Pierre Blampied, Managing Director of SPF Private Clients (Channel Islands) Ltd, outlines the key things you need to think about if you buy a property in Guernsey.
If you’ve been tempted to relocate to our beautiful island, then buying a home will be a priority and you might initially be concerned to find that many of the usual lending routes aren’t available here.
Don’t let this worry you. Though the market is slightly different, there is still a wide range of mortgage products to choose from which local service providers would be happy to discuss with you.
The mainstream lenders offer competitive interest rates and by way of example at a loan to value of 90% a 2 year fixed rate is available at 2.8%. We also work with the Private Banks who offer bespoke lending solutions primarily on interest only terms with flexibility for making lump sum reductions without penalty. Generally the pricing is based on a set margin over Bank of England base rate or LIBOR.
Guernsey has so much to offer anyone relocating here, whether you’re an individual moving to take up a new career opportunity or have a family looking for a better quality of life you will quickly and smoothly find the product that is right for you.
The island is also a highly attractive proposition for high net worth individuals looking to relocate and on-island you will find a wealth of experience in managing more complicated finances in part due to our internationally recognised status as a financial services centre of excellence. Local service providers can identify the most appropriate lender to suit even the most complex borrowing requirements.
Guernsey is well connected to the UK and should you have exposure to property in the UK, encompassing buy-to-let, commercial and development property, you will be able to easily find experts who can work seamlessly with UK based colleagues to suit your needs.
SPF Private Clients is Guernsey’s longest established and largest mortgage broker, which is partially owned by Savills plc, a household name in real estate. They have dealt with over 100 different lenders so far this year – to provide assistance with borrowing both offshore and onshore, to cover all areas of property lending. In short, our team are able to cover the whole spectrum of finances and, if entrusted with your requirements, will ensure that your move to our lovely island is financially efficient and that your house buying process is as stress-free as possible.
To find out more visit www.spf.gg or contact Pierre on +44(0)1481 715234 or on PBlampied@spf.gg.