How does the free initial mortgage consultation work?

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.

How does the process work?

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.

When should I obtain an Agreement in Principle?

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.

How long does an Agreement in Principle last?

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.

Can I get a second mortgage in Derby?

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.

How much deposit do I need?

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.

Can I get a mortgage with previous credit problems?

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.

I’m Self-Employed in Derby, can I get a mortgage?

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.

What documents will I need to send?

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.

How long does the process take?

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.