Introducing the Next Generation Mortgage

 

The Skipton International Next Generation Mortgage provides mortgages up to 100% Loan To Value (LTV) for borrowers in Jersey, Guernsey and Alderney. This mortgage overcomes an increasing problem for first and second time buyers, the funding of a deposit, so will be particularly attractive to those looking to join the property ladder in the Channel Islands or move up to a larger home.

Buyers will need the support of a family member who is prepared to help them by providing a guarantee. The guarantee may be held as an interest earning offshore deposit with Skipton International Limited or taken as a bond on a suitable property in Guernsey, Jersey or Alderney, such as a family home. The guarantee will be equivalent to the value of the mortgage that is in excess of 85% LTV.

Whilst many people would like to financially assist house buyers within their family they may not be able or wish to gift sufficient monies. The Next Generation Mortgage approach has the advantage of the guarantor maintaining ownership of funds and benefiting from interest income if the security is in the form of an offshore deposit account with Skipton International Limited. Whilst security is in place the guarantor will not be able to withdraw funds from the guarantee account. Further guarantee details are provided in our Frequently Asked Questions.

The Next Generation Mortgage is offered with two interest rate options:-

• 5.99% fixed until 31 July 2012 (6.2% APR)
• 6.29% fixed until 31 August 2015 (6.4% APR)

Both have a 0.75% administration fee. On maturity a variable rate will be offered of 1% above Skipton International's Standard Variable Rate or further new fixed rates may be offered.

For further information please read Our Frequently Asked Questions.

The Next Generation Mortgage is supported by Skipton International's truly personal service, where we ensure that our borrowers have the right product for their circumstances.

To apply for a next generation mortgage please complete either of the below application forms

Mortgage Application Form - Guernsey

Mortgage Application Form - Jersey

Bond Guarantor Information

Savings Guarantor Information

For customers with a deposit of 10% or more please note that Skipton International offers Fixed, Tracker and Standard Variable Rate mortgages as outlined in Guernsey, Jersey and Alderney in the product boxes on the right.