Skipton International has announced a raft of changes to its mortgage lending criteria.
The Guernsey-licensed bank has not only temporarily removed its mortgage application fee, but has also changed its affordability criteria, meaning the bank could potentially lend customers more.
The fee free scheme applies to all new Jersey residential, Buy-To-Let and remortgage applications. A property valuation and legal fees will still be required to be paid for by the applicant. The offer closes at the end of February.
The local housing market has performed strongly throughout the pandemic, with house prices continuing to rise. This has led to Skipton returning to its pre Covid-19 affordability calculations. The change to criteria may allow applicants access to more funding, meaning the property which was out of grasp previously, may now be more affordable.
Additionally, Skipton is also reintroducing its popular ‘100% Next Generation Mortgage’, which allows parents or grandparents to assist the younger members of their families in getting their foot on the local housing ladder.
Mortgage Sales Manager Lorraine McLean, said: “The 100% Next Generation Mortgage provides a unique product for first time buyers to get onto the property ladder and will allow many more young Jersey and Guernsey families to take that first step into owning their own property. It is an effective mortgage package where we will lend up to 100% of the purchase price, while taking a 20% guarantee in the form of a property bond.
“At Skipton we are always seeking ways to enhance our mortgage offering to the local community. We hope the fee free saving and changes to our affordability criteria will help those looking to purchase property in both Jersey and Guernsey. I would urge anyone interested in finding out more to contact our helpful mortgage team on 01534 509501. Our online mortgage calculator is a helpful tool too”.