Derby's Leading Mortgage Advisors

Some of the types of mortgages we can help you with

First-time buyers

There is a lot of exciting potential for first-time buyers in Derby looking for a new home. You may have spent the past few years saving up your deposit and now you want to get on the property ladder. If that is the case, the next step is to find out how much you are able to borrow so you can get a better idea of the type of property you can realistically afford to buy. When you start looking for mortgages in Derby be sure to shop around and compare the best deals. If you’re new to the market, it can be tempting to go with the first mortgage option you see for ease, but doing your research will pay off for you in the long run in getting a good value mortgage option.

Remortgaging your property

There are a number of reasons you might decide to remortgage your property including:

• Your current deal is due to expire soon
• Mortgage overpayments
• Increased property value
• You are on a higher interest rate
• Releasing of equity in the property

If you need any help with remortgaging it is advisable to speak to a mortgage broker in Derby. They will be able to answer any questions you have and ensure you get the best deal for your remortgage.

Buy-to-let mortgages

A buy-to-let mortgage is a mortgage specifically aimed at people who buy property as an investment rather than a home to live in. If you are planning on renting out a new property, the majority of lenders will prefer you not to finance the purchase with a normal residential mortgage.

The difference between a buy-to-let mortgage and a residential one is that unlike most residential mortgages, buy-to-let are usually offered on an interest-only basis. Therefore, your monthly payments will only cover the interest on your mortgage.

Right to Buy mortgages

If you are a council tenant, you may have the option to buy your property from your landlord at a discount through the Right to Buy scheme. How much discount you will get depends on whether you live in a house or a flat, in a house you get a 35% discount if you have been a tenant for between three and five years. After five years the discount goes up by 1% for every extra year you have been a tenant, up to a maximum of 70%. If you are in a flat, you get a 50% discount if you have lived there between three and five years and after that the discount rises by 2% for each extra year up to 70%.

Commercial Mortgages

Commercial mortgages usually carry on where business loans end. Business loans up to £25,000 are unsecured, but for greater amounts lenders require security so they can reduce the risk to themselves. A business mortgage typically lasts from 3 to 25 years and you can usually find a 70-75% mortgage. Mortgage loans for commercial properties fall into two categories, owner-occupier mortgages and commercial investment mortgages. The owner-occupier mortgage is used to buy property that will be used as trading premises for your business. Whereas commercial investment mortgages are used for property you are planning to let out.

For more information about mortgages in Derby get in touch with the Finance Advice Centre today. We also offer advice about self employed, moving home, professional, and Lifetime mortgages. Our team has specialist knowledge that can benefit you whether you’re completely new to the mortgage process or have been through it all before. So, if you are looking for a mortgage advisor in Derby that can give you the hand you need to get your mortgage application approved, we are here to help.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE