Problems & Hurdles Obtaining a Mortgage in Derby

Specialist Mortgage Advice in Derby

As a mortgage broker in Derby, we find that some customers are faced with hurdles that regularly crop up. Furthermore, it’s rare there is a situation our expert mortgage advisors haven’t been faced with before. Therefore, we are here to help with any situation with our Specialist Mortgage Advice in Derby. Below are some factors you may come across when getting a mortgage:

Child Care Costs

Getting turned down for a mortgage due to childcare rarely happens. The only impact it may have is that you might get granted a lower mortgage amount compared to an applicant with the same income but no children. They still get taken into account as childcare costs are assessed as a loan or credit commitment. Additional expenses that children bring are automatically taken into account with the lender’s affordability calculators.

You may find a number of lenders will factor in state benefits including child benefit, however, this may impact the maximum mortgage allowable further.

Mortgages following Divorce/Separation

You don’t buy a home with your partner with the expectation of divorce or separation. Unfortunately, this can be common and when it does, you need to alter the family finances.

The most common question we get asked include:

  1. How do I remove my ex’s name from my mortgage?
  2. Can I remove my name from my ex’s mortgage?
  3. Am I allowed to have a second mortgage?

The answer to all of the above can be yes, however, you will need expert mortgage advice. In the case where you do end up receiving maintenance, this can be included as part of the assessable income for a mortgage.

Starting a New Job – Can I get a Mortgage?

We find this question crops up a lot, it is usually straightforward. In some cases, you will need to have been working consistently for a certain period, however, this all depends on the lender’s criteria. Even if you are in your first job, you can get a mortgage. If you are starting a new career soon, as long as you have a signed contract and job offer letter, you may be able to get a mortgage.

A factor that can be a problem with some lenders is gaps in employment. Usually, probationary periods are acceptable in any case.

Evidencing Your Deposit

These days, Anti-Money Laundering precautions are fairly stringent. To abide by these precautions, all lenders will need you to not only evidence your deposit but, where the money originated. As well as the lender, your solicitor and the estate agent you are buying from may ask you for this too.

Cash is not acceptable. The bank will question any significant cash deposit, which could lead to a rejection of your application.

All of your deposit coming from a gift can be a regular occurrence and is possible. There needs to be written evidence from the person gifting you the money that it is a gift, not a loan.

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

The information contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.
Should you have cause to complain and you are not satisfied with our response to your complaint, you may be able to refer it
to the Financial Ombudsman Service, which can be contacted as follows

The Financial Ombudsman Service, Exchange Tower, London, E14 9SR
www.financial-ombudsman.org.uk

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Derbymoneyman – 19 St Christophers Way, Pride Park, Derby, DE24 8JY.

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