Established in 1990, The Mortgage Shop quickly became the Island's principal mortgage brokerage. We are proud of the way our large client base regularly recommends us to family, friends and colleagues, confident that our knowledge and expertise, along with our efficient and friendly service is always available.
Every month we consistently arrange mortgage funding of anything up to £15 million, so allowing hundreds of local people to realise the dream of owning their own home.
The Mortgage Shop
31 Broad Street,
St. Helier JE2 3RR
A quiet second half to the year - Summer 2010
What an ideal time to buy a property in Jersey, prices are at their lowest for two years and it is likely that they will need to fall further, especially in the range up to £500,000, which is great news for first time buyers. Banks are willing to lend and interest rates continue to be low, especially if you are looking for a tracker or discount rate. Fixed rates are quite high, however unless you have a large deposit, where borrowers will be rewarded by a range of competitive options.
For first time buyers, we can now offer 90%, 95% and 100% mortgages, so having to find a large deposit is less of an issue. There are restrictions however with some of these mortgages, so please call one of our advisers on 789830 to check if you are eligible. Don't forget that there are massive reductions and discounts available for first time buyers in respect of legal fees and stamp duty, so making the whole process less daunting and the opportunity of being able to obtain a mortgage that much easier.
The buy to let market continues to flourish and we have lenders who are able to offer very competitive rates of interest on mortgages up to 85% of the purchase price. Generally speaking it is also possible to obtain tax relief on this type of loan.
New to the market is a lender able to offer interest only mortgages at rates that start from 2.74%. The minimum loan is £500,000 and the interest can be rolled up into one annual payment. The maximum loan to value is 60% and the product is aimed at borrowers wishing to release equity from their own property or to help fund the purchase of buy to let property.
We now have access to private mortgages with rates that start at 5.5%. These are interest only and the terms will run from one to five years. This type of loan is ideal for anybody whose credit is good, but who is unable to raise a mortgage from a bank or building society.
And finally, don’t forget that you can pop into The Mortgage Shop any weekday between 12 an 2 to take advantage of our famous FIVE MINUTE REVIEW – this will give you a snapshot of how much you can borrow and what your costs will be before you start looking for a property to buy.
