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Our Mortgage Broker Guide to getting a mortgage in Derby

The mortgage application process has 4 stages regardless of which mortgage lender you use:

    1
    Approval/Decision in Principal (AIP/DIP)
    2
    Mortgage in Principal (MIP)
    3
    Mortgage Valuation
    4
    Mortgage Offer

Read about the full mortgage process here - What is the mortgage process?

Mortgage Broker Derby Tip 1
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Mortgage Broker Tip 1

Mortgage BrokerTip 2

Having difficulty making repayments and on time? Speak to the lenders concerned

You may be in a situation where you are finding it difficult to make the repayments specified on the debt you've taken on. If so, you should get in touch with the companies you owe the money to as they might accept lesser payments from you or give you a grace period (an extension on the deadline by which you must have made a repayment).

Remember that defaulting on payments or making payments late lowers your credit score. If you can come to an arrangement with your creditors, your credit score is much less likely to be harmed.

Interest-only Mortgage

The basic premise of an interest-only mortgage is that your monthly payments purely cover the cost of servicing the interest on the loan and are not put towards paying down the capital itself.

To pay down the capital, the mortgagor is obliged to save money in another investment vehicle which hopefully generates sufficient cash by the end of the mortgage term to pay off the capital – this is not guaranteed.

Only commercial property buyers such as buy to let investors can access interest-only mortgages at the present time; the higher risk profile of these mortgages is thought to be too dangerous for residential buyers to be involved with.


Derby is a city in Derby County. Landmarks include Derby Cathedral - its tower is nearly 70 metres tall - as well as Derby Gaol, Derby Industrial Museum and Pickford's House Museum. There are a number of excellent open spaces in the city, including Darley Park and Markeaton Park, for outdoor recreation.

DE22 3GN

Property Price Stats for Derby


Average property price in Derby £167,341
% Change compared to last year 6%
Population of Derby 248,752 (2011)


The property price data is sourced from the Land Registry's UK House Price Index and you can view up to date property prices by clicking - Land Registry House Price Index >> Land-Registry

Mortgage Broker Derby - Recently Completed

  • Langley Street, Derby DE22 3GN
  • 27 Abbey Street Derby DE22 3SJ
  • 310 Normanton Road, Derby, DE23 6WE
  • 25 King Alfred Street, Derby, DE22 3QL
  • 44 Stenson Road, Normanton Derby DE23 1JB

Local High Street Banks in Derby

Mortgage Broker in and around Derby

Our Derby mortgage broker can help you with your mortgage app;lication locally or in any of the surrounding areas including Ockbrook, Borrowash, Duffield, Mackworth, Willington, Barrow-upon-Trent and Shardlow.

Which banks are local to you?


  • TSB - 336 Normanton Road, Derby DE23 6WF
  • Yorkshire - 28 St Peters Street, Derby DE1 1SL
  • Lloyds - 43 Iron Gate, Derby DE1 3FT

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Our mortgage broker has access to the whole of the market as our home loan brokers aren't tied to any particular mortgage providers.

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Mortgage Brokers Derby offering free first consultation (terms apply).

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With no need for face to face meetings you'll be called on the same day by one of our mortgage specialist brokers to discuss your circumstances and can support complex applications for Help to Buy, Right to Buy and Shared Ownership mortgages

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You'll have access to the whole of the market as our mortgage brokers aren't tied to any one mortgage company.

Derby Mortgage Broker Insider Tips

Buying a home? Consider instructing a solicitor before anything else!

When you're looking to buy a home, it's a given that you'll be using a conveyancing solicitor (unless you're willing to risk a vast sum of money without the benefit of legal protection and expertise!).

Because the solicitor has to set up a file for you and you have to fill out forms and prove your ID/source of funds etc., the sooner you can do this, the more time you can save.

You do not have to have even picked out a property and made an offer at this stage! Ideally, you'll have applied for a mortgage and received a mortgage in principle, so you'll be in a position to look for houses within your budget range.

Matters like booking your mortgage valuation, booking a survey and getting searches can only occur once you've had an offer accepted, however instructing a solicitor is not dependent on this.

One advantage of this approach is that when it comes to putting in offers to vendors, telling them that you've already instructed your solicitor shows them that you're 'ready to go' and likely to be on the ball regarding the progress of any sale and a faster completion.

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