First Time Buyer Mortgage Advice in Nottingham

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Holding your hand through the whole mortgage process!

In life there will likely be no larger financial commitment than buying your own home.

 

As a first time buyer, getting started with the process can be a little scary. As a mortgage broker in Nottingham, it’s our job to make it a little less scary, reduce your stress levels and guide through the entire process.

 

To us, it’s about more than just finding you a mortgage. It’s about your home buying journey, the memories, the eventual outcome and your life in your new home. We aim to simplify your process, limiting use of jargon (complex words you might not understand!) when we can and keeping you informed at all times.

 

Your dedicated mortgage advisor in Nottingham will be by your side, all the way through to completion and beyond.

How much deposit do I need to apply for a mortgage?

The minimum required deposit is usually around 5-10%, though this will be dependent on how your credit score is looking. Usually, the main issue a first time buyer may have, especially a younger one, is that they don’t have enough of a credit score in the first place.

 

As a long-standing mortgage broker in Nottingham, we typically find that if a first time buyer does have enough of a credit score, it will be a good one. In this case, you will likely be able to access a higher loan-to-value (%), such as a 90-95% mortgage.

 

That isn’t always the case though, and there are times that a first time buyer may have a lower credit score. In the event of this being the case, you may only have access to lower loan-to-values, meaning you will be required to put down a much larger deposit, often upwards of 15%. This is simply to lower the lenders risk by reducing the amount they need to lend you overall.

 

The amount of deposit you need will also depend on the purchase price of the property you’re looking to buy. This is because your mortgage will be a percentage of that price.

Is there anything that can help get me onto the property ladder?

If you are unable to meet the minimum requirement for a deposit, there are some different government mortgage schemes that first time buyers in Nottingham could find useful!

 

Here are some of the most popular mortgage schemes that you may have access to;

 

Help to Buy: Equity Loan Scheme

Help to Buy: Shared Ownership Scheme

First Home Scheme

 

All of these will of course require you to meet the criteria before you can use them. To learn more about the criteria for each of these or to find out more about other schemes, we would recommend visiting the government OwnYourHome website. Alternatively, you can speak to a trusted mortgage advisor in Nottingham, who will run through these with you.

 

To receive any further first time buyer mortgage advice in Nottingham, book your free mortgage appointment today. Our fast & friendly team are here from early until late, every day of the week to run through your case and help you apply for a mortgage. The mortgage process doesn’t need to be difficult! Let us help you become the owner of your first home.

 

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Common First Time Buyer Mortgage Scenarios in Nottingham

Over the years as a company, we have been able to help thousands of first time buyers achieve their home owning goals. Our advisors have a combined 100+ years of experience in the industry. During that time, they have encountered almost every mortgage scenario out there. This means that we likely have the knowledge to help you find success.

 

That being said, there are instances where we might not have seen a situation like yours before. Even then, we will do our best to overcome those hurdles as best as we can.

 

Here are some of the frequent mortgage questions that we receive from first time buyers, as a mortgage broker in Nottingham.

How much can you borrow for a mortgage in Nottingham?

If you are finding it difficult to work out the total amount you may be able to borrow for a mortgage, one of our advisors may be able to help. Depending on a variety of factors, such as the amount you bring in and are earning, the amount that you will be able to borrow will change.

 

Book yourself in for a free mortgage appointment and a trusted mortgage advisor in Nottingham will give you an accurate sum using our affordability calculator.

Ready to make an offer on a property?

Once you have found a property you like and want to make an offer on, you now need to make a start on the mortgage side of the process. If you are ready to make the next step, you can easily book yourself a free mortgage appointment, using our simple to use online booking feature.

Has your offer already been accepted?

If you have already had an offer accepted, this means that you need to get the ball rolling on your mortgage as soon as possible!

 

By enlisting the help of a fast & friendly mortgage advice team,such as ours, your process can hopefully go a lot quicker. We are well experienced in the world of mortgages, with over two decades of helping first time buyers get onto the property ladder.

Looking for an agreement in principle ahead of your mortgage?

Known for short as an AIP, this document really is a ‘must have’ for your mortgage. Having this to hand will help you through pretty much every stage of the mortgage process!

 

What this does, is it shows the seller of the property you’re looking to buy, that you are in-fact ready to proceed and have a lender waiting to get on with the mortgage side of things. All you need to do, is provide evidential documents to support your mortgage application. Our trusted team will be able to help you out with this too.

Struggling to get accepted for a mortgage?

If you are finding it particularly difficult to navigate the mortgage process by yourself, a mortgage broker in Nottingham will be a true lifeline to you.

 

There is absolutely nothing wrong with asking for help, that’s what we’re here for! If you need some support with your mortgage, book a free mortgage appointment with a mortgage advisor in Nottingham, and we’ll help you get through your mortgage journey.

Why choose us as your mortgage broker in Nottingham?

There are a lot of different reasons as to why someone may choose to get in touch with a mortgage broker in Nottingham, rather than going to a bank or building society.

Fast & Friendly

We are here to provide all of our customers with a fast and friendly mortgage advice service. A trusted mortgage advisor will take a look at your case and look to find you the most suitable mortgage deal for your circumstances.

 

Book yourself in for a free mortgage appointment using our online booking feature today. Getting a mortgage appointment with a mortgage expert has never been easier!

7 Days a Week

We are open for business 7 days a week, including weekends and some bank holidays! This means that you are able to speak with a dedicated mortgage advisor in Nottingham at times that work around your schedule. We are also open beyond the typical 9-5, meaning you can get an evening appointment if that suits you best.

Our Reviews

Our amazing customer reviews are a great representation of our service. We have built up a vast collection of customer reviews over the years, so take a look and see why so many choose us for mortgage advice in Nottingham.

 

As an open & honest mortgage broker in Nottingham, we pride ourselves on the customer service levels we provide. We want to make sure that you are safe and secure throughout your mortgage process.

Searching 1000s of Mortgage Deals

As a mortgage broker in Nottingham, we can access various unique and competitive mortgage products. With a vast panel of mortgage lenders and a great relationship with each of them, we may be able to find the perfect deal for you!

What our customers say

Common mortgage
questions

Your free mortgage consultation with us will last around an hour. During this consultation, your dedicated Mortgage Advisor in Nottingham will get to learn a bit more about your personal and financial situation.


Once your consultation is finished, your Mortgage Advisor in Nottingham will go away and try and find you a perfect mortgage deal tailored to your circumstances. If you love the mortgage offer that they’ve picked out and want to continue, the next step is to submit your mortgage application!

Our mortgage process consists of multiple different steps:

1. Once you get in touch, we will have you carry out our Fact Find so that we can get a bigger picture of your mortgage situation.

2. You’ll undergo your free mortgage consultation, then your dedicated Mortgage Advisor in Nottingham will begin searching for mortgage deals that are tailored to your circumstances. If we find you an offer that you are happy to proceed with, we can get the ball rolling with your mortgage application.

3. We will perform a credit check on you in order to obtain an agreement in principle. Furthermore, we will get some evidential documents from you in order to back up your mortgage application.

4. We will submit your mortgage application and wait for a formal mortgage offer to be issued.

As a Mortgage Broker in Nottingham, we always advise applicants to obtain an Agreement in Principle before viewing properties. Firstly, you’ll need an Agreement in Principle to make an offer on a property. Secondly, having one in place could put you in a position to negotiate prices.

An Agreement in Principle typically lasts for 30-90 days. This timeframe may change depending on the lender that you are using.


If your Agreement in Principle expires, you can easily renew it by getting back in touch with your Mortgage Advisor in Nottingham or your lender.

It’s possible to obtain a second mortgage; as a Mortgage Broker in Nottingham, here are the most common reasons we see for people wanting a second mortgage:

– Debt consolidation
– Home Improvements
– Buy to Let
– Other, e.g. for a Family Member, Holiday Home, etc.

High street mortgage lenders will usually ask for a minimum of a 5% deposit. This percentage may be higher depending on if you’ve had previous bad credit issues.

If you’ve had bad credit issues in the past, you may find it a little harder to get a mortgage, but that isn’t saying you still can’t get one!

Lenders may ask for a slightly higher deposit if you’ve had bad credit in the past. Some lenders may ask for a deposit of around 10-15%.

If you are able to submit at least one year’s of accounts, the more likely you are of being able to obtain a mortgage. Most of the lenders that we use look at your salary plus dividend to calculate the maximum mortgage amount. Others may go off your net profit, it all depends on the lender.

  • Photo ID (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 proving the deposit being built-up with an explanation for any large credits.

Your free mortgage consultation in Nottingham will usually last around an hour. Following the consultation, we can turn around an Agreement in Principle for you within 24-hours. Now it’s just the case of submitting your mortgage application. A formal offer can take around three weeks on average to come back.

We make it so easy!
Our 4 step process

Step 1

A telephone test call where we can take some initial details and find out about your plan of action.

Step 2

Enjoy finding a property!

Step 3

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Step 4

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

A telephone call where we can take some initial details and find out about your plan of action.

Enjoy finding a property!

Make an offer on the property you set your heart on – we’ll finalise your figures and help you to get a good deal.

Our mortgage recommendation. We’ll try to find you the best mortgage deal. We’ll be there to support you, right through to you getting your keys.

Handy quick links

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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.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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

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

© 2022 Nottinghammoneyman

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

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