Your mortgage may be the biggest financial commitment you have, so it’s important to know how the process works. Whether you’re looking for a Residential, Retirement or Expat mortgage, we’ve covered some steps below, so you know what to expect.
We’re working exclusively with SPF Private Clients, providing Guernsey residents access to a full range of products from the Marsden. SPF’s team of experienced advisers will guide you through the mortgage process, ensuring they meet your individual needs to recommend the product that’s right for you.
If you’ve found a property you’d like to buy, you can request an application from SPF. During this process, a valuation of the property will take place, which ensures the property is worth what you’re asking to borrow. A thorough credit check will also be conducted, taking your financial history into account. You will also be expected to provide proof of identity, details of your employment, bank statements and information about your outgoings.
SPF will submit your application to us, and if it meets our criteria and affordability requirements, you’ll receive a formal mortgage offer. This is usually valid for a limited amount of time, depending on the product. If you’re still happy to purchase the property and accept the terms of your mortgage deal, you’ll have the opportunity to accept and legally bind the agreement with the seller. Entering the final stage of your mortgage journey, a date will be established to exchange contracts and complete the sale. This will be done through your conveyancer.
On the day of completion, mortgage funds will be transferred to the person you are buying the property from. Please ensure your savings are easily accessible to prevent delays. After completion, the ownership of the property will be passed to you, and you can move in.
Our mortgages for Guernsey residents can be accessed through SPF Private Clients. Contact their team of experienced advisers to find out more.
View the range of mortgage products available to Guernsey residents including Residential, Retirement and Expat mortgages.
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Read the latest articles from the Marsden including useful information about our product ranges and more about our partnership with SPF.
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