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Guernsey
Jersey
Isle of Man
Isle of Wight
Southampton
Remortgaging
- 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
Are you concerned that you might be paying too much
for your Mortgage, and that better interest rates
might be available that could save you money?
Although legal fees for moving your Mortgage from one lender to another need to be taken into account, it is always worth reviewing your Mortgage on a regular basis, particularly when the rate with your current lender is up for review.
A more competitive interest rate with a new lender can potentially save you a considerable amount of money over the term of your Mortgage, and certain lenders offer incentives such as a free valuation report and a contribution towards the bank's legal fee, meaning it is often not as expensive as you might think.
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.
