Skipton International is pleased to announce that its 100% LTV Next Generation Mortgage is returning, in response to eight quarters of growth in the Guernsey property market.
They are the only lender in the island to offer 100% LTV mortgages.
Skipton launched its Next Generation Mortgage in 2010 to help first and second-time buyers buy a property. It allows family members to assist with the purchase of a home without making a financial gift, by instead providing a guarantee to the Bank. Skipton took the decision to withdraw the product in 2015 following a decline in house prices, but the bank is now confident that conditions are stable enough to support its return.
Shane Konken, Mortgage Associate at Skipton International, said: “We feel that now is the right time to reintroduce this product for our customers. The property market is in a good position and we want to do what we can to support those who have difficulty in pulling together a deposit.
“At Skipton, we have always had a responsible approach towards lending, offering the right products at the right time to ensure that our borrowers never end up in a negative equity position.”
The Next Generation mortgage will require family members to guarantee up to 15% of the purchase price of the property. Skipton can grant loans of up to £500,000, provided the borrower meets Skipton’s standard underwriting criteria. This mortgage product is only available through direct application to Skipton.
