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 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.
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.