Mortgage Broker in Nottingham

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Mortgage Advice FAQ's

Using a mortgage broker can provide numerous benefits when you’re looking to buy a new house, particularly in a place like Nottingham where the property market can vary significantly by area. Here are some of the primary advantages:

  1. Access to a wider range of products: Mortgage brokers have access to a vast array of mortgage products from different lenders. This means they can offer you more options than you might find on your own, including exclusive deals that are not available directly to the public.

  2. Expert advice and guidance: Mortgage brokers are experienced professionals who understand the intricacies of mortgage applications and the property market. They can provide valuable advice on which mortgage product suits your specific financial situation and future goals.

  3. Time-saving: Searching for the right mortgage can be time-consuming, especially with the many options available. A broker can quickly narrow down the choices to those that best meet your needs, saving you considerable time and effort.

  4. Help with paperwork: Mortgage applications can involve complex paperwork. A broker can help you manage this aspect, ensuring that your application is complete and accurate, which can improve your chances of a quick and successful outcome.

  5. Better rates and terms: Brokers often have strong relationships with lenders, which can lead to better interest rates and more favourable terms. Their negotiating skills and knowledge of the market can be instrumental in securing a mortgage that benefits you financially.

  6. Support through the buying process: Brokers often provide ongoing support as you move through the buying process, helping to deal with any issues that arise with lenders or related to your application.

  7. Cost-effective: Many mortgage brokers do not charge the customer for their services directly; instead, they receive a commission from the lender. This arrangement can make accessing a broker’s expertise cost-effective for homebuyers.

At Veracity Financial Planning in Nottingham, we leverage our local expertise and industry connections to ensure that you get the best possible guidance and support throughout your home-buying journey. Whether you’re a first-time buyer, moving home, or remortgaging, our aim is to make the process as smooth and beneficial as possible.

Deciding whether to use a mortgage broker when obtaining a mortgage can significantly impact your experience and the deal you secure. Here are key reasons why it may be beneficial to use a mortgage broker, especially for potential homeowners in Nottingham:

  1. Broader Market Comparison: Mortgage brokers have comprehensive access to the market and can compare a wide range of mortgage products from various lenders, including those that are not directly available to the public. This broad market access helps ensure that you receive a mortgage that best suits your financial circumstances and needs.

  2. Tailored Advice: A broker provides personalised advice based on your financial situation, future goals, and specific needs. They can assess different mortgage products against your circumstances and recommend the one that offers you the most benefit, whether that’s lower interest rates, better repayment terms, or more flexible conditions.

  3. Expert Negotiation: Brokers use their industry knowledge and relationships to negotiate terms with lenders. Their expertise can often secure deals that might not be otherwise available, and they might also be able to negotiate better terms on your behalf, potentially saving you a considerable amount of money over the life of the mortgage.

  4. Stress Reduction: The mortgage process can be daunting, especially for first-time buyers or those unfamiliar with financial jargon. Mortgage brokers handle the legwork, from gathering documents to liaising with lenders, which can reduce stress and simplify the process for you.

  5. Problem Solving: Brokers can be particularly helpful if you have a unique financial situation, such as being self-employed or having a poor credit history. They know which lenders are likely to be receptive to your application and how to effectively present it to increase your chances of approval.

  6. Ongoing Support: A good broker will not just disappear after the mortgage is approved; they offer ongoing support, helping you understand any changes in the market that might affect your mortgage and advising on future financial decisions.

  7. Cost Efficiency: While brokers are paid through commissions from lenders, the overall savings they can secure for you on a mortgage often outweigh this cost. Moreover, some brokers do not charge the client directly at all.

At Veracity Financial Planning, we understand the Nottingham property market intimately and use this local knowledge to benefit our clients. Our goal is to find you a mortgage that not only meets your current financial situation but also aligns with your long-term financial aspirations. Using a mortgage broker like us can make the mortgage application process smoother, more understandable, and tailored to your needs, ensuring that you feel confident and well-supported throughout your home-buying journey.

The time it takes to secure a mortgage through a broker can vary depending on several factors, including the complexity of your financial situation, the type of mortgage you are applying for, and the current market conditions. Here’s a general overview of the timeline you might expect when working with a mortgage broker in Nottingham:

  1. Initial Consultation and Preparation: This step involves meeting with your mortgage broker to discuss your financial situation, property goals, and any concerns you might have. Your broker will also collect necessary financial documents at this stage. This process can take a few days to a week, depending on how quickly you can provide the necessary information.

  2. Mortgage Search and Application: Once your broker has all the relevant information, they will search for suitable mortgage products and discuss the options with you. After you choose a product, the broker will help you complete the mortgage application. The search and application phase typically takes about 1 to 2 weeks.

  3. Underwriting Process: After submitting the application, it goes to the lender’s underwriting team. This stage can vary significantly in length, typically between 2 to 4 weeks. During underwriting, the lender assesses your financial details, conducts a property valuation, and performs other checks to ensure you meet their lending criteria.

  4. Mortgage Offer: If the underwriting process is successful, the lender will issue a formal mortgage offer. This document confirms the lender’s willingness to provide the mortgage under specified terms. Receiving this offer can take a few days to a week after the underwriting is complete.

  5. Completion: The final step is the legal completion of the property purchase, which involves your solicitor and can take an additional few weeks. The completion date is usually agreed upon by all parties involved in the transaction.

Overall, obtaining a mortgage through a broker can take anywhere from 4 to 8 weeks from the initial consultation to receiving a formal mortgage offer. However, this is a general estimate, and the actual time can vary based on individual circumstances and external factors like lender efficiency and the specifics of the property market in Nottingham.

At Veracity Financial Planning, we aim to streamline this process as much as possible by maintaining clear and constant communication with both you and the lender. We handle the details and coordinate the various parties involved to ensure a smooth and timely progression towards securing your mortgage.

An agreement in principle (AIP), also known as a ‘decision in principle’ or a ‘mortgage promise’, is a statement from a lender indicating how much they might be willing to lend you based on an initial assessment of your financial situation. It is a useful tool when you are house hunting, as it gives you an idea of your budget and shows sellers that you are a serious buyer with likely funding in place.

The validity period of an agreement in principle typically lasts between 30 and 90 days, depending on the lender. Here are some key points to consider regarding the lifespan of an AIP:

  1. Standard Duration: Most agreements in principle are valid for 60 to 90 days. This duration allows you sufficient time to find a property and make an offer. It is designed to provide a window during which you can rely on the indicated amount of financing being available to you, assuming your circumstances do not change.

  2. Extension and Renewal: If your agreement in principle expires before you find a property, most lenders will allow you to renew it. This might require a re-assessment of your financial situation, especially if there have been any significant changes in your income, employment, or credit history.

  3. Purpose and Limitations: It’s important to understand that an agreement in principle is not a guarantee of a mortgage. It is an indication of how much a lender might be willing to lend you, based on preliminary information. The actual mortgage offer can only be made once a full application has been submitted and a detailed underwriting process has been completed.

  4. Impact on Credit Score: Initially, some lenders may only perform a ‘soft’ credit check to issue an AIP, which doesn’t affect your credit score. However, if you proceed with a full mortgage application, a ‘hard’ credit check will be performed, which could impact your credit score.

At Veracity Financial Planning, we recommend obtaining an agreement in principle as one of your first steps when you start looking for a property in Nottingham. This document can strengthen your position as a buyer and help you move quickly when you find the right property. It also allows you to confirm your budget and refine your property search accordingly, ensuring that you are looking at homes that are financially feasible for you.

The amount of deposit you need for a mortgage in Nottingham, as in other parts of the UK, can vary significantly depending on several factors including the type of property you are buying, your financial circumstances, and the specific requirements of different mortgage lenders. Here’s a general guide to understanding how much you might need to save for your deposit:

  1. Standard Minimum Deposit: Typically, the minimum deposit required for a mortgage is around 5% to 10% of the property’s purchase price. For first-time buyers, there are often mortgage products available that aim to make entering the property market more accessible.

  2. Higher Deposit for Better Rates: While a 5% deposit is possible, offering a larger deposit can be advantageous. If you can afford to put down 15% or more, you are likely to secure a lower interest rate, which can save you money over the term of your mortgage.

  3. Considerations for Higher Value Properties: For more expensive properties or if you are buying in a highly competitive market, a larger deposit may be required. Lenders often view larger loans as higher risk, and a bigger deposit can mitigate this risk.

  4. Help to Buy and Other Schemes: In Nottingham, as in the rest of England, there are government schemes available to help first-time buyers and home movers onto the property ladder. For example, the Help to Buy equity loan scheme allows you to buy a home with just a 5% deposit, with the government lending you up to 20% of the cost of a newly built home.

  5. Impact of Credit Rating: Your credit score can also influence the deposit amount required. A higher credit score might reduce the perceived risk you pose to lenders, potentially lowering the deposit needed.

  6. Buy-to-Let Mortgages: If you are considering a buy-to-let property, the deposit requirement is typically higher, usually around 25% of the property’s value.

At Veracity Financial Planning, we advise potential homeowners in Nottingham to consider saving as much as possible for a deposit. A larger deposit not only broadens your mortgage options and improves your chances of a favourable mortgage offer but also reduces your overall loan amount, which decreases your mortgage payments and interest costs. We recommend speaking with one of our mortgage advisors to discuss your specific situation and to understand how much deposit you would need based on the properties and mortgage products you are considering.

When applying for a mortgage in Nottingham, or anywhere in the UK, you will need to provide a range of documents to your lender to support your application. These documents help the lender assess your financial stability and determine your ability to repay the mortgage. Here’s a list of commonly required documents:

  1. Proof of Identity and Legal Residency: This typically includes a valid passport or driving licence. You might also need to provide proof of your current address, such as a recent utility bill or council tax statement.

  2. Proof of Income:

    • For employed individuals: Recent payslips (usually the last three months) and the latest P60 form which shows your income and taxes paid for the year.
    • For self-employed individuals: The last two to three years of SA302 forms or tax returns, along with the corresponding tax year overviews from HMRC.
  3. Proof of Deposit: Evidence of your deposit, such as savings account statements. If your deposit is a gift, a gifted deposit letter from the person giving you the funds confirming it is not a loan.

  4. Bank Statements: Usually the last three to six months of bank statements for all your accounts to demonstrate your spending habits, regular outgoings and any other loan or credit commitments.

  5. Credit Commitments: Details of any other loans or credit commitments you may have, including credit card statements and any other outstanding loan agreements.

  6. Proof of Current Mortgage or Rental Payments: If you currently own a home or rent, you may need to provide recent statements or rental agreements that show your payment history.

  7. Employment Details: Contact details for your employer, or, if you are self-employed, details of your business and an accountant’s contact information.

  8. Property Details: Details of the property you wish to purchase, including the estate agent’s details and the property listing.

At Veracity Financial Planning in Nottingham, we recommend gathering these documents early in your home-buying journey. Having all your documentation ready can speed up the mortgage application process and improve your chances of a smooth and successful application. Our advisors can help you understand exactly what is required for your specific situation, ensuring that you are fully prepared when you decide to apply for a mortgage.

Having a mortgage advisor can be highly beneficial when navigating the often complex process of buying a home or refinancing a property. Here are some key reasons why engaging a mortgage advisor is considered advantageous:

  1. Expert Guidance: Mortgage advisors are specialists in their field. They possess in-depth knowledge of the mortgage market, including understanding the various types of mortgage products available and the criteria different lenders use. This expertise is crucial in finding the most suitable mortgage based on your personal financial circumstances.

  2. Personalised Service: A mortgage advisor takes the time to understand your specific needs, preferences, and long-term financial goals. This personalised approach ensures that the advice you receive is tailored to your situation, helping you make informed decisions about your mortgage options.

  3. Access to a Wider Range of Products: Mortgage advisors often have access to a broader range of mortgage products than you might find on your own. This includes deals that are exclusively available through advisors and not directly accessible to the general public.

  4. Cost and Time Efficiency: While there may be costs associated with using a mortgage advisor, the potential savings on your mortgage deal can outweigh these expenses. Advisors know how to negotiate better terms and rates with lenders, which can save you significant amounts of money over the life of your mortgage. Additionally, they handle much of the paperwork and communication with lenders, saving you time and reducing stress.

  5. Handling Complex Situations: If you have a complicated financial history, such as irregular income or previous credit issues, a mortgage advisor can be particularly valuable. They know which lenders are more likely to approve your application and how to present your financial situation in the best possible light.

  6. Ongoing Support: A mortgage advisor doesn’t just help you secure a mortgage; they provide ongoing support throughout the term of your mortgage. They can advise on when it might be beneficial to refinance, how to use your mortgage for debt consolidation, or how to pay off your mortgage sooner.

  7. Regulatory Compliance: Mortgage advisors in the UK are regulated by the Financial Conduct Authority (FCA), ensuring they adhere to strict standards of professionalism and ethical conduct. This provides you with a level of security and confidence that the advice given is in your best interest.

At Veracity Financial Planning in Nottingham, our mortgage advisors are committed to providing you with high-quality, tailored advice that reflects your unique needs and circumstances. Whether you’re purchasing your first home, looking to move up the property ladder, or exploring refinancing options, having a skilled advisor by your side can make a significant difference in the complexity and success of your mortgage journey.

When applying for a mortgage, mortgage brokers, and the lenders they work with, will typically review your financial history to ensure that you’re a suitable candidate for a loan. The extent of this review can vary, but here are the general standards for how far back they check:

  1. Credit History: Lenders usually check your credit report, which contains information on your financial behaviour for the last six years. This includes your record of paying off credit cards, loans, and any other credit agreements, as well as public records such as bankruptcies and County Court Judgements (CCJs).

  2. Employment History: Lenders generally like to see a steady employment history to ensure you have a reliable income to make your mortgage payments. They typically look at your last two to three years of employment, though this can vary depending on the lender and your circumstances.

  3. Income Verification: For income verification, lenders will usually ask for the last three months of payslips if you are employed. For the self-employed, lenders might request two to three years of full accounts or tax returns to understand income stability and consistency.

  4. Bank Statements: Bank statements from the last three to six months are commonly required to assess your spending habits and ongoing financial commitments. This helps the lender determine whether you can afford the mortgage repayments.

  5. Previous Mortgages and Rentals: If applicable, lenders may look into your mortgage or rental payment history, typically reviewing the last 12 months to ensure there have been no missed or late payments.

Overall, the depth of the financial review depends on the specific policies of the lender and the details of the mortgage product you are applying for. At Veracity Financial Planning, our advisors can help you understand what specific documentation and historical information you will need to provide when applying for a mortgage, ensuring you are well-prepared for the application process.