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Skipton International has extended its mortgage offering for Channel Island residents up to the age of 75.
With Channel Islanders now working until they are almost 70, and local house prices reaching record highs, the Channel Islands bank say it is “apparent that something needs to be done” in response.
Roger Hughes, Skipton’s Business Development Manager, said: “We all know that many people are finding it much harder to get on the property ladder, with many doing so much later than the previous generation.
“For those that do manage to become homeowners, reports show that they will be enjoying a significant financial safety net compared to long-term renters.”
To apply for a Skipton ‘Into Retirement’ mortgage, applicants need to be aged 55 and under, applying for a mortgage on their main residence only, and earning an income and/or receiving a State, private or workplace pension to support the monthly repayments.
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