We reccomend that you upgrade to a modern web browser, like Google Chrome, Microsoft Edge, or Mozilla Firefox, for increased security and functionality.
Guernsey
Jersey
Isle of Man
Isle of Wight
Southampton
First Time Buyers and
Home Movers
- Using a Broker can save you time and stress
- We have the expert knowledge of the Mortgage market
- We are with you every step of the way
Buying your first home or moving property can be a daunting process.
At Cherry Godfrey we aim to take the stress out of the process and make it an enjoyable
experience rather than a daunting one.
When people are moving property, they will often go straight to their existing lender. However, circumstances may well have changed since they took out their original Mortgage and other options with a different lender may be better suited to them.
As Independent Mortgage Brokers, Cherry Godfrey has access to all the mainstream lenders in the islands, which guarantees you access to the most competitive rates and Mortgage arrangements in the marketplace, based on your individual circumstances and needs.
Our experienced and fully qualified Mortgage Specialists will guide you through the whole process, from initial enquiry to successful registration of your Mortgage and beyond.
We will provide you with estimates for Legal Fees and Monthly Mortgage payments.
We will liaise with Lenders on your behalf (as well as Surveyors and Lawyers where appropriate)
and assist with completion and submission of the application forms and other paperwork
that the lender will require.
Other specialists at Cherry Godfrey can then assist with arranging Home Insurance to protect your new home and Life Insurance to protect you and your family, making Cherry Godfrey truly a 'one stop shop' for all your requirements and we will do everything possible to make the Mortgage process run as smoothly as possible for you.
Frequently Asked Questions
How much can I expect to be able to borrow if I apply for a Mortgage?
As a general rule, most mortgage providers will lend somewhere in the region of between 5 and 6.5 times your basic income. However each lender has their own criteria which can influence your potential borrowing amount and therefore your buying power, and our advisers at Cherry Godfrey can review the market on your behalf to find the best solution for you.
What is the minimum deposit that I would need to be eligible to apply for a Mortgage?
Typically you would need to be able to put down 5% of the property value for a residential mortgage, and 25% for a Buy to Let Mortgage in the current market. Our Mortgage Advisers would be happy to provide a quote detailing the level of deposit required as well as an estimation of the legal fees that you would need to pay when purchasing a property within your budget.
What are the different Mortgage types available?
Some examples of different Mortgage types are:
- Fixed Rate – Your interest will not change for an agreed time period
- Tracker Rate - “Tracks” the Bank of England Base rate, so your rate will increase or decrease in line with BoE rate changes
- Residential Mortgage – A mortgage taken out to purchase a property which will become your main residence
- Buy to Let Mortgage – A mortgage taken out to purchase a property which you intend to let out
Do I need to Insure my property?
Yes, you will need to take out Insurance to cover the buildings (unless you are buying a flat) and we recommend that you also cover your personal contents. We can guide you on the amount you need to insure and provide you with a competitive quote.
What documentation do I need to provide?
Be prepared to show all of the following:
- Proof of income (Latest 3 months’ pay slips if you are employed, or latest 2 years’ tax returns if you are self-employed)
- Passport and driving licence (or alternative form of identification)
- Latest 3 months’ bank statements
- Proof of deposit (for example a bank statement for the savings account it’s held in or a gift letter if the deposit is being gifted to you)
- Latest 3 months’ credit card statements and original loan agreements if you have any existing debts
How long does it take to get a decision on my Mortgage application?
This can vary depending on your circumstances, but a good guide to work from is 1 to 2 weeks from the date we submit your application. Once your application has been submitted your adviser will be in contact with you on a regular basis to keep you informed until a decision has been reached.
