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Guernsey
Jersey
Isle of Man
Isle of Wight, UK
First Time Buyers
- 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 can be a very exciting albeit daunting experience.
At Cherry Godfrey we aim to take the stress out of the process and make it an enjoyable
experience rather than a daunting one. It is important to get the right advice at the very start.
There are many different mortgage products to choose from so it is important to get the solution that best meets your needs.
To help you to make the right decision we have put together our Top Tips for first time buyers:
How much can I borrow?
Each lender calculates the maximum you can borrow based on their individual criteria. Here at Cherry Godfrey, we can provide you with expert advice and recommendations, tailoring your needs and circumstances to the most appropriate provider. This gives our customers the best possible chance of maximising the amount they need to borrow, whilst ensuring the most suitable and competitive product from the whole of the market.
How much deposit will I need to put down?
Typically, you would need to be able to put down between 5% and 10% of the property value for a residential mortgage in the current market. Our advisers at Cherry Godfrey can provide you with options from the whole of the market, giving you the best possible choice. We will also talk you through all the fees associated with the transaction.
Have you considered any extra costs?
Even a newly built house will require some sort of furnishings, whereas older properties may require extensive work, such as re-flooring, tiling or renewing the wiring. These should be considered alongside the purchase price, and fees such as conveyancing and stamp duty. More detailed surveys, such as Home Buyers Reports are available, which can highlight the potential additional costs.
Know what to look for when viewing properties
Always take an experienced home buyer with you when viewing properties as there may be important details you could be missing out on.
Household Budgets
If you have been used to living at home with your parents, remember to budget for expenses such as council tax, gas and electricity bills, boiler servicing, and other home repairs.
Council Tax Charges
Make sure you know what the likely council tax charge will be in your new property. The selling agent should be able to tell you what tax band the house you are interested in buying is in, and how the charges are levied by your local authority.
Remember a mortgage is a long-term commitment and there are lots of different products available, so it is important you get the right solution for you.
Call our experts today for more information.
Frequently Asked Questions
How much can I expect to be able to borrow if I apply for a Mortgage?
Each lender calculates the maximum you can borrow based on their individual criteria. Here at Cherry Godfrey, we can provide you with expert advice and recommendations, tailoring your needs and circumstances to the most appropriate provider. This gives our customers the best possible chance of maximising the amount they need to borrow, whilst ensuring the most suitable and competitive product from the whole of the market.
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 between 5% and 10% of the property value for a residential mortgage, and between 20% and 25% for a Buy to Let mortgage in the current market. Our advisers at Cherry Godfrey can provide you with options from the whole of the market, giving you the best possible choice. We will also talk you through all the fees associated with the transaction.
How much will my mortgage cost me?
The cost of your mortgage is determined by many different factors, including the initial interest rate, the term, the repayment method any associated fees and costs. With the vast array of lenders, products and types of mortgage available, finding the most appropriate solution for you can be a daunting prospect. Here at Cherry Godfrey, we are dedicated to providing professional advice, to tailor a package that compliments your objectives.
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?
Whilst each lender will have different requirements, some of the documents typically requested will include:•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)
How long does it take to get a decision on my Mortgage application?
We always look to obtain a decision in principle from the proposed lender which usually takes a matter of minutes. For approval of a fully underwritten mortgage application, this can take between 2 and 4 weeks, although occasionally quicker. Once your application has been submitted, Cherry Godfrey will keep you fully updated on progress made, not only until you receive a mortgage offer, but right through to legal completion.
