Skipton International has provided its 50th mortgage to islanders buying property through the Guernsey Housing Association’s Partial Ownership scheme.
Leroi Riley and Harriet Ferbrache collected the keys to their new two-bedroom home at the Warry’s development last month, owning property for the first time thanks to Skipton’s partnership with the scheme.
Since its introduction in 2007, the Partial Ownership scheme has helped nearly 200 islanders purchase their own home. They are able to buy a percentage of the property, with the Association holding the remaining share and renting it out on a discounted basis. The home-owners are then able to buy further shares in the property over a period of time, up to 80% of the value of the property.
Skipton is one of two main lenders in the island who support the scheme – its local knowledge of the market enabling it to make quick decisions on applications. Skipton has been associated with the scheme, through which around 20-30 properties are sold each year, since 2014.
Philip Winfindale, Director of Credit at Skipton International, said: “As a Guernsey-regulated bank, we are always looking at ways we can give back to the local community. Although mortgages are part of our business, the decision to be involved with this scheme was more about being socially responsible as a lender. We felt that helping first-time buyers onto the property ladder was not only important to them but also supported our island community.”
Steve Williams, Chief Executive of the GHA, said: “We are pleased to have the continued support of Skipton International as a lender for this scheme. As it makes all its decisions locally, it is uniquely placed to not only turn around applications quickly, but to also recognise the difficulties that many individuals have when trying to afford their first homes.
“The scheme has been hugely successful since its launch 11 years ago and there continues to be a huge appetite for it, with around 120 families on the waiting list.”
