve and steer us in the right direction to find you the most suitable recommendation.
During your mortgage process, you are our responsibility. Our mortgage advice team are available 7 days a week and always aim to give you open and honest Mortgage Advice in Derby and remain by your side through every step of your mortgage process.
To speak with a Mortgage Advisor in Derby, get yourself booked in for your free mortgage appointment online or give us a call.
5.00 Rating20 Reviews
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...
Anonymous
I couldn’t have chosen a better company to sort my mortgage out, they are so helpful and are supportive every step of the way. Even helping to sort other things we needed in place. Would definitely recommend to anyone. Anne S.
Your initial free mortgage consultation in Derby will last for roughly about one hour. 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 an hour. 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 call where we can take some initial details and find out about your plan of action.
Enjoy finding a property in Derby!
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.
