Mortgage Advisor Hucknall, Nottingham

Walton & Allen mortgage advisor Hucknall

Are you looking for a mortgage advisor in Hucknall, Nottingham? If you’re looking to get a mortgage on your first property, or if you are looking for a new mortgage deal, we can help you.

Walton & Allen offer free initial mortgage advice to compare the whole of the mortgage market. This means our recommended mortgage brokers can look at almost every deal available to you, based on your own financial circumstances.

You can contact our recommended mortgage broker by calling 0115 924 3304 or by using the form at the bottom of this page. They would be happy to chat to you over the phone or in person.

What will happen when you speak to our mortgage advisor in Hucknall?

So, what can you expect when you speak to our mortgage advisor in Hucknall?

Firstly, they will speak to you either over the phone or in person during a mortgage appointment. They will be able to tell you how much you could potentially borrow. To do so they will need to ask questions such as how much you earn every year and if you have any credit cards or loans. They will also likely check your credit score.

Once a great mortgage deal has been found for you, the mortgage broker will ask that particular lender for an agreement in principle. If you are approved, they are likely to approve you for a mortgage.

Our recommended mortgage broker will help you every step of the way with the application process. You’ll never feel on your own and you’ll be looked after right up until completion of your property purchase.

What do you need to provide our recommended mortgage advisor?

When you speak to the mortgage advisor it would be a good idea if you can bring at least three payslips if you are employed. If you are self employed it would be useful if you could provide two years accounts. These will be needed when the mortgage application is submitted but are not completely necessary during the first mortgage advice appointment. Access to bank statements is also key in helping the lender to look at all your monthly outgoings.

Talk to our mortgage advisor today

Based on this advice, are you ready to talk to our recommended mortgage advisor, Hucknall? You can call us today on 0115 924 3304 or use the form below.

You can contact me for marketing purposes via:

EmailTelephone

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

Mortgage and Protection advice is provided through our association with Premier Mortgage Services (Nottingham) Ltd. They have decades of combined experience working to find some of the best mortgage deals available to you.

 

Buy To Let Mortgage Nottingham

Buy to let mortgage advice

Are you looking for a buy to let mortgage in Nottingham? Whether you’re a first time or experienced Landlord, we can advise on almost every deal available.

A buy to let mortgage is different from a normal residential mortgage. Lenders will usually require a higher deposit (usually 25% or higher) and fees are also likely to be higher.

Buy to let mortgage information

You can look to apply for a buy to let mortgage under the following circumstances:

  • You want to rent your property out to tenants
  • You can afford to take a financial risk on an investment
  • You already own your own home, with our without an existing mortgage
  • You have a good credit report
  • You will typically have an income of £25,000 or over

How much can you borrow on a buy to let mortgage?

Knowing how much you can borrow can vary wildly depending on your own financial circumstances. We would always recommend talking to our recommended broker to find out how much you can borrow on a buy to let mortgage. The initial advice is free of charge. To chat, call 0115 924 3304. Alternatively use the form at the bottom of this page to ask any questions. Our recommended mortgage broker works on behalf of Premier Mortgage Services.

What else do you need to think about?

A buy to let mortgage can be a risk. It is likely that your investment property will never have tenants 100 percent of the time. When the property is unoccupied it is likely that you will have to pay for the mortgage out of your own pocket. When you do have tenants renting your property we would always advise to keep some rental income aside for these situations.

You may also need to spend additional money on conducting repairs or on regular property maintenance.

Don’t just stick to mortgage comparison websites

Mortgage brokers such as the ones who work with Walton & Allen Estate Agents are whole of market. This means that they can compare almost every mortgage deal available. Some comparison sites are limited and brokers also have access to exclusive deals which these sites do not have. It’s worth getting a second opinion for free.

Talk to a mortgage broker today

You can gain free initial advice by calling 0115 924 3304. There we will be able to answer any questions you may have and book an appointment for you if necessary. You can also fill in your details here to arrange a callback.

You can contact me for marketing purposes via:

EmailTelephone

Mortgage and protection advice is provided through our association with the mortgage brokers at Premier Mortgage Services (Nottingham) Ltd. Their mortgage brokers have been providing advice for over 20 years on all types of mortgages and circumstances. By submitting your details through this page you accept that we will pass your information to Premier Mortgage Services. We will never share your details with anyone else without your permission.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home. 

Landlord Property Valuation Nottingham

Landlord Property Valuation Nottingham

Are you looking for a Landlord property valuation, Nottingham?

Walton & Allen Letting Agents in Nottingham were recently nominated as one of the best letting agents across the country. We manage hundreds of properties for happy Landlords and are proud to say that we have a 97% occupancy rate at all times.

Get a free property valuation

If you are a Landlord with a buy to let property then talk to us today about how we can help you. Our dedicated Investments Manager, Ricky, aims to always get the best possible rental price for your property. Furthermore, he is always looking to actively increase rent in all areas of Nottingham.

You can call Ricky on 0115 924 3304 or use the form below to request a Landlord property valuation.

Are you human?

You can contact me for marketing purposes via:

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About Walton & Allen Letting Agents Nottingham

Walton & Allen Letting Agents in Nottingham have been established since 2000. We were recently nominated as one of the best letting agents with a single branch across the whole country.

We are located in the Lace Market in Nottingham and let properties for Landlords across the whole of Nottinghamshire and further afield.

Compare the Best Mortgage Deals

Compare the best mortgage deals and rates with our recommended brokers

Are you looking to compare the best mortgage deals? We have a highly qualified team of recommended mortgage brokers who can compare the whole of the market for you. This means they should be able to find one of the best deals available to you, based on your own finances.

How does comparing the best mortgage deals work?

Our recommended mortgage brokers will have a quick initial chat with you. This should last no longer than 10-15 minutes and is free of charge with no obligation to use their services. During this time they will ask you about your current finances, including your average monthly income. You can talk to them over the phone, in person at our Estate Agency branch or in the comfort of your own home. Just call 0115 924 3304 or use the form below.

How do our mortgage brokers compare the whole of the market?

Our recommended mortgage brokers will be able to compare almost every mortgage deal available using their dedicated system. They may also have some special unique mortgage deals only available to brokers which could save you some money. They will help you choose a deal which could benefit you most and should be able to save you money over the whole mortgage term.

Do I need to have found a property before I receive mortgage advice?

Absolutely not! Most buyers come to us before they have really begun their property search. The advice given by our mortgage brokers will help you find your maximum affordable purchase price. You can also receive an Agreement in Principle which will help you prove to an Estate Agent that you can afford to buy the property you make an offer on.

What if I have an existing mortgage?

We can also help you with finding one of the best remortgage deals. We would always advise to shop around before you agree to stick with your existing mortgage lender. Talk to us today to see if we can save you any money. Just call 0115 924 3304.

Compare buy to let mortgage deals

If you’re looking to get a buy to let mortgage then we can also help you compare deals. Whether you’re buying your first investment property or looking to increase your portfolio, we can help! Buy to let mortgages are perfect for those looking to rent their property out, although you are likely to need a higher deposit. Whilst you are looking for buy to let mortgage advice, why not chat to our Lettings Team? They will provide you with advice on the maximum monthly rental figures you can achieve.

Get mortgage advice today

Call 0115 924 3304 and ask to speak to our broker, or arrange an appointment. Alternatively you can use this form below.

You can contact me for marketing purposes via:

EmailTelephone

Mortgage and Protection advice is provided through our association with the mortgage brokers at Premier Mortgage Services (Nottingham) Ltd. Depending on your circumstances a fee of between 0 – 1.5% of the loan amount may be payable.  A typical fee is £350.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

A Brief History of Mortgage Rates

When looking at a new mortgage deal it is easy to forget that interest rates used to be a lot higher. It has been almost 10 years since rates dropped massively from 5.5% in 2007 to 0.5% in 2009.

We take a look at historic interest rates and the factors which affected them.

18th and 19th century mortgage rates

Interest rates stayed at around 4% or 5% throughout most of the 18th century. As we moved into the 19th century there was a bit more volatility. Interest rates moved anywhere between 4% and 10%. This was also similar to the beginning of the 20th century.

1979

Margaret Thatcher’s government raised interest rates to a whopping 17%. This was great for savers but not good for those with mortgages. The reason for this was to try to combat inflation. Interest rates lowered a large amount throughout the start of the 1980s but started to rise again towards the end of the decade. This was mainly due to rising house prices.

1997

After a landslide victory for the Labour party, Chancellor Gordon Brown made the Bank of England independent from political control. Interest rates began to dip from 7.25% down to 4% by 2002.

The mid 2000s

Interest rates were raised once more amongst fears that the economy was over inflating. Mortgage rates rose from 3.5% in 2003 to 5.75% by 2007.

2007 to 2018

The global financial crisis saw the base interest rate drop to the lowest point in 300 years. Rates fell to 0.5% in March 2009 and then fell even lower to 0.25% in August 2016.

2017

The base rate rose for the first time in almost 10 years, back to 0.5%. This affected many who were on variable rate or tracker mortgages. Those who were or still are on fixed mortgage deals were not affected at the time.

Looking toward the future

Interest rates are still very low compared to previous years. They may stay the same for a while or could increase slightly. Many people looking to get new mortgage deals are looking for longer fixed rate deals which will secure their interest rate for 2, 5 or even 10 years. This means that whatever happens their mortgage payments should stay the same for this term.

We would always suggest talking to a mortgage broker as some deals may be better for you than others, based on your financial circumstances.

You can talk to our trusted mortgage brokers by calling 0115 924 3304. Alternatively, you can use the form below to get some free initial advice.

You can contact me for marketing purposes via:

EmailTelephone

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

Full list of interest rates

Below is a full list of mortgage interest rates throughout previous years.

Bank of England base rate 1979-2017

Bank rate at year end (%)*
197917
198014
198114.375
198210
19839.0625
19849.5
198511.375
198610.875
19878.375
198812.875
198914.875
199013.875
199110.375
19926.875
19935.375
19946.125
19956.375
19965.9375
19977.25
19986.25
19995.5
20006
20014
20024
20033.75
20044.75
20054.5
20065
20075.5
20082
20090.5
20100.5
20110.5
20120.5
20130.5
20140.5
20150.5
20160.25
20170.5

 

 

Mortgage Advice Arnold, Nottingham

Walton & Allen offer mortgage advice Arnold

Are you looking for mortgage advice in Arnold, Nottingham? Perhaps you are looking to buy a house in Woodthorpe, Daybrook, Bestwood, Mapperley, Sherwood or other surrounding areas?

Walton & Allen offer free initial mortgage advice which compares the whole of the mortgage market. This means the mortgage brokers we work with can look at almost every deal available, based on your financial circumstances.

You can contact our mortgage advisors by calling 0115 9243304 or by popping into our offices in the Lace Market, Nottingham.

How does mortgage advice in Arnold work?

So, how does our mortgage advice Arnold work?

An initial appointment with our mortgage brokers is free of charge. You can chat to the broker over the phone, at our Nottingham office or in the comfort of your own home.

By providing our trusted mortgage broker with a small amount of information they can compare the market. They will then be able to recommend a suitable one for you personally. This recommendation may be down to the monthly payments, the deposit amount available or perhaps your credit score.

Once you choose a deal that suits you we can help you apply for this and follow it through to completion. We’ll always be around to advise you along the way and will provide you with updates as and when we receive these from the mortgage lender.

What will you need for your mortgage  advice appointment?

It would be ideal if you can provide our mortgage broker with 3 months payslips to begin the process. We will also need to know if you have any credit card debts or loans. Another key thing lenders like to know is your average monthly spending.

Get your mortgage advice today

Based on this information, why not call us today on 0115 9243304? Alternatively you can use the form below to request your advice. At the same time, why not look at available properties for sale in Arnold?

You can contact me for marketing purposes via:

EmailTelephone

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

Mortgage and Protection advice is provided through our association with Premier Mortgage Services (Nottingham) Ltd. They have decades of combined experience working to find some of the best mortgage deals available to you.

What do we offer with our mortgage advice in Arnold?

We cater for almost every mortgage need, including, but not limited to:

  • Self employed mortgage advice
  • First time buyer advice
  • Remortgage advice
  • Buy to let mortgage advice
  • Help to buy
  • Limited company mortgage advice
  • Any complicated situations

However easy or complicated your situation is, our mortgage broker will do everything they can to try and help. You may still be able to get a deal whether you are free of debt or if you have a CCJ or credit card debt.

First time buyer mortgage advice in Arnold

We are very happy to help if you are a first time buyer looking to buy your first home. If you have no idea how to apply for a mortgage then our mortgage brokers will explain everything to you, and run you through the whole process. There’s no need to worry about a thing. They’ll then look at some of the best options for first time buyers and for you as an individual (or couple). Whilst you’re chatting about your first time mortgage, why not chat to our sales team about first time buyer schemes and see which first time buyer properties we have available to buy?

Walton & Allen now works with Premier Mortgage Services

We now recommend Premier Mortgage Services for Mortgage Advice in Nottingham

Walton & Allen are pleased to announce they are now using the services of mortgage brokers Premier Mortgage Services to continue to provide an excellent mortgage advice service throughout Nottingham.

Clients will now be able to choose to receive mortgage advice at their offices in Stapleford, as well as our Estate Agency in Nottingham, or at the client’s own home.

About Premier Mortgage Services

Premier Mortgage Services have been trading over 26 years and provide whole of market mortgage advice, much like Walton & Allen Financial Services. This means they are able to compare the whole of the mortgage market to find one of the best mortgage deals available for you. They may also have access to exclusive mortgage deals which individual banks may not be able to offer.

They can deal with

  • Standard mortgage advice
  • Self employed mortgages
  • Buy to let mortgages
  • First time buyer mortgages
  • Adverse lending
  • Good affordability stretch
  • Remortgage advice
  • Moving house mortgage advice
  • And much more!

Premier are also experts in protection, whether you’re looking to insure you and your family or protect yourself from not being able to work.

Need mortgage advice?

Call Premier Mortgage Services on 0115 924 3304 or use the form below to arrange an appointment. You can chat either over the phone, over email, in one of our offices or at your own home, all at a time that is convenient for yourself. All mortgage brokers at Premier are here to help you and are not affiliated with any particular lender!

You can contact me for marketing purposes via:

EmailTelephone

How does it work?

When looking to receive mortgage advice, the following will happen.

  • The brokers at Premier Mortgage Services will work out how much you should be able to borrow based on your personal financial circumstances
  • They will then produce an ‘Agreement in Principle’ which will help you to make offers on properties with an estate agent such as ourselves
  • Once an offer on a property has been accepted they will apply for your mortgage and see it through to completion
  • They’ll answer any questions you may have a long the way
  • They can also offer protection to save you if a sale falls through, or if you lose your job and cannot pay your mortgage once you are moved in

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

mortgage advice

Nottingham Selective Licensing: What you need to know

< Back to W&A Nottingham Selective Licensing Hub

Looking for information on Netherfield Selective Licensing? Find out more.

Nottingham Selective Licensing

Find out everything you need to know on Nottingham Selective Licensing.

You must now have a licence to rent your property within designated Nottingham City Council areas. If you have not submitted an application already then you may now be liable for a £30,000 fine.

The application deadline was 1st August 2018 for most Landlords. Extensions were granted to those with 40+ properties or to letting agents with a portfolio of over 120 properties which would submit applications on behalf of their Landlord clients.

Keep calm though, we can help you with the information below.

Is your current Letting Agent doing everything they can for you?

Has your current Letting Agent done everything they can to help you in applying for your Selective Licence? Have they kept you informed about Licensing requirements and applied for your Licence well within the deadline? Are they ensuring you will remain fully compliant within the 5 years? If not, talk to us to receive free Selective Licensing advice. Call 0115 9243304 or email nsl@waltonandallen.co.uk.

Struggling with your application?

Is everything too complicated or do you not understand anything on the Selective Licensing application form? We can apply for you. Call 0115 9243304 now to take all the stress away or view the below brochure to find out more.

Selective Licensing Application Extensions

As above, the extension deadlines have now passed. See our deadline dates below.

Landlords with less than 40 properties in the designated area – 1st August 2018
Landlords with more than 40 properties in the designated area – 31st October 2018
Landlords with a letting agent managing over 120 properties in the designated area – 31st October 2018 (Only applies to agents that process applications for their landlord clients such as Walton & Allen)

Walton & Allen Landlords who are making use of the application service have also been granted an extension due to the amount we have to process. If you wish to have an extension granted, ask us to apply for you. Call 0115 9243304 now. This is of course down to Nottingham City Council discretion and can change at any time.

What happens if I don’t apply?

Nottingham City Council have stated that they will begin to fine Landlords up to £30,000 if they do not have a licence for their rented property. We understand the Council have started checking council tax records, Land Registry and housing benefit records to find those who have not applied. If you have not begun applying for a Selective Licence then we would recommend doing this immediately.


selective licensing informationClick to download our Nottingham Selective Licensing information pack here


 

The new Nottingham licensing scheme for Landlords was implemented as of 1st August 2018. The aim of the scheme is to ‘raise the standards in the privately rented sector, and to ensure that all tenants living in them are able to enjoy a safe, comfortable and well managed home’. A landlord will need a licence for every property they own within the affected areas.

This is a big blow for Landlords who already keep privately rented properties to a high standard.

We calculate that 94% of Landlords will be affected by this Licensing Scheme.

Should I have applied by now?

Anyone who owns a privately rented home in the designated Nottingham areas should have applied for a licence by now. The only exception is for those properties which already have an HMO licence.

The designated areas  for Nottingham Selective Licensing is as follows:

Arboretum, Bestwood, Bulwell, Bulwell Forest, Basford, Berridge, Bridge, Clifton North, Clifton South, Dales, Dunkirk and Lenton, Leen Valley, Mapperley, Radford and Park, Sherwood, St Ann’s, Wollaton East and Lenton Abbey.

Applications for Selective Licensing opened on 1st July 2018. If your property is included then we advise you to act now to get all required documents together for your application. We are more than aware that this is an unwelcome situation and have been campaigning against certain aspects, on our clients’ behalf. However, the deadlines have now passed and you should have submitted your application by now. Please contact us if you haven’t applied yet on 0115 924 3304.

Is my property in the Selective Licensing area?

Visit the below website and enter your rental property postcode to find out if you are within the licensing area.
http://geoserver.nottinghamcity.gov.uk/myproperty/

What is the cost?

The City Council is charging a Nottingham Selective Licensing fee of £780 per property. At the time of writing, the cost of the licence is tax deductible.

You will of course have to factor in other costs which will help you achieve ‘approval’ for a licence. This includes the cost for:

  • Public liability insurance
  • A DBS check (now voluntary)
  • An electrical safety certificate (optional but advisable)
  • A valid gas safety certificate
  • An EPC (Energy Performance Certificate) -Above an ‘F’ rating
  • A PAT test for portable appliances in the property
  • Relevant Landlord training (if your property is not managed by Walton & Allen)

selective licensing mailing list

What if you don’t have a licence?

The council also state that anyone who hasn’t applied for a licence could receive a civil penalty of up to £30,000, or prosecution on summary conviction which carries an unlimited maximum fine. Landlords may also be prevented from holding a licence in the future.

Can you get a fee reduction?

Nottingham City Council have said there will be no discount for having multiple properties. The full licence fee must be paid for every property you own in the affected areas. You can get a discounted fee by applying to certain accreditation bodies such as DASH or Unipol. Unfortunately, there are other costs to apply and you may have to spend money in improving your property to meet their standards.

We detail how to get a fee reduction here.

Don’t have your property managed  by Walton & Allen? Email nsl@waltonandallen.co.uk to talk to us about how we can help you stay complaint. We’ll also try to match your current managing agent’s fees.

Nottingham Landlords who live abroad

Non UK landlords will not be able to qualify for a licence and so will need a managing agent to be the ‘licence holder’. We can take that responsibility for these individuals, but only on a fully managed basis. This is because there are significant responsibilities during the 5 year licence period. Monitoring is required, including rent collection and reactions to Nottingham City Council requests during that time. E.g. tenant antisocial behaviour.

What are your next steps for Selective Licensing?

Walton & Allen can help you. We have experience of Selective Licensing requirements as we have helped Landlords get licences within the Ashfield District Council area in North Nottinghamshire. As of 31st OCtober 2018 we have submitted 265 applications to the City Council on behalf of our Landlord clients.

During this time you will

    • Learn the requirements of getting a licence
    • Learn the steps you need to take to retain the licence
    • Have the opportunity to ask any questions about the scheme

Book your NSL Clinic place here.

You can contact me for marketing purposes via:

EmailTelephone

Need help filling in your Selective Licensing application form?

We can do it for you. Email nsl@waltonandallen.co.uk to take away all the stress.

Need more advice?

selective licensing informationClick to download our Nottingham Selective Licensing information pack here

You can email nsl@waltonandallen.co.uk with any questions, where our Nottingham Selective Licensing team will get back to you as soon as possible. You can also call 0115 924 3304.

< Back to W&A Selective Licensing Hub

selective licensing mailing list

Self Employed Mortgage Advice Nottingham

Self Employed Mortgage Advice in Nottingham

Are you looking for self employed mortgage advice in Nottingham? We have listed some important points below for those looking to get self employed mortgage advice.

It’s a common thought that people who are self employed may have more trouble getting a mortgage than those who are employed. This is not always the case though!

If you are completely self employed (sole trader), the owner of a limited company and receive a salary, dividends or a mixture of both then we can help you.

What you’ll need for self employed mortgage advice

Lenders like to see proof of a steady income before they decide to approve a mortgage, so you will need proof of income. They will usually equire evidence of this from the last two to three years, although some lenders may be able to work with just one year.

When you apply for a mortgage, or talk to a mortgage broker, you’re likely to need the following documents:

  • Photo ID
  • Address ID – Such as a utility bill or bank statement
  • Proof of deposit
  • 2-3 years SA302 and tax year overviews

Improve your mortgage application chances

You must take into account some other factors when applying for a mortgage, whether you’re self employed or not. You’ll need to declare if you have any outstanding credit card balances or debts and usually will need to list your monthly expenditure. Most importantly, ensure your spending is in order and try to boost your credit rating when you can.

If you are a tenant renting a property through Walton & Allen Letting Agents Nottingham, you can apply for your rental payments to affect your Experian credit rating. So, if  you pay on time and in full every month, your credit rating could go up.

You can also check your credit rating for free using Experian or ClearScore, amongst others.

Talk to a mortgage broker

So, are you ready to find out how much you can borrow if you’re self employed? You can talk to our specialist self employed mortgage broker either by calling 0115 9243304, or alternatively use the form below. All mortgage situations considered!

Please note that we are not affiliated to any particular lender, although we are a traditional high street estate agent. This means we will attempt to find you one of the best deals possible by comparing the whole of the mortgage market.

You can contact me for marketing purposes via:

EmailTelephone

Mortgage and Protection advice is provided through our association with Premier Mortgage Services (Nottingham) Ltd. By submitting your details through this mortgage calculator you accept that we will pass your information to them. We never share your details without your permission.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.

 

First Time Buyer Mortgage Advice

Do you need first time buyer mortgage advice?

Are you looking for first time buyer mortgage advice or first time buyer mortgages? Whether you have already found a first home or are still looking then we can help.

We lay out some important tips for how to potentially get some of the best first time buyer mortgage deals.

Can you afford a first time buyer mortgage?

It may seem like a silly question, but ensure you can afford all the costs associated with a mortgage. When seeing a broker for first time buyer mortgage advice they will be able to explain all the costs to you. To give you an idea though, you have many costs which need to be considered, including:

  • Deposit
  • Monthly payments
  • Interest rates
  • Living costs
  • Insurance

Other costs which you may not have thought about include the fees involved in buying a house. You’ll have to pay legal fees to your Solicitors, stamp duty if your first home will cost over £300,000 and obviously moving costs such as removal firms or buying new furniture.

An ideal place to start would be to see a broker for free initial advice. Our recommended mortgage brokers at Premier Mortgage Services can compare the whole of the market to look at all first time buyer mortgage deals. This comparison will be based on your personal financial circumstances, so you know you are getting tailored advice which should work out as one of the best mortgage deals for you.

Understand the different types of mortgage

There are several different types of mortgage. Would you prefer to get a fixed rate mortgage where your monthly payments stay the same? Another option would be to go with a tracker/fixed rate mortgage where your payments could move depending on the Bank of England base rate. If you choose to go with a fixed rate mortgage, should you go for 2 years, 5 years or more? These are all things that can be explained by a mortgage broker if you are unsure of the best option for you.

Look out for first time buyer schemes

There are plenty of first time buyer mortgage schemes to help you take your first step onto the property ladder. When looking for first time buyer mortgage advice it may also be beneficial to look at our help to buy advice page. You could be eligible for certain schemes.

It is also advisable to look at options such as a Lifetime ISA or a Help To Buy ISA, where the government will top up your savings by 25% once you purchase your first home.

Prepare early to attract good mortgage lenders

Remember, mortgage lenders need to know that you will be able to pay back the money you’ve borrowed. They calculate this using a variety of information, although some of the most obvious ways are your annual income, any loans or credit cards and your credit rating.

You can look at keeping your credit rating healthy early on by ensuring you manage your credit card and monthly outgoings well. Lenders may also look to see if you can manage paying regular bills such as a phone contract. Also remember to look at your monthly outgoings including social outings, gym memberships and even your spend on groceries and transport. Lenders may not allow you to borrow as much if your spending habits are very high compared to your income.

If you are a tenant renting a property through Walton & Allen Letting Agents Nottingham, you can apply for your rental payments to affect your Experian credit rating. If  you pay on time and in full every month, your credit rating could go up.

You can check your credit report for free using a number of different services, including Experian or ClearScore.

Collate the necessary documents early

You’ll need certain documents to find out which mortgage deals can be best for you. When you see a mortgage broker, whether at Walton & Allen or elsewhere, you’ll need the following:

  • Photo ID
  • 4 months payslips and bank statements
  • P60
  • Address ID – Such as a utility bill or bank statement
  • Proof of deposit
  • If self employed mortgage, 2 years SA302 and tax year overviews

You may not need these documents for an initial chat about first time buyer mortgage advice, although it would be helpful to have them ready should you wish to go ahead with a recommended mortgage deal.

Chat to a mortgage broker!

Any good mortgage broker will be able to compare the whole of the mortgage market for you, finding you one of the best mortgage deals available. An initial chat with our brokers for first time buyer mortgage advice is free of charge and will give you a good idea about how much you can borrow. You can also find out what your monthly repayments would be. Why not fill in the form below to receive a call back, or call 0115 9243304 today.

You can contact me for marketing purposes via:

EmailTelephone

If you’re a first time buyer and are completely new to mortgages then we have everything covered for you! We’ll explain the whole process so you fully understand and then will find one of the best mortgage deals for you. You can also chat to our sales team within our estate agent branch. They will be able to show you some properties suitable for first time buyers.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Think carefully before securing other debts against your home.