Select a region
Guernsey is set to see new lenders entering the mortgage market this week, opening up the diversity of loans for house buyers in the island.
Jim Coupe, Managing Director, Skipton International, said: “We welcome the addition of new lenders to the Guernsey market, in part replacing lenders such as the Co-op and Guernsey Home Loans which stopped lending in Guernsey two or three years ago.
“Any additional lending, particularly that widen available criteria, should be expected to help facilitate more property transactions which will be positive both for home owners, and for first time buyers in the island.”
The average house price in Guernsey is £412,792 (Q3 2016), a 7.5% drop on Q3 2015. However, housing transaction volumes have been rising steadily over the past year, with the number of transactions last year the best since 2013 when property prices were rising.
Jim said: “When house prices stabilize, Skipton International will consider reintroducing our Next Generation 100% LTV mortgage – a product we launched in 2009, but decided to withdraw on a temporary basis to prevent mortgagees becoming trapped in negative equity when Guernsey Property prices started to decline.”
Skipton International has been offering residential mortgages in Guernsey since 2002 and is one of the largest lenders of residential mortgages in the island.
