Tips to Improve Your Credit Score in Nottingham

For many individuals, whether they are first time buyers in Nottingham or homeowners looking to move home in Nottingham, the credit scoring system employed by mortgage lenders can sometimes seem like an inequitable way to assess their mortgage applications.

On the other side of the coin, mortgage lenders consider credit scoring to be a cost-effective and consistent means of mitigating their financial risks. If you find yourself feeling uneasy about the credit scoring process when applying for a mortgage, there’s no need for undue concern.

The reassuring fact is that the mortgage landscape is diverse, with numerous lenders, each employing their own unique scoring systems and criteria.

To alleviate your concerns and enhance your prospects of obtaining mortgage approval, it’s an important step to acquire a copy of your credit report when embarking on a mortgage application.

By promptly providing an up-to-date copy of your credit report to your mortgage advisor in Nottingham, you empower them with a clearer understanding of your financial standing, thereby increasing the likelihood of a successful application.

Moreover, having a copy of your credit report equips your mortgage advisor in Nottingham to pinpoint any potential issues or areas that may warrant improvement, enabling you to address these aspects proactively before applying for a mortgage.

This proactive approach not only elevates your chances of approval but also instils greater confidence and peace of mind throughout the entire mortgage process.

It’s essential to keep in mind that each mortgage lender adheres to its distinct set of criteria. Thus, if one lender declines your application, there’s no need for discouragement.

Your dedicated mortgage advisor in Nottingham will collaborate with you to explore and identify the best-suited options from the array of choices available in the market.

Obtaining a Copy of Your Credit Report in Nottingham

When you’re in the process of examining your credit report for mortgage-related purposes, you’ll encounter various credit reference agencies, including well-known names like Experian and Equifax.

However, we highly recommend considering CheckMyFile for this task, as it provides a comprehensive overview drawing from data sourced from multiple credit agencies.

By opting for CheckMyFile, you gain the advantage of a 30-day free trial, granting you the opportunity to scrutinise your credit report without incurring any charges during this period.

What makes this offer even more appealing is the flexibility it affords you; you can cancel the trial at your discretion, should you choose to do so. This approach empowers you to make well-informed decisions regarding your creditworthiness, ensuring that your mortgage application is built on a solid foundation.

For your convenience, we’ve included a link below, which will enable you to access a free, instant PDF download, facilitating your assessment of your credit report.

Tips to Improve Your Credit Score

Boosting your credit score is a pivotal step when gearing up for a mortgage application, and there are several effective measures you can implement to enhance your creditworthiness.

Firstly, exercise caution when utilising price comparison websites, as they have the potential to generate credit searches that might adversely affect your credit score.

To prevent any potential red flags for mortgage lenders, it’s advisable to refrain from pursuing additional forms of credit in the immediate future. One impactful method for bolstering your credit score involves ensuring your presence on the electoral register.

Maintaining accurate and up-to-date information regarding your name and address can significantly boost your score. Errors in your address details might convey the impression that you simultaneously reside in multiple places, potentially impacting your creditworthiness.

Furthermore, the prudent management of your credit card usage can wield considerable influence over your credit score. Consistently maxing out your credit card every month can result in a reduction in your score, so it’s wise to employ responsible usage and settle the balance in full each month.

While closing down store or credit card accounts that you no longer use may initially cause a slight dip in your score, this move can prove advantageous in the long run and reduce your susceptibility to fraudulent activities.

Additionally, financial ties to family members, friends, or former partners can exert an impact on your credit score, particularly if their credit history is less than favourable.

If you no longer have active financial associations with these individuals, you can request that credit reference agencies sever these connections.

When you’re in search of mortgage advice in Nottingham, it’s important to speak with our trusted and experienced mortgage advisors in Nottingham, in order to gain a comprehensive overview of your financial situation.

Armed with their expertise and your improved credit score, you’ll be excellently positioned to secure the ideal mortgage solution tailored to your unique needs and financial circumstances.

How Long Does a Mortgage in Principle Last in Nottingham?

When contemplating a mortgage in Nottingham, you might come across terms like “mortgage in principle,” also referred to as an “agreement in principle” or a “decision in principle.”

This tool proves beneficial as you consider obtaining a mortgage, providing an estimate of how much you could potentially borrow even before you officially apply. To obtain an agreement in principle, the lender generally reviews your credit information.

This process involves a “soft” credit check, which doesn’t significantly impact your credit score. Importantly, this step doesn’t obligate you in any way. At Nottinghammoneyman, we’re typically able to arrange an agreement in principle within a day following your initial mortgage consultation.

It’s worth noting that this agreement remains valid for approximately 30 to 90 days, giving you ample time to explore suitable properties. Should this validity period elapse without finding a property, there’s no need to fret.

We can help you in renewing your agreement in principle, ensuring you’re well-prepared for your mortgage journey.

How do I get a mortgage agreement in principle in Nottingham?

In Nottingham, securing a mortgage agreement in principle can be achieved through two primary avenues. You can directly engage with a mortgage lender or opt to connect with a reputable mortgage broker based in Nottingham, such as ourselves.

Benefiting from our experience as a mortgage broker in Nottingham, we can engage with the lender on your behalf to obtain this crucial document. Initiating contact with our mortgage advisors in Nottingham is straightforward. You can choose to complete our Get Started form online or give us a call.

This initial interaction allows you to schedule a complimentary mortgage consultation. During this session, you’ll have the opportunity to converse with a specialist and receive your agreement in principle within a mere 24 hours.

To advance and secure this document, you’ll need to provide proof of your income, employment specifics, credit history, and other personal particulars.

These details play a pivotal role in assessing your eligibility for a mortgage in Nottingham. Additionally, this process provides an estimate of the potential amount you could borrow.

When should I get an agreement in principle in Nottingham?

Before you start searching for properties in Nottingham, it’s a wise step to consider obtaining a mortgage agreement in principle.

This preliminary document gives you a rough idea of how much you could borrow. This helps you avoid wasting time looking at properties that might be beyond your budget.

Furthermore, having an agreement in principle can provide you with an upper hand when it comes to making an offer on a property. Sellers and estate agents often perceive applicants with an agreement in principle as committed and serious buyers.

This could give you an edge over other potential buyers who haven’t taken this step. It’s important to understand that an agreement in principle doesn’t guarantee that you will definitely get a mortgage, but it’s an invaluable tool during the home-buying process.

It helps you navigate the journey with a clearer understanding of your potential budget and demonstrates your seriousness to sellers and agents alike.

What information does a mortgage lender look at when you apply for an agreement in principle in Nottingham?

When a mortgage advisor in Nottingham help you in obtaining an agreement in principle, they will need specific personal information from you.

This data is crucial for communicating with the mortgage lender, aiding them in assessing the viable amount they can potentially lend you. The key particulars encompass:

• Personal Details: This includes essential information like your full name, date of birth, current address, and the duration you’ve lived there. The mortgage lender will also inquire about your employment status and the length of time you’ve held your current position.
• Income: Details concerning your income will be requested, encompassing your regular salary, any additional income sources, as well as recurring bonuses or commissions.
• Financial Commitments: Mortgage lenders are interested in comprehending your routine financial obligations, encompassing debts and other financial commitments. This involves details about credit cards, loans, and any car finance agreements.
• Credit History: The mortgage lender will scrutinise your credit report to assess your creditworthiness. This report contains information about previous credit accounts, including credit cards, loans, and mortgages.
• Affordability: Your mortgage lender will evaluate your capacity to handle the intended borrowing amount based on the information you provide. They consider your income and financial commitments to calculate a manageable monthly payment that aligns with your financial reality.

It’s important to acknowledge that mortgage lenders might also request supplementary information, such as bank statements or proof of income, especially if you’re self employed in Nottingham. These documents might be necessary before the lender reaches a final decision regarding your loan application.

What is the difference between an agreement in principle and a mortgage offer?

An Agreement in Principle (AIP) is a document issued by a mortgage lender in Nottingham that provides an estimate of the amount they might consider lending you, based on the information you’ve provided.

It’s essential to grasp that an AIP doesn’t guarantee a mortgage offer, and it doesn’t establish a legally binding contract. In contrast, a mortgage offer signifies an official commitment from a mortgage lender in Nottingham.

This offer demonstrates their intention to grant you a mortgage, following the necessary assessments. Receiving a mortgage offer is a pivotal step in the mortgage process, indicating that you’re approaching the final stages. Upon acceptance, the offer becomes a legally binding agreement.

The offer delineates the agreed-upon terms and conditions for your mortgage, encompassing the interest rate, mortgage term, and any associated charges.

To attain this stage, you’ll need to provide the mortgage lender (potentially through your mortgage broker in Nottingham, if you’ve opted for their assistance) with more comprehensive information and undergo a thorough credit assessment.

Additionally, the mortgage lender typically requires a property valuation. Once you obtain your mortgage offer, you’re ready to proceed with your property purchase, as long as you meet any conditions outlined in the offer.

In essence, an Agreement in Principle serves as a valuable tool for gauging your potential borrowing capacity, while a mortgage offer is a formal commitment from the lender, legally binding both parties to the specified mortgage terms and conditions.

Will having an agreement in principle taken out affect my credit score?

In most scenarios, obtaining an agreement in principle for a mortgage is unlikely to have a significant impact on your credit score. This is largely due to the fact that the majority of mortgage lenders opt for a soft credit check during the AIP process.

Soft credit checks do not leave a visible trace on your credit report. It’s important to note, however, that certain mortgage lenders might conduct a hard credit check as part of the agreement in principle procedure. Unlike soft checks, hard checks can leave a visible record on your credit report.

This has the potential to influence your credit score, especially if you’ve applied for multiple AIPs with different mortgage lenders in a short span of time. It’s essential to bear in mind that an actual mortgage application typically involves a hard credit check, which can indeed impact your credit score.

Considering these factors, it’s generally wise to be mindful of the number of mortgage applications you make. It’s advisable to seek an agreement in principle when you are genuinely committed to progressing with your property purchase.

This approach can help you effectively manage and uphold your credit score.

What is the benefit of having an agreement in principle in Nottingham?

Acquiring an agreement in principle offers numerous benefits when you’re in the process of applying for a mortgage in Nottingham.

First and foremost, securing an agreement in principle provides you with a clear understanding of the potential borrowing amount. This enables you to focus your property search within a realistic price range.

By doing so, you can avoid wasting time and potential disappointment that may arise from considering properties beyond your financial reach. Secondly, an AIP gives you a considerable advantage over other prospective buyers when it comes to presenting an offer on a property.

Sellers are more likely to view offers from buyers with an AIP favourably, as it showcases genuine commitment and proactive pursuit of mortgage approval. Lastly, possessing an AIP in Nottingham can streamline the mortgage application procedure once you’ve identified a property you intend to purchase.

This is due to the fact that the mortgage lender has already conducted an initial assessment of your financial position and eligibility. Consequently, they might be able to expedite your mortgage application in a more efficient manner.

Overall, holding an agreement in principle offers significant advantages for those aiming to purchase a property. It not only provides clarity on your potential borrowing capacity, but also positions you ahead of other potential homebuyers and can significantly expedite the mortgage process.

How much does a mortgage agreement in principle cost in Nottingham?

Obtaining a mortgage agreement in principle typically does not incur any charges. Essentially, it entails receiving a statement from a mortgage lender that estimates the potential lending amount based on the information you’ve provided.

It’s worth emphasising that obtaining an agreement in principle does not entail any financial obligation on your end.

What happens if I get rejected for an agreement in principle in Nottingham?

If you find that your application for a mortgage agreement in principle has been declined, it signifies that the mortgage lender has determined you ineligible for the requested mortgage amount. Various factors can contribute to this outcome.

When faced with this situation, it’s vital to comprehend the reasons behind the decision. You might need to assess your financial standing or credit history, and in certain cases, provide additional information to the mortgage lender.

In some instances, it could involve exploring alternative avenues and seeking a mortgage lender who aligns more closely with lending close to, if not the full amount you wish to borrow. Importantly, being declined for an AIP does not automatically translate to rejection for a full mortgage application.

During a comprehensive application, the mortgage lender conducts a more thorough evaluation of your financial situation and credit history. This might lead to an offer for a different amount or a distinct mortgage type.

Additionally, it’s noteworthy that submitting multiple agreement in principle applications with various lenders can negatively affect your credit score. Therefore, conducting thorough research before applying is essential.

Having a mortgage broker in Nottingham on your side can significantly aid in identifying the right mortgage lender, potentially saving you from multiple attempts.

Get a Mortgage Agreement in Principle in Nottingham

Whether you’re contemplating first time buyer mortgages in Nottingham or looking into home mover mortgages in Nottingham, it’s advisable to collaborate with a mortgage broker in Nottingham. This approach allows you to obtain your agreement in principle before making any property offers.

Typically, we can secure an AIP for you within just 24 hours of your initial mortgage consultation. This efficient process can provide invaluable support as you set forth on your mortgage journey.

Book your free mortgage appointment today, and we’ll diligently work to ensure you receive your agreement in principle as swiftly as possible. Embark on your mortgage journey with the guidance of a dedicated mortgage broker in Nottingham by your side.

What is a Cashback Mortgage?

Cashback Mortgage Advice in Nottingham

With a plethora of mortgage types available to home buyers, a First Time Buyer in Nottingham may feel a little overwhelmed when it comes to choosing the right one for them.

Each mortgage types have its own unique purpose each with its own advantages and disadvantages. This is where an experienced Mortgage Advisor in Nottingham can help you with finding the perfect match.

This article will take a look at how Cashback Mortgages work along with the benefits it can have to borrowers and how they compare to other options.

You can also watch our Moneyman TV YouTube video about this topic. This channel features answers to popular mortgage questions, up-to-date news about the mortgage market as well as different cases Malcolm has encountered first-hand.

If you want to keep up with all things mortgage, give us a like and subscribe for more! Feel free to comment with any questions you may have as Malcolm will happily answer these and possibly post a video on this.

Cashback mortgages explained

What is a cashback mortgage?

Cashback mortgages are an option in which you will usually get some cash back at the end of your mortgage term. This sum is usually based on a percentage of what you borrowed and is around 1 or 2%.

When it comes to a cashback mortgage, your lender might specify a fixed price within the mortgage contract. Therefore, whether you are taking a mortgage over a long period of time, the amount will not change or increase over time.

Will a cashback mortgage benefit me?

Below are just some benefits to home buyers:

• Cashbach mortgages will come with additional benefits, like a free property valuation. Whatever the perks are, this could be very helpful with saving mone that you didn’t think of saving.
  
• Through our experience as a Mortgage Broker in Nottingham, cashback mortgage could be very popular amongst customers looking to have a lower end mortgage. You get your money back and the benefits, all while paying for a low-end mortgage.

As an open and honest Mortgage Broker in Nottingham, we would suggest that if the lenders offers you a reasonable percentage on your cashback mortgage, you may wish to consider taking this up because of how beneficial it would be in the future. Sometimes, people decide not to choose a cashback mortgage because the interest rates are usually a little higher.

Different types of mortgage in Nottingham

As mentioned, there are many mortgage options available, with cashback mortgages not being as popular compared to others. Regardless of this, our team do receive enquiries about them, as well as being a good backup choice if your first mortgage deal doesn’t quite work out.

For more information regarding the different mortgage types and your options may be, it could be helpful to contact an expert Specialist Mortgage Advisor in Nottingham. Whatever your circumstances, we will work hard to help you achieve your mortgage goals. We are always up for a challenge!

How Do I Remove a Person From a Mortgage in Nottingham?

Specialist Mortgage Advice Nottingham

Removing a name from a mortgage

Removing a name from a mortgage is not as easy as it sounds. Common circumstances for this include break-up, marital or otherwise, leaving joint ownership. Occasionally, you may find that you would rather have the mortgage in just one name. Either way, the process is complex.

Here at Nottinghammoneyman, we have expert Mortgage Advisors in Nottingham who are here to help you out. Through their years of experience within the mortgage world, they have helped many people through a financial separation.

Why would you want to remove a name from a mortgage?

Divorce & Separation

As mentioned, the most common reason as to why someone would want to remove a name from a mortgage would be if they are separating from someone who is on the mortgage. Usually, a breakup can create many emotions making things like finances less of a priority. However, we do suggest you put financial commitments at the forefront of your mind.

We do stress this to many customers in this situation because leaving it until late could build up a large amount of unnecessary stress that could have been avoided. Put yourself in the perspective of the companies you are financially tied to, they will need time to process everything on their end which is why providing them enough time and being patient is key.

In terms of your mortgage lender, they want to ensure that both parties have the ability to afford a comfortable life with a single income to draw from. Therefore, having only one person on the property does mean they will need to keep up with your monthly mortgage repayments as one individual.

Each party in the mortgage will need to come to an agreement to take off a name from the mortgage. With this in mind, if one party disagrees, you will need to pursue court proceedings. This can be a costly process that takes some time and create unnecessary negativity.

Seeking Specialist Mortgage Advice in Nottingham is beneficial for those experiencing a difficult divorce or separation as they can manage the mortgage side of your situation.

Transferring to a Family Member or Friend

Different to the process of removing a name from a mortgage, transferring to a family or friend is a lot more simple than you would expect. In particular, with a Mortgage Broker in Nottingham. If you are interested in the benefit of this, check out our article on ‘buying a property with a partner or friend‘.

The process will involve the homeowner transferring equity to whomever they wish, whether it’s a family member or a friend. Simply, the mortgage will get transferred with the equity inside of the home. Like with many mortgage situations, the new owner of the home will need to pass the lender’s eligibility and affordability checks.

A Party is Not Paying Their Share

In the event that a member of the party isn’t keeping up with their end of the deal, this can effect you financially too. This a situation we have seen many times when providing open and honest Mortgage Advice in Nottingham. Normally, this happens when some of the parties have fallen out.

You may be affected is one person misses their bills. This is why it’s important that you have full trust in the other party sharing the mortgage with you so that they can keep up their payments. Your credit score can be negatively affected on your credit score as well.

In the unusual case where this happens to you, it’s important that you contact your lender. Another option which can be helpful is having a conversation with a Mortgage Advisor in Nottingham who can help you with a solution before the problem becomes a bigger issue.

How easy is it to remove a name from a mortgage?

Look at your situation from the lender’s point of view. As much as you can afford to keep up your monthly payments and have a good financial reputation, the lender still needs to have their full trust in your one income instead of two (or more if it’s a joint mortgage) that they had originally.

A mortgage lender would prefer both on the mortgage if it is possible in order to improve the security of their finances. By doing this, they have a financial net if mortgage arrears or repossession occurs because they would be able to chase two parties for payments. Along with this, their chances of being paid are reduced if there is only one party.

Affordability plays a big role in affordability. Whether you are wanting the home to be in your name, without your ex-partner or housemate, you will need to go undergo all the criteria checks that you would have initially to show you are capable of affording the monthly repayments on your own.

You might that it’s not possible for your circumstance as it all comes down to the lender. This is where Mortgage Advice in Nottingham can be helpful to you.

After speaking to an advisor, you may come to the conclusion that it is more appropriate to switch mortgage lenders for a better deal in your sole name, which can potentially help with any ongoing problems.

We provide a tailored service that includes Specialist Mortgage Advice in Nottingham with the aim to take off some stress from the process. Our team are available 7 days a week to help you with any of your mortgage needs.

Trusted Mortgage Advice in Nottingham

Agreement in Principle FAQs

What is an agreement in principle?

In order for customers to qualify for a mortgage, they will need to obtain an Agreement in Principle from the mortgage lender. The point of this is much as the name suggests; the lender will agree, in principle, to let you take out a mortgage with them.

This is done prior to the final checks and whilst it is not a guarantee that you will definitely get a mortgage, it is a good indicator that you are on the right track.

You may see this being called a Mortgage in Principle, a Decision in Principle, as well as the abbreviations AIP and DIP. Though it may seem confusing at first with all those names, they are all the same thing.

Once you have obtained your Agreement in Principle, you will be raring and ready to go, fully prepared to support any offers you make on a property as a First Time Buyer in Nottingham.

In having this to hand, you may also even open yourself up to the possibility of negotiating with the seller on a lower price. The reason for this, is because it demonstrates to the seller of the property you are looking to buy, that you are a serious buyer and do in fact have the funds to proceed.

Frequently Asked Agreement in Principle Questions:

Will obtaining an agreement in principle affect credit score? 

We regularly find that more and more lenders are choosing to go with soft searches over hard searches. Generally speaking, a soft search will leave your credit score unaffected, as they tend not to leave a footprint.

Hard searches do leave a footprint, so having too many done can cause more harm than good, especially if you don’t pass each time. That’s not to say a soft search will never affect you, but it is not something that tends to happen often.

Soft searches don’t go quite as in-depth as hard searches, though you can rest assured that no matter which one the lender chooses to go with, they have their reasons and will choose the right one either way.

Should I avoid hard credit checks? 

If you are not having hard searches done on a regular basis, then having one done shouldn’t really make too much difference. When it starts to become a problem is if you start having a lot of different hard searches taken out on you within a short amount of time.

It’s important to keep in mind though that if you are well aware that you do have a good credit rating, you should not feel put off by the idea of getting one done, especially if a hard search with that mortgage lender is going to be the best option for you.

Is an Agreement in Principle a guarantee that I will get the mortgage? 

Though we would like to say yes and fill you with hope, unfortunately even with an Agreement in Principle to hand, we cannot guarantee mortgage success.

The mortgage lender still needs to see all your documents and only after they have done that will an underwriter be able to make their final decision.

We tend to find that customers contact us after being declined at the point of application, as they have missed a lot of the small print that is mentioned in their Agreement in Principle.

You will need to provide your mortgage lender with proof of ID, the last 3 months payslips and bank statements to show how you handle your money, all before a lender will offer your case.

The required documentation is slightly different for Self-Employed Mortgage applicants.

Can I make an offer without an Agreement in Principle? 

Technically yes, you can make an offer without an Agreement in Principle to hand, though we personally believe you would be much better off having one with you.

Any credible estate agent will ask you for one of these before they do business with you, as they will want to know that you can go ahead with the mortgage process.

How long does it take to get an Agreement in Principle? 

One of our dedicated mortgage advisors in Nottingham can typically obtain an Agreement in Principle within 24 hours of your initial appointment.

How long does an Agreement in Principle last for?

An Agreement in Principle will usually expire after somewhere between the 30-90 days mark. That being said, please be aware that you don’t just have to jump at the first house you see. Take time and take care when looking for a home.

If your Agreement in Principle expires, there are no worries. We can quite easily get you a new one once you are ready to make an offer on a property that is right for you.

Finding your dream home only to be declined by a lender can be both frustrating and disappointing. To counteract this feeling, we recommend getting an Agreement in Principle as early as possible, to ensure you are readily prepared for the process.

Agreement in Principle Mortgage Advice in Nottingham

To learn more about what an Agreement in Principle is and how they can help, take a look at our YouTube video below.

8 Factors to Help you Decide Where to Live in Nottingham

First Time Buyer Mortgage Advice in Nottingham

There are a lot of different things that potential home buyers in Nottingham must take into consideration, whether their journey will be as a first time buyer in Nottingham or you’re moving home in Nottingham.

The sort of things you’ll have to bear in mind will include your personal finances, any mortgage arrangements and the finding the best deal you possibly can for your personal and financial situation (this is something we can help with).

Before all that though, before even deciding on the house you wish to buy, you have to know where it is you want to live. What do you want nearby, what’s important, do you like thriving scenes or quiet settings?

Below we have collated a list of the various factors you’ll need to consider when you start looking for your new home.

Things to Consider When Moving Home in Nottingham

1. Where to Live: City Centre or a Rural Location

First of all you need to decide what type of setting you wish to call home.

Maybe you prefer the hustle and bustle of the big city and are looking to live closer to the centre? Maybe you prefer the quiet life and wish to live on the outskirts, perhaps near some countryside?

You will need to carefully consider your choice here, as determining this will have an impact on any potential commutes to work, the choice of local amenities, shops and schools.

2. Transport

Although we see more and more people in the UK working from home, for a vast majority of homeowners, you’re going to have to factor in the way you will be getting to work.

It’s not just work of course, you’ll also have to factor in local convenience accessibility, such as how easy it will be to get to the local shops or any other businesses/services you require the use of.

Will you be able to walk where you need to go, or do you need to drive? If you do, will you need to access any motorways to get there?

Beyond that, what if you don’t drive? Are there are buses, coaches, taxi companies or train stations nearby? Depending on location, these options may be limited greatly, especially if you’re looking to buy in the middle of nowhere.

3. Education

If you happen to have children, it is generally considered important to factor in what schools are in the area and the quality of those schools.

By taking a look at school league tables online, you will be able to judge for yourself what the best options for your children may be and plan accordingly.

There are some great schools across Nottingham for kids to get a good education, as well as options for further education beyond that.

Check the catchment areas too, as the area you’ve been looking at may not fall into the catchment area for a particular school that you may have wanted for your children.

4. Local Amenities

Depending on the type of lifestyle you lead, the sorts of things you will be looking for in an area may differ. Some people may have the preference of having nearby shops to visit.

Others may not be so fussed about that (especially now that home deliveries of your weekly food shop exist!) but may want to be close to a gym or a local pub.

Some that have children or pets may prefer to live close to parks or open spaces. We highly suggest that you make a shortlist of the things you need and what you would like to prioritise nearby.

When you find a house you are interested in, you can then take a look at your compiled list and see how much of it you are able to tick off.

5. Family & Friends

This is a personal choice and will be dependant on your circumstances. Some people will rely on family support, often when it comes to children. You may need family nearby for childcare or school runs.

Having a social life is also usually a crucial part of people’s lives. Do you want your friends to be as close as possible? Would you prefer to have some distance between them so you can visit sporadically?

6. Value For Money

Your choice of home location will also determine how far your money is going to go. Depending on location, you may have a different option of houses to choose from.

For example, some areas may allow you to find a 4 bedroom house for the price of a 2 bedroom flat in another area.

You may have to compromise on some of the things you previously listed as wanting nearby, in order to find an affordable property near the area you were set on.

7. Where to Live – Local Community

Some of us would prefer to be a part of and contribute to a local community.

With this in mind, you may possibly wish to surround yourself in a local area that is involved in arts, crafts, book fares and local events at the community hall or town/village green.

Take the time to look and see what activities occur in the local area. For best results see if there are any local or even town websites.

Maybe even visit the area beforehand and get to know some of the locals. They will likely be able to inform you on current events and what is available nearby.

8. House Prices – Long Term

The chances are your new home is a long term investment and you’ll be wanting to see house prices increase, in the event you ever do decide you want to look at moving home in Nottingham.

In order to be more informed about this you could look to see if the local area has any investment plans, new road links, planned development projects, shops, sports facilities or if there are any companies looking to call it home base.

All of these can have an affect on the future of your new homes value, so if this is something that is important to you, you should definitely make sure that you do plenty of research ahead of time.

Can I Port my Mortgage to a new Property in Nottingham?

Porting Mortgage Advice in Nottingham

You will find that a large portion of high street mortgages that are on the market are portable. To put it simply, a portable mortgage is where you can move from one property to another without the need to pay a penalty fee. If you are looking to move to a new house and are currently in the middle of a fixed rate deal, a portable mortgage could be beneficial as you potentially could be able to avoid an early repayment charge.

Are all mortgages portable?

Not all mortgages are portable and being with a specialist lender might not provide you with the option to port your mortgage to another property. To determine whether or not this is a possible option for you, get in contact with your lender and ask them.

Should I port my mortgage?

Some people may not proceed with the option of porting their mortgage even if they have had the option to. The reasoning behind why customers might not want to port can be down to a number of factors. Sometimes, customers don’t port because lenders aren’t lending additional funds that a person needs to move or that the additional funds will be at a different rate to the one you have on your existing deal. Overlooking the repayment charge and swapping to a different lender altogether might be something you decide to do if it fits well with the new deal you are offered. 

What is a sub-account?

This is an account that will be created onto your mortgage when you decide to port it and the additional funds will end up being on a deal that is different from the original one. This means there will be two different rates of interest that are applied even though you have one mortgage and one direct debit.

One factor that may become a nuisance for you in the future with your sub accounts is that different products could overlap. This means you may need to get them aligned back at some point which will involve one of the sub accounts having to go onto the lenders’ variable rate for a period of time.

Buy to Let Mortgage Advice in Nottingham

Get in touch with a buy to let and moving home mortgage advisor in Nottingham like ourselves if you are looking for an expert opinion. With our experience of dealing with thousands of applicants in this situation, we may have a good idea of how to help customers with their mortgage needs.

Sole Name Mortgage Advice for a Married Applicant in Nottingham

Specialist Mortgage Advice in Nottingham

Through our experience as a mortgage broker in Nottingham, we find that customers looking at applying for a mortgage look at making a joint mortgage application as they generally look when in a relationship. This is an alternative option to apply for a mortgage under the only name of a sole named applicant.

With inflation exceeding the increase in wages along with property prices constantly rising. A couple of first time buyers in Nottingham earning an income will generally be able to get a substantial mortgage the amount which covers what the buyers are looking to achieve.

In some cases, one applicant may be able to apply for a mortgage, but this depends on the situation of the individual. One of the reasons for this may be that one of the applicants does not want their name to be linked to the mortgage in question.

Other issues could be due to someone having a previous credit problem. For instance, a bankruptcy or a County Court Judgement is stopping them from getting a mortgage now. When something like this happens, given that the spouse or partner has no financial connection to this issue, they can apply for the mortgage on their sole behalf.

If you’re in this situation, you should be careful not to build a financial link with your partner so you can protect your credit score from harm.

Mortgage Application Borrowing Capacity

Another situation we have encountered through our time providing clear and transparent mortgage advice in Nottingham is when one of the partners is currently unemployed by choice or something else. The consensus is that the maximum borrowing capacity for a couple with only one applicant is much lower than if the working applicant applied for a mortgage in their sole name.

This arrangement is something we regularly come across working in the mortgage industry. Age can impact the calculation, for example, an applicant who might be older, say in their 50s or so.

The way this applies to your mortgage is that an applicant who is buying with a younger partner who is also in a good paying job could have access to a higher mortgage.

Implications on Tax 

Another reason why an applicant will look into the option of applying for the mortgage in their sole name could be due to stamp duty or other tax implications.

Dedicated Mortgage Advisor in Nottingham 

With married applicants, we do find that lenders will usually have quite strict criteria because it will be taken our with two interconnected applicants. 
 
You may disagree with this statement due to two applicants providing security, in the event that lenders need to chase for payments, it can open the door to complications if circumstances change like a divorce. 
 
The good news is that not all lenders will provide this biased view. With this in mind, we have a brilliant specialist mortgage advice in Nottingham team who will be available from until late, every day of the week. 
 
Here at Nottinghammoneyman, we have an expert team who have a fantastic reputation in helping thousands of home buyers and homeowners with varying situations to get towards mortgage success. Get in touch with our team today who will be more than happy to help you through our mortgage journey.

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.