First Time Buyer Mortgage Advice in Nottingham

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A Helping Hand Throughout Your Mortgage Journey

The process of buying your own home is likely to be one of the biggest financial commitments you will ever make in your lifetime.

 

As a first time buyer in Nottingham, it can be an overwhelming experience.

 

As a trusted mortgage broker in Nottingham, we understand the importance of making the process less intimidating, reducing your stress levels and guiding you through the entire journey.

 

Our goal is not simply to find you a mortgage but to work alongside you throughout your home buying journey, helping you create lifelong memories in your new home.

 

We work hard to make sure that we simplify the process, avoiding jargon and ensuring that you are informed every step of the way.

 

From the initial stages of your mortgage process, to completion and beyond, your dedicated mortgage advisor in Nottingham will be by your side.

 

We pride ourselves on providing a supportive and reassuring presence, ensuring that you have all the information and mortgage advice in Nottingham that is necessary to make informed decisions throughout the home buying process.

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

When it comes to buying a home, typically speaking, one of the most challenging aspects of the process for first time buyers in Nottingham, is saving up for the deposit.

 

The minimum deposit required is usually around 5-10% of the purchase price, but this can vary depending on your credit score.

 

For many younger first time buyers in Nottingham, the lack of credit history can be a challenge. As an experienced mortgage broker in Nottingham, we understand many of the different  challenges that first time buyers in Nottingham face.

 

We have found that if a first time buyer in Nottingham does have a good credit score, they may be able to access a higher loan-to-value mortgage, such as a 90-95% mortgage.

 

That being said, if a first time buyer in Nottingham does have a lower credit score, they may only have access to lower loan-to-values, which means they will need to put down a larger deposit, often upwards of 15%. This is to reduce a mortgage lenders risk when lending.

 

The amount of deposit you need will also depend on the purchase price of the property. Your mortgage will be a percentage of the purchase price, so the higher the purchase price, the larger the deposit you will need to put down.

 

Our dedicated mortgage advisors in Nottingham can help you understand the deposit requirements and work with you to find the best mortgage options based on your financial situation.

 

We aim to make the process as clear and straightforward as possible, so you can focus on finding your dream home.

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

If you find that you are unable to meet the minimum requirement for a deposit on a property, do not worry!

 

There are a selection of different government mortgage schemes that first time buyers in Nottingham could find useful, such as the Shared Ownership Scheme, First Home Scheme, Right to Buy Scheme and more.

 

All of these will of course require you to meet the criteria before you will be able to use them.

 

To learn more about the criteria for each of these or to find out more about other mortgage schemes that might be available, 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 very first home.

 

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Common First Time Buyer Mortgage Scenarios in Nottingham

As a company, we have helped thousands of first time buyers in Nottingham in achieving their dream of owning a home.

 

With a combined experience of over 100 years in the mortgage industry, our expert mortgage advisors in Nottingham have dealt with almost every type of mortgage scenario you can think of.

 

As a result, we possess the expertise and knowledge to help you succeed in your home buying journey. That said, there may be times where we come across a situation that is new to us.

 

Even in such cases, we are committed to working hard to overcome any obstacles and find a solution that meets your mortgage needs.

 

Our goal is to ensure that you have a smooth and stress-free experience as a first time buyer in Nottingham.

 

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

Wanting to Know How Much You Can Borrow

If you’re unsure about how much you could borrow for a mortgage, our team of experienced mortgage advisors in Nottingham are here to help.

 

The amount you’re eligible to borrow can depend on a range of factors, including your income and earnings, making it difficult to calculate the amount you are able to borrow, without the help of a professional.

 

To help you determine an accurate figure, we offer free mortgage appointments where a dedicated mortgage advisor in Nottingham will use an affordability calculator to provide you with an estimate of your borrowing capacity.

 

This calculator takes into account various financial factors to provide you with a personalised borrowing amount tailored to your both your personal and financial circumstances.

 

By booking a free mortgage appointment with us, you can gain a better understanding of the mortgage options available to you, and get one step closer to achieving your dream of owning a home.

Ready to Make an Offer on a Property

Congratulations on finding a property that you are interested in and ready to make an offer on!

 

The next step in the process is to secure the financing for your dream home. We understand that this can be quite an intimidating task, but our team is here to help simplify the process for you.

 

Booking a free mortgage appointment with one of our trusted mortgage advisors in Nottingham is easy and convenient with our simple online booking feature.

 

Once you have selected a time that works for you, your trusted and dedicated mortgage advisor in Nottingham will take you through the process step by step and help you find the best mortgage option for your unique situation.

 

Let us help make your dream of homeownership a reality by booking a free mortgage appointment with us today!

Your Offer Has Been Accepted

Once your offer has been accepted, it’s crucial to start the mortgage process as soon as possible. This is where our fast and friendly mortgage advice team comes in, to help you navigate the process smoothly and efficiently.

 

With over two decades of experience in helping first time buyers in Nottingham get onto the property ladder, we understand the importance of a quick and hassle-free mortgage process.

 

Our team of dedicated mortgage experts can guide you through the entire process, from finding the right mortgage deal to completing the application.

 

By working with us, you can benefit from our extensive knowledge of the mortgage industry and access to a wide range of mortgage lenders.

 

We’ll help you find the best mortgage deal for your unique circumstances, and work tirelessly to ensure a speedy and stress-free process.

In Need of an Agreement in Principle

An agreement in principle, or AIP for short, is an essential document to have for your mortgage application. It can greatly simplify and speed up the mortgage process.

 

An AIP serves as proof to the seller of the property that you are a serious buyer with a mortgage lender, willing to proceed with the purchase of the property in question.

 

With this document, you can demonstrate that you are ready to move forward with the purchase and have the financial backing to do so.

 

To obtain an agreement in principle, you will need to provide supporting documentation to your mortgage lender, such as proof of income and identification.

 

Our experienced team of mortgage advisors can guide you through this process and ensure that your application is as smooth and efficient as possible.

 

Typically speaking, we are able to obtain an agreement in principle for our customers, within 24 hours of their initial mortgage appointment.

 

With an AIP in hand, you can confidently move forward with your property purchase.

Having Mortgage Difficulties

Navigating the mortgage process on your own can be a daunting task, but you don’t have to do it alone.

 

Seeking the guidance of a professional mortgage broker in Nottingham can be a true lifesaver. Our team of experienced mortgage advisors in Nottingham are here to help you every step of the way.

 

There’s no shame in asking for help, and that’s exactly what we’re here for. Our team can offer expert mortgage advice in Nottingham and support in helping you to navigate the complex world of mortgages.

 

To get started, simply book a free mortgage appointment with one of our trusted mortgage advisors in Nottingham.

 

We’ll take the time to understand your unique needs and circumstances and work with you to find the right mortgage solution.

Why choose us as your mortgage broker in Nottingham?

There are numerous reasons as to why someone may choose to get in touch with a mortgage broker in Nottingham, such as ourselves here at Nottinghammoneyman, rather than going directly to either a bank or building society.

Fast & Friendly

It is our job here, to provide all of our customers with fast and friendly mortgage advice in Nottingham.

 

A trusted mortgage advisor in Nottingham 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, from early on in the day until late at night, 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, subject to availability.

Our Reviews

Our amazing customer reviews are a great representation of our service. We have built up a large collection of customer reviews over the years.

 

Feel free to take a look and see why so many choose Nottinghammoneyman 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 journey.

Searching 1000’s of Mortgage Deals

As a mortgage broker in Nottingham, we have the ability to 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 mortgage deal for you!

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Common mortgage
questions

Our dedicated mortgage advisors in Nottingham will provide you with a free mortgage appointment that typically lasts around 30 mins.

During this appointment, we will gather information about your financial and personal situation.

Based on the information obtained during the consultation, your mortgage advisor in Nottingham will then search for the ideal mortgage deal tailored to your specific needs.

If you are satisfied with the mortgage offer presented by your mortgage advisor in Nottingham, the next step is to proceed with your mortgage application.

Our mortgage process is composed of several stages. Firstly, we will ask you to complete our Fact Find to provide us with a clear understanding of your mortgage needs and goals.

Next, you will have a free appointment with a mortgage advisor in Nottingham, who will begin searching for mortgage options that are tailored to your individual circumstances. If we find a suitable offer that meets your requirements, we can proceed with your mortgage application.

To obtain an agreement in principle, we will conduct a credit check on you and gather supporting documents to validate your mortgage application.

Once we have submitted your mortgage application, we will wait for a formal mortgage offer to be issued.

We highly recommend obtaining an agreement in principle before you start viewing properties if you’re planning to apply for a mortgage.

This is because an agreement in principle is usually required to make an offer on a property, and it can also help you negotiate prices.

As a mortgage broker in Nottingham, we can help you to obtain an agreement in principle from a mortgage lender, which demonstrates their willingness to grant you a mortgage based on your financial circumstances.

With an agreement in principle in place, you can have a better idea of what properties you can afford and approach the buying process with more confidence.

The validity period of an agreement in principle (AIP) typically ranges from 30 to 90 days, but this may vary depending on the specific mortgage lender.

In case your AIP expires before you find a suitable property, you can easily renew it by contacting your mortgage advisor in Nottingham or the mortgage lender.

As a mortgage broker in Nottingham, we often see customers seeking a second mortgage for various reasons. Some of the most common reasons include:

– Consolidating debt.
– Making home improvements.
– Investing in a buy to let property.
– Other reasons, such as purchasing a holiday home or helping a family member with a mortgage.

When applying for a mortgage in Nottingham with a high street lender, a minimum deposit of 5% is typically required. If you have a history of bad credit, this percentage may increase.

Obtaining a mortgage may be a bit more challenging if you have a history of bad credit, but it’s not impossible!

In such cases, some mortgage lenders may require a slightly larger deposit from you, typically around 10-15%.

Whilst this is the case, there may still be many options available to you, and as an experienced mortgage broker in Nottingham, we can help you find a mortgage lender that is willing to work with your situation.

Submitting at least one year’s worth of accounts increases your chances of getting approved for a mortgage.

The mortgage lenders we work with typically consider your salary plus dividend to determine the maximum mortgage amount.

Some lenders may base their calculations on your net profit. The criteria varies from lender to 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.

Typically, your free mortgage appointment in Nottingham will take approximately 30 mins.

After the appointment, we can provide you with an agreement in principle, usually within 24 hours. Once you have decided to proceed, the next step is to submit your mortgage application.

On average, it takes about three weeks to receive a formal offer from the mortgage lender.

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

Nottinghammoneyman.com & Nottinghammoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
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

© 2023 Nottinghammoneyman

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

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