Butterfield reduces minimum loan amount for mortgage products

Thursday 03 March 2022

Butterfield has reduced the minimum loan amount for its Channel Islands mortgage products from £400,000 to £100,000.

First-time buyers and people looking to downsize or re-mortgage are expected to benefit from the reduction.

Butterfield Head of Lending for the Channel Islands Ed Jones said reducing the minimum loan amount would provide financing solutions to a broader range of Channel Islands residents.

“We have had a terrific response to the launch of our mortgage products with an increasing number of clients looking to take advantage of our flexible affordability criteria,” he said.

“We know that home ownership is important to many people in Guernsey and Jersey.

“While the average property price amounts to £554,290 in Guernsey and £634,000 in Jersey, and the higher end of the market being sold for over £1m, it is often the case that your first home may not fall within that bracket."

Mr Jones added that people wishing to re-mortgage their property often did not need to borrow as much.

Butterfield’s product range with the reduced minimum loan amount includes two-, five- and 10-year fixed rate and base rate tracker mortgages.

Pictured (top): Ed Jones, Butterfield Head of Lending for the Channel Islands.