How to Save For a Mortgage in Nottingham

Cost of living and increased house prices are the two main factors as to why it can be difficult to save for a mortgage. We know that you can’t suddenly decide to buy a home, you have to prepare and plan for months, years in advance.

Although your credit score will factor into how much you are able to borrow and how much you will need to put down for your deposit, usually, if you save for long enough and prepare in advance, you should stand a good chance of getting a mortgage.

Work Out How Much You Need to Save 

When you are trying to save for a mortgage as a first time buyer in Nottingham, your first task is to work out your monthly disposable income. Once you have deducted your expenditures and monthly outgoings from your overall monthly income, you will have a rough estimation of your total leftover income. A portion of this could be used towards your mortgage savings.

You could work out the amount that you want to save each month by dividing the total amount that you want to save by the number of months that you wanted to move in by. For example, if I wanted to save £10,000 over 24 months (2 years) I would need to save £416 a month. The amount that you save and the length of time can be reduced with multiple incomes saving at once.

When putting down a deposit for a mortgage, you will usually need to provide at least a minimum of 5% of the cost of the property. As a Mortgage Broker in Nottingham, we’ve seen that buyers even try to aim for a 20% deposit so that their mortgage payments are significantly lower. A deposit around this size may be required anyway if you have a bad credit score; you may be asked to put down 15%-20%.

If you have good credit and manage to save for a higher deposit, you could potentially open yourself up to more competitive interest rates. Lenders also see you as a reliable applicant with a higher deposit. They always want to try and minimise the risk of repossession.

How much can you borrow?

At Nottinghammoneyman, our Mortgage Advisors in Nottingham will be able to work out how much you are able to borrow. They will factor in your total deposit amount, credit and other various factors.

We would also recommend saving some money aside to factor in the additional costs of buying a property. Your mortgage and protection advisor will offer you insurance or cover for you and your property.

Are there any schemes available?

The government have developed various schemes to help struggling buyers get more out of their deposit. This could be a boost in their total amount or an option to purchase a percentage of the property, hence lowering the deposit required.

One example would be the Help to Buy Equity Loan scheme. This scheme allows you to boost your total deposit amount to 25%. The minimum that you have to put down is 5% and the maximum is 20%; whatever percentage that you choose to put down, the government will then loan you the remainder to make up a 25% total.

Another scheme example would be the Shared Ownership scheme. This allows you to purchase a percentage of a property (anywhere between 10%-75%), where the rest of the property is owned by the housing association or local councils. The way that this works is that you will put down a deposit on the property based on the percentage that you are buying. For your monthly payments, you will have to account for your mortgage plus rent which goes directly to the co-owner of the property.

There are many more schemes available, these are just the most popular options. Other schemes include the Lifetime ISA, Mortgage Guarantee Scheme and many more. Visit OwnYourHome.gov.uk for more information about these schemes and further options.

Help From Elsewhere 

If you are lucky enough to receive a gifted deposit from your parents, this could give your deposit a huge boost. Combining your parent’s funds and your own deposit, you could surpass the 5% minimum mark!

Gifted deposits are becoming more and more popular, especially with the rising costs of housing prices. Sometimes we would even say to ask your parents. We have seen that many parents are more than happy to contribute to their children’s deposit (maybe it is because they want them out of the house!).

Review Your Outgoings

If you are saving your deposit, you may also want to review your monthly outgoings and see whether you can save money anywhere. If you take a look at some of your subscriptions, contracts or broadband packages, it could be possible to save some bits here and there and allocate your savings into your mortgage funds.

Mostly, people tend to save money in places such as gym memberships and streaming services. You could look at what you use regularly, and what you hardly use and try to see whether you can save money in some places.

Have you considered buying a property in Nottingham with a friend or partner?

When it comes to saving for a deposit, if you are combining your savings with another applicant, you will find that you save much more quicker! Obviously, if two applicants are saving rather than one, you are more likely to reach your goal than if it was just you saving up.

There are different types of mortgages designed for those looking to buy a property with their friend or partner, these include:

Joint Tenants

This involves both applicants purchasing the property as a whole and owning equal shares within it. If one of the owners passes away, 1005 of the ownership will fall to the remaining owner. Since you both own the property, you will have to come to an agreement if you want to sell or remortgage the property.

Tenants in Common

This is where both owners have a percentage share of the property that doesn’t have to be equal. As a Mortgage Broker in Nottingham, we see this option being more popular with relatives or friends who are buying together. Because you don’t have an equal share, you can act individually and have the right to sell or give away your share.

Saving For a Deposit if You Have Bad Credit

If you have bad credit, you may need to work that little bit harder to save up for your deposit. Alongside your savings, you should try and improve your credit score in the meantime. This could mean that once you reach your target deposit, you may have opened yourself up to better rates due to your increased credit score.

Our Expert Mortgage Advisors in Nottingham

Whether you are a first time buyer in Nottingham, or moving home in Nottingham, saving for that deposit and reorganising your finances to compensate for the additional costs of taking out a mortgage can be difficult. We want to help by taking some of the stress off your shoulders.

Whether you just want to talk to a Mortgage Advisor in Nottingham about your mortgage plans or you need help starting your application, we are here to help. We have been working in the mortgage industry for over 20 years now and have experienced all kinds of mortgage scenarios and answered almost every mortgage question there is!

You can book a free mortgage appointment online or give us a call, we will be there to answer 7 days a week.

Can I Remortgage Early in Nottingham?

Remortgage Advice in Nottingham

If you are closing towards the end of your fixed term, you are probably thinking about your remortgage. Most homeowners will start their remortgage process three months before their deal is coming to its end, however, what happens if a deal crops up and you want to start the process earlier to capture this deal?

In most cases, you will be able to remortgage early, however, this can sometimes differ between lenders. If you are able to remortgage early, you should carefully think about the implications of doing so before rushing into it!

Type of remortgage

Typically, when you are taking out a mortgage, you will be presented with three different mortgage options: fixed-rate, tracker and discount rate. You will also find more niche options to choose from such as interest-only deals etc., however, you will most commonly find these three on the market.

Fixed-rate mortgages

Fixed-rate mortgages are exactly what they say on the tin. Your interest rate will remain the same for a fixed period of time, meaning that your monthly mortgage payments will be the same until your fixed mortgage term ends.

When you come to the end of your fixed term, you will automatically switch onto your lender’s standard variable rate of interest (SVR). Their SVR will undoubtedly be higher than your current rate because lenders track the Bank of England’s rate and add their own percentage on top. Your monthly repayments will likely increase if you end up on their SVR. This is why it is a necessity to remortgage in Nottingham before your deal comes to an end.

Tracker mortgages

Tracker mortgages use your interest rate plus the Bank of England’s base rate to determine your monthly mortgage payments. Since the Bank of England’s base rate can go up and down, your payments may change monthly. This could save you money but also cost you more each month.

For example, if your tracker mortgage product has a 1.5% base rate and the Bank of England’s base rate is 0.5%, you will receive 2% overall interest on your mortgage. In six months’ time, if the Bank of England’s base rate has increased, you would expect to pay slightly more on your payments going forward until it goes down (if it does).

Discount rate mortgages

Discount rate mortgages track a rate set by your lender, however, this rate can increase or decrease at any time, it’s completely up to your lender. People often compare these mortgages to variable rate mortgages as your rate and payments can change each month.

Why would I remortgage in Nottingham early?

As a mortgage broker in Nottingham, we see many different reasons why people choose to remortgage. Some reasons are more common than others too; usually, they won’t find a better deal, fund home improvements or consolidate debt.

When we say that you can remortgage early, usually, this is within 6-3 months prior to your current mortgage term ending.

Avoiding lender’s SVR

The most common remortgage scenario could be considered a regular remortgage. If you are coming towards the end of your mortgage term, you may want to remortgage to avoid falling onto your lender’s SVR.

If you are looking for a new mortgage product and need remortgage advice in Nottingham, get in touch and we will try and help you find the perfect remortgage product for your personal and financial situation.

Finding a better deal

You may be searching the market for a better deal and come across one that you like the look of, however, your term hasn’t ended yet! If you are worried about missing out on this product you may want to remortgage early to get a hold of it before it goes. If you remortgage too early, you may face an early repayment charge to do so.

Funding home improvements

People sometimes remortgage early to fund their home improvements. They may want to get the work on their home started sooner rather than later, wanting to combine the costs of the improvements with their mortgage.

To Protect Against Interest Rate Rises

When it comes to remortgaging early, this is one of the most popular reasons for doing so. It can often be the smartest thing to do, despite the fact that you could likely face an early repayment charge.

If you are midway or over halfway through your mortgage term, and you can see that the interest rates are rising dramatically, you may want to remortgage in order to avoid these rates. If you manage to secure a fixed-rate deal prior to the rates rising, you may be able to keep your payments down for a lengthy amount of time.

Debt consolidation

If you are in debt, you can possibly incorporate some of your debt into your mortgage to make the payments more manageable. If you are unable to do this, you may need to consider a debt management plan.

In turn, just like home improvements, your monthly mortgage payments will rise, however, your debt will be a lot more manageable.

You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.

Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.

Early repayment charges (ERCs)

Early repayment charges may put off those looking to remortgage early. ERC costs can rise depending on how early into your term you are. For example, if you are halfway through your term, you can expect to pay a lot more than someone who has less than six months of their term left.

These costs can get very expensive, however, you have to consider that switching mortgage products could also end up saving you hundreds further down the line, particularly if you are remortgaging to avoid interest rate rises etc.

It is always worth speaking to your mortgage lender or mortgage broker in Nottingham prior to this. They will be able to tell you roughly how much the ERC will be and help you decide whether this is the best solution for you.

Should I remortgage early?

At the end of the day, it is completely up to you whether you choose to remortgage early or not. If you feel like it will benefit you in the long run, it could be well worth starting your process sooner rather than later, so that you don’t miss out on the rates available.

Before you do, make sure to speak to a remortgage advisor in Nottingham to ensure that you are taking the best option for you.

How to remortgage early in Nottingham

You can remortgage early by starting your process with a free remortgage review with Nottinghammoneyman. Our mortgage advisors in Nottingham are here to help you find the most appropriate remortgage deal for your personal and financial situation.

reviews

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Beat the September Rush – Use a Mortgage Broker in Nottingham

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.

Fast and friendly mortgage advice in Nottingham

Here are some reasons why jumping the gun and starting your process early could help you secure a mortgage quicker than expected.

Beating competitors

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.

AIP at the ready

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.

A quicker overall process

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.

Speak to a mortgage advisor in Nottingham

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!

Why can’t it be easier to get a mortgage in Nottingham?

Specialist Mortgage Advice in Nottingham

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.

Failing to match criteria

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.

Deposit amount

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

Computer says no

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.

Fast & Friendly Mortgage Advice in Nottingham

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.

Can I Buy a Home in Nottingham With a Small Deposit?

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.

Utilising government schemes

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.

Help to Buy Equity Loan

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!

Shared Ownership

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.

Lifetime ISA

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!

Right to Buy

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.

95% mortgage guarantee scheme

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.

Alternative to using government schemes

Besides using government schemes, there are over ways to get a mortgage with a small deposit.

Have an agreement in principle at the ready

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!

Keep saving!

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.

Taking out a loan to cover your deposit

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.

How a Mortgage Broker in Nottingham can take away the stress of Moving Home

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.

Why a Mortgage Broker in Nottingham?

Making the moving home process stress-free is what we do best, it’s our job. Here’s what we do best:

Taking care of the ‘stressful’ parts of the process

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.

Fast and friendly process

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.

Or an easy-going process

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.

Speak when it suits you

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.

Mortgage Advice in Nottingham

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 in Nottingham

Agreement in Principle Mortgage Advice in Nottingham

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.

What is an Agreement in Principle?

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.

https://www.youtube.com/watch?v=HpYnX0xSL_o
What is an Agreement in Principle? | MoneymanTV

Why do I need an AIP as early as possible?

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.

How can I get an AIP?

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.

How long will my AIP last?

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.

Can I make an offer on a property without an AIP?

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.

Mortgage Broker in Nottingham

What are the 7 best places to live in Nottingham?

The best areas to live in Nottingham

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.

1 – Arnold

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.

2 – Beeston

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!

3 – Mapperley

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. 

4 – The Park

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. 

5 – Ruddington

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. 

6 – West Bridgford

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. 

7 – Woodborough

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.

First Time Buyer Mortgage Advice in Nottingham

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!

Our 10 Step Mortgage & Home Buying Guide for First-Time Buyers

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; 

Step One: Get in Touch for Your Free Mortgage Consultation

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.

Step Two: Free Mortgage Consultation

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.

Step Three: Obtaining a Mortgage Agreement in Principle

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.

Step Four: Finding the Right Solicitor 

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.

Step Five: Making an Offer on a Property 

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.

Step Six: Submit Your Documents 

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:

  • Photographic Identification (Driving license, Passport, etc.).
  • Proof of Address (Utility bills, tax bills, credit card statements, etc.).
  • Latest 3 months’ payslips & Latest P60 (employed applicants)
  • Latest 2 years’ tax calculations and corresponding overviews (self-employed applicants)
  • 3 months’ bank statement showing the build-up of the deposit funds together with an explanation for any large credits.

Step Seven: We’ll Progress Your Mortgage Application 

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.

Step Eight: Property Valuation / Survey 

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.

Step Nine: Receiving Your Mortgage Offer 

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.

Step Ten: Completing The Process 

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! 

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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.
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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

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www.financial-ombudsman.org.uk

© 2022 Nottinghammoneyman

Nottinghammoneyman, Gothic House, Barker Gate, Lace Market, Nottingham, NG1 1JU.

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