Skipton introduce 40 year mortgage

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 current term in response to the increase in pension age. The maximum term on its mortgages will be available to those with 40 years remaining until retirement, targeting first time buyers and enabling more to move out of expensive rental accommodation.

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 27 years or younger.

The current pension age in Guernsey is 65 which will increase in increments to 70 by 2049, meaning the maximum term is on offer for customers aged 30 years or younger.   Shane Konken, Mortgage Associate at Skipton International, 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.”

Skipton International celebrates its 10^th anniversary in the Channel Island this year, offering a wide range of mortgage products and offshore savings accounts. It’s award winning customer service and competitive products have led it become regarded as the mortgage provider of choice for first time buyers.