How does the free initial mortgage consultation work?

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!

How does the process work?

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.

When should I obtain an Agreement in Principle?

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.

How long does an Agreement in Principle last?

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.

Can I get a second mortgage in Nottingham?

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.

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

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.

Can I get a mortgage in Nottingham with previous credit problems?

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%.

I’m Self-Employed in Nottingham, can I get a mortgage?

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.

What documents will I need to send?

• 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.

How long does the process take?

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.