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Skipton International is further supporting islanders aspiring to own their own home by extending the maximum term of its mortgages up to 40 years. It is hoped that the move will help more first time buyers onto the property ladder.
Skipton is the first Channel Island bank to introduce an extended term up to 40 years, an additional five years added to its prior mortgage term in response to recent increases in pension age. The maximum term on its mortgages will be available to those with at least 40 years remaining until retirement, supporting first time buyers and enabling more to move out of expensive rental accommodation.
Lorraine McLean, Mortgage Sales Manager of Skipton Mortgage Centre said: “We are always exploring ways in which we can help more people own their own property, whether that is through parental guarantors with our Next Generation Mortgages or by offering competitive rates and terms across our products. Owning your own property is a huge financial commitment and this increase in maximum term will help more islanders become homeowners.”
Those eligible for 40 year term mortgages may now potentially be lent more, with Skipton calculating their lending on an affordability scale rather than purely on income. The current pension age in Jersey is 65 which will increase in increments to 67 by 2031, meaning the maximum term is on offer for customers aged under 27 years, with those aged now 27 – 31 also benefiting from the increase in mortgage term from 35 to 40 years.
