It’s already that time of year again, the end of the summer holidays and the kids are going back to school. For those who want to resume to normal working life, this may be a huge relief!
As a Mortgage Broker in Nottingham, we know that a lot of people put off their mortgage/remortgage during the summer holidays as they simply don’t have enough time. This results in a large number of applicants all applying in September once the kids go back to school.
Have you ever thought about getting ahead of the game and trying to beat the rush? Doing so could allow you to get in front of potential competitors and help you secure your dream home faster than expected.
Here are some reasons why jumping the gun and starting your process early could help you secure a mortgage quicker than expected.
If you’re currently viewing properties, you will know that there is always some sort of competition with other buyers. However, this could step up even more in September. With homebuyer demand expected to rise, rather than there being one other party looking to buy a property, there could end up being more than a few.
Our mortgage advisors in Nottingham will do their best to help you stand out in front of these buyers, however, to eliminate the number of competitors, you can start your process sooner rather than later. Beating them to the rush could help you secure your dream property.
As a first time buyer in Nottingham, you will want to put yourself in the best position possible at the point of application. You want to let your lender know that you’re a reliable applicant so that you can get in front of other buyers – we can help you with this.
We can get an Agreement in Principle (AIP) arranged for you within 24 hours of your free mortgage appointment.
An AIP shows that you’ve been agreed a certain amount in principle by a lender. This can show the property seller that you’re ready to proceed quicker than someone who doesn’t have an AIP in place.
If you get your AIP arranged before September, you could be able to make an offer on a property straight away, no hassle is needed.
Contact us and we will get your AIP arranged within 24 hours of your appointment.
Less buzz in the market means that your overall mortgage process should be quicker… right? Well, that answer can depend on which route you choose to take at the very start of your journey.
If you choose a mortgage broker in Nottingham like us, you could end up shooting your way through the process and have a property secured within weeks, you just have to go through the evidencing your income, affordability stage after that.
However, if you choose to go to a bank or building society, you could still end up being put in an appointment queue. There probably won’t be a huge backlog as you are still getting ahead of other people who are going to apply in September, however, they still may put off your application, meaning that it could dip into September anyway.
At Nottinghammoneyman, responsiveness is one of our core values, we believe that you should be able to book a mortgage appointment with a mortgage advisor in Nottingham straight away. With our service, we want you to beat the rush and get you through your process with a fast and friendly service.
We have mortgage advisors in Nottingham available 7 days a week. You can book your own mortgage appointment by using our online booking feature today. With the help of a mortgage advisor in Nottingham, you could get the chance to beat the September rush!
Once the kids go back to school, the market will be back on fire. Start your mortgage process today and claim your free mortgage appointment. Whether you’re looking to purchase as a first time buyer or remortgage in Nottingham, we’re more than happy to help.
We hope to hear from you soon!
Sometimes, many first time buyers in Nottingham and home movers will struggle to get their mortgage journey started. Whether this is down to your deposit size, affordability or credit score, if you’re struggling, it may be time to get professional help. You’re not the only applicant to be experiencing hardship during your mortgage application.
As a mortgage broker in Nottingham, we’ve seen lots of different scenarios where people have been declined for a mortgage. In this article, we are going to look over some of the most common situations that we come across.
Each lender will have their own unique credit scoring, criteria and some will be easier to match than others. You’ll never match every single lender’s criteria as most of them, particularly specialist lenders, have carved out their own niche audiences. Also, an applicant with a high credit score and good affordability will not need to use a specialist lender who usually works with applicants with lower credit scores.
By rule of thumb, lenders offering the lowest rates will have the strictest lending criteria. In order to pass this criterion, it’s likely that you’ll need a high credit score and a clean credit history, etc.
Lenders need to trust you, they need to know that you are reliable. They don’t want to risk taking on an applicant that could fall into areas over the course of their mortgage term. If you’re suffering from bad credit or have had bad credit issues in the past, you may need to choose a specialist over a high street lender.
We are a specialist mortgage broker in Nottingham and have access to many different specialist lenders on our panel. We can check each lender to see whether you match their criteria. It’s our job to help customers who are struggling to start their mortgage process.
What is the total deposit amount that you need? Is it 5%, 10%, 15%?
Usually, the lower your credit score, the higher deposit you’ll have to put down. Also, you have to remember that the deposit required will depend on the property that you’re buying. An increase in property price means an increase in the deposit.
Without a deposit, it’s very unlikely that you’ll be able to get a mortgage. An example of where you may not need a deposit would be if you’re taking out a right to buy mortgage in Nottingham.
Taking advantage of government-led schemes could potentially help you get a mortgage with a small deposit. These schemes were designed to help struggling mortgage applicants get onto the property ladder. Why not look into the Help to Buy Equity Loan, Shared Ownership or the Mortgage Guarantee scheme?
Find out more here: ownyourhome.gov.uk
Unfortunately, you may not be told the reason why your mortgage application was declined. Sometimes, your lender can just decline your application.
If you find yourself in this situation, you should get help from a mortgage advisor in Nottingham. It could be anything from that you’ve tried to take out the wrong product to that you simply didn’t match the lender’s criteria. We like to call this scenario “the computer says no”.
Nottinghammoneyman will never put you forward for a mortgage product when we know that you won’t pass the lenders criteria.
As a mortgage broker in Nottingham, our job is to try and find you an appropriate mortgage deal that is tailored to your personal and financial situation. Measuring your affordability is a huge part of the first stage of the mortgage process, so we will carry this out for you for free.
Once you pass the first couple of stages of our mortgage process, the rest should be stress-free and simple. A mortgage advisor in Nottingham by your side throughout the whole journey may be what you need.
Now, don’t ask “why can’t it be easier to get a mortgage?”, use a mortgage broker in Nottingham!
Advisors in Nottingham are available 7 days a week. Book your free mortgage appointment online today.
So, you’ve got a 5% deposit and are in the position to start making property offers, however, as you progress further through the process, you are finding that you may need a bigger deposit.
There could be lots of different reasons why you’re being asked for more deposit, it could be down to anything, e.g., sellers’ preference, buyer competition or your credit history/file.
Here we look at how you can use government schemes to help you make an offer with a small deposit as well as looking at simple things that you can do too.
There are many government schemes readily available on the market. These schemes come under an umbrella named ‘Own Your Home’ and can be utilised to help you move home in Nottingham.
These schemes could give you the extra boost that you need to get yourself onto the property ladder.
This scheme helps you increase your total deposit size, making up a total of 25%. This can heavily increase your chances of your offer being accepted.
When you take out a Help to Buy mortgage, you’ll have to supply a minimum of a 5% deposit, and your deposit will be topped up by the government to make a total of 25%. This ‘extra deposit’ that they give you is the ‘Equity Loan’. The Equity Loan is a loan and not a gift, therefore it will need paying back eventually.
The loan will be interest-free for the first five years, then afterwards, if there’s still a balance due, the remaining will start gaining interest starting at 1.75%.
You should know that this scheme can only be used on new-build properties and can only be accessed by first time buyers. Therefore, if you’re a first time buyer in Nottingham, we would recommend looking into the Help to Buy Equity Loan as it could give you that extra helping hand that you need!
The Shared Ownership scheme allows you to take out a mortgage based on a percentage share of a property (usually anywhere between 25%-75%) and then pay the rest back through rent.
As you are only taking out a mortgage on part of the property, your overall deposit required should be lower. Once you are settled in or perhaps in a better financial situation, you could even increase your share further if you want to. This is why this scheme can be such as good way to get you onto the property ladder.
The Shared Ownership scheme can get a little complicated in some places. This is why we’d recommend consulting with a mortgage advisor in Nottingham like us before getting started on your own.
A Lifetime independent savings account should be an ‘early on in the process’ thought. You should set one up once you’re thinking of moving or buying your first home in Nottingham.
The longer a Lifetime ISA has been set up, the more beneficial it will be; this is because it’s just a savings account. Your money will grow year on year; however, this is not due to interest, the government will top up whatever you save by an extra 25%. You can deposit as much as you’d like each month, as long as it doesn’t go over a total of more than £4,000 over the year. You can only save a maximum of £4,000 each year.
So after every year, you will gain 25% extra. If you manage to reach the maximum, you will have an extra £1,000 deposited into your independent savings account. The money that you’ve saved can be used for one of two things: to buy your first home or for savings for later in life.
If you set up a Lifetime ISA as soon as you starting thinking about moving home in Nottingham, you may only be required to put down a small deposit as the lifetime ISA will end up covering the majority of it!
Do you currently live inside a council house and are planning to make an offer on the property? If this is your situation, then you may only need to put down a smaller deposit, or in some cases not one at all.
You’ll discover that quite a lot of lenders will offer a right to buy discount. This discount is worked out by the government, they use factors such as how long you’ve been living within the property.
The 95% mortgage guarantee scheme was brought in off the back of the coronavirus pandemic during 2021. It gives struggling buyers the chance to purchase a property with just a 5% deposit.
Getting a mortgage application accepted is never guaranteed, however, through the use of this scheme, your chances could be significantly increased. Remember, during the whole process, you’ll still be required to pass credit checks, affordability assessments etc.
Besides using government schemes, there are over ways to get a mortgage with a small deposit.
To show your readiness to proceed through the mortgage process right away, you should get an agreement in principle (AIP) (also known as a decision in principle (DIP)). An AIP could be the thing that you need to boost your chances of getting a mortgage with a smaller deposit.
Having an AIP in place indicates that a lender is willing to lend you. Remember, this is only in principle of you being able to provide sufficient documentation to prove your mortgage affordability. When making an offer on a property with an AIP in place, you are potentially putting yourself in front of other’s who don’t have one.
You could say that in this scenario, it doesn’t really matter about the deposit, however, if you have a minimum of a small 5% deposit, having an AIP could give you that extra chance that you need. Having an AIP in place could be the difference between the seller choosing you over someone else. Choosing an applicant with an AIP over one who hasn’t got one can only speed up their process too!
An alternative would be to continue saving. Perhaps, you could postpone your home buying journey for just a little longer; this could maybe push up your total mortgage deposit.
Your ‘small’ deposit could become a much bigger deposit if you put your moving home in Nottingham journey on hold. Also, it could allow better rates and products to make their way onto the market.
We’ve even seen customers that are struggling to find a home that they’re interested in enough to make an offer on, but by waiting a little longer, they ended up finding their dream home!
Remember that the minimum 5% deposit will change depending on the property’s price. If you’re thinking of buying a larger home, you’ll likely need a bigger deposit anyway.
This situation is extremely specialist and not all lenders will not allow it. As a mortgage broker in Nottingham, we rarely see it happen, but when we do it’s always on strict terms.
In some situations, you can take out a loan to cover your deposit. This will likely affect your ability to get accepted as you are essentially borrowing 100% of a mortgage.
This means that you’ll have to pay two sets of monthly payments; your loan and your mortgage. You’ll be questioned on your affordability from the off front as they can’t risk lending to someone who has the potential to fall into arrears.
Remember that this is a specialist topic. As a mortgage broker in Nottingham, we would recommend that you speak to a mortgage advisor in Nottingham and contact us first. In all cases, taking out any sort of loan during the months leading up to your mortgage application is not recommend unless you’re certain that you can pay it off.
There’s an expectation amongst home movers that the moving home process is going to be stressful and hard to get through. This shouldn’t be the case as it’s quite the opposite!
As a mortgage broker in Nottingham, we will make moving home stress-free. We’ll take care of the mortgage side of the process, helping you find an excellent product whilst you search for your dream home.
No matter which stage of the process that you’re up to; it could be that you’re thinking of moving home in Nottingham, still taking up property viewings or are ready to make an offer; we are able to help you.
Making the moving home process stress-free is what we do best, it’s our job. Here’s what we do best:
We’ll search through 1000s of mortgage deals on your behalf. You won’t have to do the shopping around through countless products trying to find one that matches your financial situation and property… that’s our job now!
To progress through the process, we’ll need some evidential documents to support your application, e.g. payslips, identification, etc., Once we have them, we can begin searching for the perfect product for you. If we find one that matches your personal and financial situation which you want to continue with, the next step is to submit your mortgage application.
Having worked in the mortgage industry for over 20 years, we have come across almost every mortgage scenario. We know exactly what we are doing. If you’re at the stage of the process where you’re ready to make an offer, if you need a speedy mortgage process, get in touch with our team.
Your mortgage advisor in Nottingham will try to obtain a quick but competitive mortgage product. Once you get in touch, we’ll book you in for your free mortgage consultation with your dedicated mortgage advisor in Nottingham.
Part of our process involves obtaining an agreement in principle (AIP) for you within 24-hours of your application. We do this so that you can a potential advantage over other home buyers who don’t have one in place. An AIP shows the seller that a lender is willing to lend to you, hence increasing your reliability.
If you’re first time buyer in Nottingham or moving home in Nottingham, you may want to slow down your mortgage journey, and there is nothing wrong with that.
Your mortgage advisor can slow things down for you. Don’t hesitate to ask lots of questions and take your time during your moving home journey. Our team will be open and honest with you during every step of the process; you’ll know what’s going on at all times.
We operate during out of office hours so that you contact us at when the time suits you.
Workaround your working schedule. Whether you’re calling in the morning or late at night, our team will be available. These hours don’t just apply to our customer care team, your mortgage advisor in Nottingham will be able to book an appointment during the same times.
Little things like this can still help take away the stress from the moving home process. If you can contact a mortgage advisor in Nottingham at a time that is best for you, it will mean that you can talk at a time best for you.
For a stress-free moving home process, get in touch with our amazing mortgage team in Nottingham. We will take care of you from start to finish and handle all of the stressful parts that come with moving home!
Remember, as a mortgage broker in Nottingham, we aim to take the stress away from moving home. We do this through numerous ways to ensure that you feel at ease and relaxed from enquiry to getting your keys.
Take advantage of our free moving home mortgage consultation today.
Obtaining a mortgage agreement in principle (AIP) is a key part of the mortgage process. As a mortgage broker in Nottingham, we would advise that you secure an AIP as soon as possible.
You may also know an AIP by the name ‘decision in principle’. They mean the same thing; depending on the lender that you use, they may change what they call it.
An agreement in principle is written verification that a lender will let you borrow from them. However, this is only ‘agreed in principle’ – in principle of you being able to provide sufficient, evidential documents to back up your application.
An AIP can be obtained before your mortgage broker in Nottingham, lender or building society start performing credit checks, taking documents from you etc. This is why we advise that you get an AIP as early on in the process that you can.
Having an AIP in place early will not only show that you’ve been accepted by your lender and can borrow from them for a mortgage, but it can also put you above other potential buyers.
Remember, an AIP shows that you’ve had an offer accepted in the principle that you can support your application. So, if you’re currently viewing houses, you may be putting yourself in front of other viewers who don’t have one in place.
Sometimes, they can also allow you to negotiate prices. If your maximum mortgage amount is lower than their asking price, you may be able to speak to the seller and try and work out a price reduction.
As a mortgage broker in Nottingham, it’s our job to guide you through the whole mortgage process, therefore, we can also assist you with obtaining an agreement in principle.
After your free mortgage consultation with a mortgage advisor in Nottingham, we can arrange an AIP for you within 24 hours!
There are other ways to obtain an AIP. In most cases during the mortgage process, your bank, building society will automatically get one arranged for you.
Since an AIP is only ‘agreed in principle’, they do have an expiry. Usually, they are valid for around 30-90 days.
If your AIP expires, you can easily get another one. It’s a simple process; go speak to your mortgage advisor in Nottingham, bank, building society or whoever you got one with the first time around, and they should be able to arrange another one for you.
AIP’s usually expire when a buyer is struggling to find a property that they want to buy.
In some scenarios, yes, you can make an offer on a property without an AIP. However, as mentioned before, having one in place may boost your chances of getting your offer accepted as you’re ready to proceed through the process straight away.
Not having one in place could slow your process down and sellers will not want this – particularly if they’re looking for a quick sell.
Occasionally, we’ve found that estate agents with credibility would rather that you prove that you can proceed first.
There are many reasons why someone may want a second or even third mortgage. For example, another mortgage could be used to expand your property portfolio or to help one of your family members to move into a property.
It may be harder to get a second mortgage compared to your first one as you now have two sets of mortgage payments to account for. You will never get your second mortgage application accepted if you cannot afford the costs that will come with a second mortgage.
As a mortgage broker in Nottingham, we’ve seen people apply for a second mortgage for lots of reasons:
If you’re more than five years into your mortgage term, it’s likely that you’ve built up some equity in your home. If you have equity in your home, you can withdraw some of it and turn it into cash. This can be done in the form of a second mortgage.
It’s up to you what you do with the money that you’ve raised through the equity in your home. Whether you want to use it for another mortgage deposit or for something else it’s completely up to you.
Releasing equity within your home can be quite a difficult process. We would recommend speaking with a specialist mortgage advisor in Nottingham like us. Our advisors can access competitive second mortgage deals and options through our large panel of lenders.
Whether you’re an experienced landlord with current buy to let properties or an aspiring buyer who’s thinking of delving into the depths of the buy to let industry, you’re going to need more than one mortgage. Buy to let landlords with large portfolios will be used to the process of getting more than one mortgage, but if you are just starting off or own a couple, sometimes it can still be best to get buy to let help.
Second mortgages in the form of buy to let work similarly to your current mortgage. You still have to qualify for the mortgage, put down a deposit (usually 15%-25% of the property) and show that you can afford two sets of mortgage payments.
Of course, your mortgage payments should be covered once you find tenants to live inside the property, however, you may not find some straight away so you need to be able to manage the payments beforehand.
For buy to let mortgage advice in Nottingham, feel free to get in touch with our buy to let advisors today.
Otherwise known as a let to buy mortgage, there’s an option to get a second mortgage on a newly purchased home so that you can rent out your current one and live in your new property.
This works in a similar way to buy to let, it’s just the other way around. You’re planning on finding a tenant for your current property so that you can move out. Usually, landlords will build their portfolio this way when they want to move into a bigger home themselves.
Our buy to let mortgage advisors in Nottingham also specialise with let to buy mortgages, so get in touch if you need help with your let to buy second mortgage application.
If your children/family members are struggling to get themselves onto the property ladder, you can take out a second mortgage in your name and let them move into the property. If you want to go down this route, it’s likely that you end up with a guarantor mortgage.
Another popular option is to gift a deposit. Gifted deposits can be a great way to help get your close ones onto the property ladder when they are struggling.
In some situations, you can be listed on two mortgages. Sometimes it’s unintended, sometimes it was planned.
However, as a mortgage broker in Nottingham, the most common reason we see for people being listed on two mortgages is because of a recent divorce and separation. Unfortunately, it can be hard to remove your own or your ex-partner’s name from a mortgage because both parties have to agree that it’s okay to do so and prove that they will be financially able to afford a mortgage on their own.
If you are trying to get a second mortgage because of the same or similar situation, it may be slightly harder but not impossible. Some lenders will consider your current personal situation and give you a bit of leeway.
If you’re named on an existing mortgage in a home that you’re not living in, it may be best to try and get yourself removed if you can. Being financially linked to someone can sometimes bring your overall credit score down, especially if the other party has bad credit.
When you are a First Time Buyer in Nottingham and have no idea where you want to live, the process can become very stressful and it can be hard to get the ball rolling.
If you are struggling to decide where you want to live in Nottingham, here’s a list of our top 7 best places to live in Nottingham.
Arnold is a historic and community-driven town and one of the largest towns in the county of Nottinghamshire. You may be familiar with some of the history surrounding Arnold, with it being the birthplace of the Home Brewery Company Ltd, as well as the 1811 Luddite Riots. Generally considered to quite a safe and friendly place to live, it has also been the home base of Nottinghamshire Police for over 40 years.
Arnold has a town market ran by locals, a leisure centre that contains a swimming pool and a theatre, as well as a now refurbished library, great for shopping, spending time with the family and exploring literature. Other notable attractions include St. Mary’s Church, Arnot Hill Park and Bestwood Country Park.
For a quiet, safe area with lots to do and fantastic history, you might find Arnold to have the home you’ve been looking for.
Beeston is a large town located southwest of the Nottingham City Centre. Due to the volume of housing available, it’s become hugely popular amongst First Time Buyers in Nottingham. The average price for a home in Beeston ranges from low to high, however, in most cases, you’ll find most prices affordable.
Beeston is the closest town to the University of Nottingham, so as you can guess, lots of students live in the area. This has made Beeston become a bit of a hotspot for restaurants, bars and pubs – perfect for a social life. The lively atmosphere that surrounds Beeston is perfect for any families or social outgoers.
Beeston is great; in fact, it has been named one of the best places to live in Nottingham. Even if you are feeling adventurous and fancy exploring, you’ll find woodland walks, parks and lake views in each and every corner of this wonderful town.
There is something for everyone in Beeston!
If you love an area that has places to go shopping, a variety of pubs and cafés to meet friends for lunch, you’ll love Mapperley. There’s a lot to this residential area in the north-east of Nottingham, only a 15-minute walk from the city centre itself.
With private and state education opportunities for children, nearby medical facilities and popular day-out destinations only a short drive away, such as Sherwood Forest, Rufford Abbey Park and Clumber Park, Mapperley could be a great place to raise a family.
Mapperley is considered a conservation area, meaning the nature around the area will be relatively undisturbed. This provides an opportunity for a potential home surrounded by trees and greenery, giving it a parkland feel. Property prices vary, though tend to fall within the realm of affordability for the average home buyer.
If this sounds appealing to you, definitely get looking at Mapperley properties sooner rather than later, as this location is sure to have people chomping at the bit to find a place around there to call home.
The Park is a private residential estate in Nottingham and the estate is home to large, expensive properties. In some cases, you’ll find some ranging even higher up to £800,000!
Best known for its Victorian architecture, The Park has a peaceful, British feel. Many of the houses in the area have been around for centuries, some ageing back to the 1840s. If you have the money, The Park could be the ideal area for you.
You are even a 15-minute walk away from the Nottingham City Centre, allowing you to get a feel of the city life. Furthermore, you are also within 5-minute walking distance of Nottingham Castle; this will surely give you a taste of Nottingham’s history.
For information on The Park and to see if we can help you start your Moving Home journey there, get in touch with our brilliant team today.
Situated only 4 miles from Nottingham itself, Ruddington is a small village in the borough of Rushcliffe, twinned with Grenay in France.
Like a lot of the areas in Nottinghamshire, it’s community feel cannot be understated. Residents have banded together on various occasions to keep the identity of the village they love dearly, from being subsumed into the surrounding areas.
In Ruddington, you’ll find a variety of local amenities only furthering this community feel, with many different shops, schools, pubs, community centres, a village hall and a few churches. There are even weekly parkrun’s and fun runs to take part in, encouraging fitness, local spirit and raising money for charity!
The history of the area dates back to ca. 1500 BC and its name translates from Old English to “The Estate of the People of Rudda”. It has a notable association with the knitting industry, with an 1851 census showing that almost half of the areas households having someone from Ruddington in that line of work. Today you can find the Ruddington Framework Knitters Museum in the very place where many knitters and their families lived.
For a nice and quiet location, with countryside walks or runs (we recommend Rushcliffe Country Park!), a strong community feel and only a short distance to travel to Nottingham from, Ruddington could give you exactly what you need from a home.
West Bridgford has so much to offer its residents with an ideal central location, a vast array of shops, bars and restaurants on Central Avenue. It’s also home to some of the region’s sports clubs: Nottingham Forest, who play at the City Ground Stadium and Nottinghamshire County Cricket Club who call the iconic Trent Bridge home.
Many families choose to move to the area for the great selection of reputable schools. There are numerous schools within the area that teach from nursery stage up to comprehensive/sixth form level – both West Bridgford School and Rushcliffe School stand out as popular choices with parents.
There is a vast selection of natural areas to explore, one of these being West Bridgford Park, which holds many annual events. You can take in the sights and sounds of the canal or, in a short car journey, visit Wollaton Park or Holme Pierrepont.
West Bridgford is closer to the City Centre and Nottingham Train Station than you think. Jump in the car, take an Uber, a taxi or even hop on the bus and you will be over the Trent and in Nottingham in less than 10 minutes. If you’re interested in hearing more about properties available in West Bridgford, please give Nottinghammoneyman a call and speak with one of our dedicated Mortgage Advisors in Nottingham today.
Woodborough is a long and winding village in the county of Nottinghamshire. This small and niche village is ideal for those who prefer a quiet lifestyle.
The building is a mixed blend with the old such as the two new estates and residences grounds with the modern era. The twentieth century does not seem to have changed the face of Woodborough over time. Throughout this area, you’ll find a Post Office and Newsagents, with some classy barn conversions and farmlands dotted around.
We know that being surrounded by city noise is not always everyone’s cup of tea, so if you like your quiet locations, Woodborough could be for you.
We hope that this list has helped you a little when it comes to making the decision of where you are going to live in Nottingham. It can be tough Moving Home, especially when you have no experience in doing so.
For help with your Moving Home journey or First Time Buyer Mortgage Advice in Nottingham, make sure to get in touch with us. We are a Mortgage Broker in Nottingham and can help you through the whole Moving Home process.
We have helped thousands of home movers achieve their keys to their dream home, you could be next!
What is a credit score? A credit score is a number that ranges between 300-800 that represents a person’s creditworthiness.
Your credit score will be used to calculate your affordability for a mortgage, loan, credit card, etc. Your score will be listed on your credit file, so anyone that does a credit search on you will be able to see your score.
As a Mortgage Broker in Nottingham, we come across applicants in all different kinds of credit situations, some more specialist than others. There are lots of different reasons why your credit score may be low, some reasons are more common than you would realise.
We’ve seen a lot of customers suffering from a county court judgement (CCJ), a CCJ can severely impact your credit rating. If you fail to pay back a loan/lent money, you’ll be issued with a CCJ that won’t disappear from your credit file for 6 years or more. This is why we always recommend that you pay off your debt before applying for credit; your lender will be able to see your ongoing finances and balances left to pay off. If a CCJ pops up during a credit search on your file, you will undoubtedly start getting asked questions.
Little things can cause damage too. For example, if you fail to keep up with your mobile phone contract payments and you end up with frequent bounced direct debits, your score will get harmed. Any sort of missed payments and bounced direct debits will appear badly on your credit file.
Even dipping into your overdraft every month could cause long term damage to your credit, without you even knowing. Your lender needs to know that you can manage your finances and not overspend. A lender will never accept an applicant who never has any money remaining at the end of the month, they need to know you have enough for your monthly payments.
This is just mentioning a few things that could negatively impact your credit rating, there are lots of other reasons why your credit score may be lower; some factors will cause more damage than others too. If you have a bad credit score and need some tips on how to improve it, feel free to get in touch with our team for Specialist Mortgage Advice in Nottingham. Whether you are a First Time Buyer in Nottingham, Home Mover or Self Employed, we are sure that you’ll benefit from our mortgage services.
Trying to improve your credit score can be hard, but hopefully, with the help of this handy guide, you can be nudged in the right direction towards improvement. You should know that every lender has different lending criteria, so you’ll never qualify for every mortgage deal, no matter how high your score is.
This means that you may still be able to access some specialist deals, even if you have a low score. Every lender and their criteria are different, so look out for their requirements before submitting your application. If you need help in finding a competitive mortgage product, speak to your Mortgage Broker in Nottingham today and we can recommend the best deal for you based on your personal and financial situation.
Multiple credit searches can have adverse effects on your credit score. Be careful when using price comparison websites that are known to be major culprits of credit searching on individuals. If you are applying for a mortgage soon it may be wise to apply for additional credit afterwards. Whilst having some credit and paying it back is a good thing for your score in the long run. Lenders prefer to see you leverage your borrowings right before setting up a mortgage application.
Making sure you’re enlisted on the electoral roll really increases your credit score. It indicates stability which lenders like. Ensure your name is spelt correctly and that it’s your current address which is registered online. If you aren’t registered, it’s straightforward and easy enough to do this online.
If you max out your card each month, your score will be reduced. Using a credit card to keep on top of your payments each month is a preferred method. This will be a good indicator to your lender that you are good at managing your money. The main red flag in a lenders eyes is if you exceed an agreed card limit or overdraft. The reason lenders watch over this is because they want to know you’re able to take your finances responsibly.
Sometimes it can be perceived on your credit report that you are living in two places at the same time if providers have yet to be told that you have moved houses. It is pivotal that the addresses which you’re updating are spelt correctly; If you have been residing in a flat this can be a bit more complex as the address can be formatted in different ways.
If you no longer use certain store/credit cards you should get into contact with the providers to close the account for extra security. In the short term, this could be seen as having a brief impact on your score as the lender can’t tell who’s closing the account e.g. you or the provider but this will be for the better and an advantage to you in the long run. This is a good thing to do to reduce your chance of becoming a victim of fraud if you don’t notice you have a lost a card that you may use regularly.
Having family members or ex-partners connected to you financially could mean that they’re affecting your credit score unknowingly. Although you won’t be able to get the financial association removed if the account is still active though. To remove the links between you and another individual you should contact the reference agencies and make a request. The sooner you do this, the more beneficial it will be.
Many consumers feel that credit scoring is an unfair way of applications being assessed though lenders themselves are indifferent to this idea as it makes their overall job easier. It is more cost-effective for them to operate this way and computers give more consistent outcomes. On the other hand, some lenders do still do it the old-fashioned way but still apply the same rules about the number of defaults and CCJ’s they will allow.
When setting up your application, be sure your report is up to date to increase your chances of being accepted the first time. The more in-depth information which your Specialist Mortgage Advisor in Nottingham has at hand, the better.
To get First Time Buyers in Nottingham prepared for their upcoming mortgage journey, we compiled a 10 step guide on what gets involved during the mortgage process.
The 10 steps to the process of home buying and obtaining a mortgage are as follows;
Here’s the scenario you have no experience in this field but took that important financial decision to purchase a place to call home. Now, you need to take out a mortgage.
It’s at this point you contact a trusted mortgage broker in Nottingham. We can step in and advise you along the process. We aim to take the stress away from you and work hard to make the right decision to ensure you come out the other side with a mortgage and your first home, smiling and with an affordable deal.
When you get in touch with us, we’ll book you in for a free mortgage consultation with one of our expert Mortgage Advisor in Nottingham. Here we’ll take some initial details and get a brief overview of your situation and what you’re trying to acheive.
During your initial free mortgage consultation, your dedicated Mortgage Advisor in Nottingham will run a Mortgage Affordability Assessment to get a bigger picture of your current financial circumstance. During this assessment, your Mortgage Advisor in Nottingham will look over your income and expenditures to calculate how much you can borrow for a mortgage.
Once you have completed your free mortgage consultation, we can begin searching through 1000’s of mortgage products to find you the most suitable deal for your personal and financial situation.
Once we’ve found you a suitable mortgage deal and you’re happy to proceed, we will then go away and obtain your Agreement in Principle (AIP). An AIP is a written document that a lender provides which indicates they have agreed in principle for you to borrow the loan amount requested from them. An AIP is not a guarantee; when processing through to a full application, the lender will look at your income and credit history in more detail. They will usually ask for evidential documentation to back up your application.
Having an AIP in place also shows that you are well-prepared and serious, which could possibly allow room for price negotiations. Typically, an AIP lasts around 30-90 days. If your AIP expires, it can easily be renewed; get in touch with our fantastic mortgage team in Nottingham and we will try and get you one arranged within 24-hours of your enquiry.
After you have an Agreement in Principle, it’s now time to find yourself a conveyancing solicitor/conveyancer. Their job is to help you with the legal proceedings of the homebuying process. The term conveyancing is simply used to describe the transfer of legal ownership of a property between parties, no matter if you’re the buyer or seller.
Conveyancing solicitors will handle the contracts, give you legal advice when you need it, conduct local council/authority searches, deal with Land Registry and transfer the funds you have acquired in order to pay for your property. You must choose carefully when it comes to solicitors, as they will play a vital role in your home buying process.
As a Mortgage Broker in Nottingham, we cannot offer you these services in-house, however, we have a large variety of trusted companies that your dedicated Mortgage Advisor in Nottingham will be able to refer you to.
Now you’re halfway there, well done! You’ve spoken to your Mortgage Broker in Nottingham, passed the Mortgage Affordability Assessment, secured an AIP and found yourself a Conveyancing Solicitor. Step five is to make an offer on a property.
Having an AIP ready at this point may allow you to negotiate on price as it shows the seller that you’re in a position to proceed if they were to accept your offer. Buying a property is a negotiation process; if your initial offer is declined, you will be asked whether you want to increase it or not. For more information please see our how to make an offer on a property guide.
Now it’s time to contact your Mortgage Advisor in Nottingham and return to the mortgage process.
The next step is to submit your documents to your advisor, they will tell you exactly what they need, however, there’s nothing wrong with being prepared.
You will need to provide certain documents to prove that you are the person that you say you are, your income, where you live and how you manage your finances. If you’re obtaining a joint mortgage, they will require this documentation from both parties involved.
The types of documentation that you’ll need to evidence include:
Once we have all of your documents to hand, we are now ready to submit your full mortgage application. Your Mortgage Advisor in Nottingham will double check your documentation and make sure that it evidences what we are submitting to the lender.
Once everything has been sent off, our Mortgage Administration team will always keep in close contact with yourself and the lender to make sure that your application progresses smoothly.
Whilst your mortgage application is with the lender, you will be required to get a property survey carried out on your property. Usually, they are carried out by accredited companies, typically ones that the lender trusts.
A property survey is carried out so that your lender can get a true value of the property, versus what you’ve agreed to pay for it. If you’re paying above its actual market value, the lender may be less willing to accept your mortgage offer. This is because, in the event of arrears, it’s likely that they’ll be out of pocket and unable to pay back the full borrowed amount. This is more formally known as a ‘Down Valuation’.
There are different types of property surveys available. Some will want to know the property’s actual worth, whereas some may look at structural concerns and possible repairs that need to be looked at in the near future. It’s your dedicated advisor’s job to help you choose the best property survey. This is something that we can help you with; another reason why you should use Nottinghammoneyman for transparent Mortgage Advice in Nottingham.
Here’s the moment that we’ve all been waiting for. If everything has been done correctly and your mortgage application looks good, the lender will present you with a mortgage offer.
At this point in the process, our team of Mortgage Admin’s and Mortgage Advisors in Nottingham will just double-check that everything is good to go. We will see if things have been done correctly and that you can advance to the last stage. Once your mortgage offer has been received, it’s then down to your Conveyancing Solicitor to take your purchase through to completion.
Well done! You’ve now moved from being a First Time Buyer in Nottingham to a First Time Home Owner in Nottingham. We really hope that you’ve found the process smooth and easy-going, despite everything that’s going on behind the scenes. We also hope that you love your new home and your fresh start!
All that you need to do now is go get your keys and move in!
We hope that you loved working with our team and received a fast & friendly Mortgage Advice service in Nottingham along the way. By any chance, if you’ve chosen a fixed-rate mortgage, at the end of your term, we’ll be in touch to help out once again with your Remortgage!
So you’ve been living with your parents your whole life and you now think that it’s time to move on and move out. It may sound like a simple answer, but do you rent or do you buy? If you are a First Time Buyer in Nottingham, you need to weigh up the pros and cons of buying or renting and then choose the option that is best for you.
As a Mortgage Broker in Nottingham, we always recommend that you take your time and make a decision that will benefit both your personal and financial situation. If you need help with this, our Mortgage Advisors in Nottingham will happily lend you a hand, we have worked with thousands of First Time Buyers in Nottingham before.
Parents often encourage their children to buy before renting; and depending on your situation, they may be right and it may be the best thing to do. However, there are always both sides to an argument, so it’s always best to do your research before rushing into a purchase deal.
When comparing a homeowner’s monthly mortgage payments to a tenant’s monthly rent payments, the homeowners are likely to have less going out each month.
Depending on the mortgage deal that you’ve taken out, your payments may fluctuate from month to month. For example, if you’ve taken out a tracker mortgage, your interest rate will be taken from the Bank of England’s base rate of interest. This rate is likely to change from time to time, which means that your mortgage payments will too.
There are other mortgage products available that won’t change your interest rate, such as a fixed-rate mortgage. If you are on a fixed mortgage rate, your rate stays the same throughout your fixed-term mortgage period.
If you choose to rent over buying, it’s possible that your monthly payments won’t stay the same. You have to remember that your lender has a mortgage too and their interest rate is also likely to increase from time to time. If their mortgage rate increases permanently, you shouldn’t be surprised if they also up your payments. With rising maintenance costs and increasing Buy to Let mortgage rates, it may prove worse off to rent over buying.
Also, you should know that landlords will rarely decrease your rent, the costs only ever seem to go up!
Assuming that you can keep up-to-date with your mortgage payments, you will always have that sense of security when owning a home. No one can force you to move out of your home as you own the property.
As a tenant, you have a little less security in situations where the landlord wants their property back for themselves. At the end of the day, you don’t own the property, so you can’t really argue against their decision. Of course, you won’t be kicked out instantly, you’ll always get a notice period. If your lender is lenient, they may extend the length of your notice period if you have a difficult personal situation. This worry won’t come with owning a home as you own all rights over the property.
The property market has a tendency to reshuffle things every so often, it’s always a surprise when it happens too. For example, in March 2020, as soon as the lockdown was announced the market went crazy. You really never know when a crash or a boom is around the corner. With this in mind, it’s likely that property prices are going to fluctuate during your time of owning a home. Sometimes they go up, sometimes they go down.
When owning a property during a period of time where property prices go up, this is good when you are selling your home but bad if you are trying to buy one – it works both ways. If you opt for renting over buying, then property prices rise, you may struggle to afford a deposit. This is another reason why buying over renting could end up being the best option for you.
However, you should know that if you are forced to sell your home at the wrong time, it may result in you losing money. You may have to sell your home quickly because of a relationship breakdown, a reduction of income or another personal situation.
As a Mortgage Broker in Nottingham, we always recommend that you never rush into a property purchase, especially if you are unsure on how the process works and what sort of mortgage that you’ll need. A mortgage is a huge financial commitment and you should only proceed with one if you are completely ready to do so.
If you are unsure on the mortgage process and need an extra helping hand, our Mortgage Advisors in Nottingham will be more than happy to help you. If the question of “Should I rent or buy?” is still on your mind, feel free to have a chat with our team and they will be able to lay out the pros and cons to each side for you.
Now that you’ve gained further insight into some of the factors that come with buying a home, let’s touch upon what it’s like to rent. Renting could be your best option, it’s down to your personal and financial situation.
Renting is your safest option if you want flexibility. If you look at your long terms plans and can see yourself moving within the next 5-10 years, renting is probably most suited for you. When renting, you are under no obligation to live in the property for a certain amount of time, you can leave whenever you want. For example, you may want to rent so that you have a place to live whilst you save for a deposit for a mortgage. Once you have saved, you can move out whenever you want, you just have to give your landlord your notice.
If you don’t see yourself living in a particular area for very long then it’s worth considering renting as an option. You can be as flexible as you like to when it comes to how long you live in the property for.
When you are renting, your landlord should be responsible for any major repairs on the property. There will always be better landlords than others, for example, some may take their time in getting back to you, some may be responsive and very quick at replying. As a Mortgage Broker in Nottingham that has a long history of working with local landlords, we would suggest that you take a look at their reviews before going ahead with one.
You may have to contribute to minor repairs though, for example repairing broken lights. Your landlord will expect you to take care of smaller repairs so that they can focus on the major repairs. In Nottingham, if you choose to buy a home you will have to take care of all of the repairs and damages inside of the property.
If you are planning to buy or rent with a friend(s) / family member, as a Mortgage Broker in Nottingham, we would advise that you look at renting first. If you want to avoid getting tangled in a mortgage deal with lots of different people, renting will be best for you.
Getting tied into a mortgage deal with multiple names on it could potentially cause problems for you further down the line if you want to move out of the property. It can sometimes be hard to get your name removed from a mortgage in all situations.
You may need Specialist Mortgage Advice in Nottingham to get the ball rolling with any application with multiple names on it, so you should get in touch with a Mortgage Broker in Nottingham like us. We would love to help you out, so if you are in this situation and you don’t know whether to rent or buy, please get in touch.
Now that you are aware of some of the different things to consider when choosing whether to rent or buy in Nottingham, you should weigh up your options. Which one will benefit you most? Do you plan on living in the property for a long time?
We even suggest making a pros and cons list, we know that it’s cliché, but it definitely helps!
When it comes down to the numbers, most people choose to buy over rent, they see it as an early opportunity to get themselves onto the property ladder. People would also rather the money go towards their own benefit rather than someone else’s.
If you need more renting vs buying Mortgage Advice in Nottingham, feel free to get in touch with our friendly team today and claim your free mortgage consultation.