RELEVANT 'SECTION' IMAGE

April 2016

There are a number of special offers currently available with reductions in product fees and valuation costs as well as cash backs on legal fees, all of which can make a noticeable difference.

Discount tracker and fixed rates continue to be available, at rates that start as low as 1.39%, if you have a 40% deposit and 2.79% if you have a 10% deposit to put down.

MORTGAGES

Economists continue to offer predictions as the when Bank of England base rate will rise, although it really does not look as though anything is going to happen this year, possibly next year, although maybe sometime into 2018.

Existing borrowers should continue to grab the opportunity of overpaying as much as they can (subject to mortgage conditions) on their monthly mortgage so as to pay off their mortgage as quickly as possibly and achieve significant savings in the process.

JERSEY PROPERTY MARKET

The heat has gone out of the market in the period leading up to and shortly after Easter, although the activity generated since the beginning of the year has kept everybody busy with estate agents, lawyers, lenders and valuers all struggling to meet tight deadlines. Do allow as much time as possible when negotiating the purchase of your property - it is essential not to commit yourself before you have consulted the professional team responsible for you purchase.

House Prices appear to remain stable, with no signs of them going up yet, although first time buyers tell us that there is a distinct lack of stock in the market to satisfy their specific requirements, whether they are for a two bedroom flat or a three bedroom house. If this situation continues then it is possible that we might start to see modest increases in prices if demand begins to exceed supply.

LIFE ASSURANCE

Some Jersey lenders are no longer offering life assurance to their borrowers and this can create a huge problem in the future should a borrower die.

Many people keep meaning to get around to sorting out life cover, whether putting it in place for the first time or topping up cover they may have arranged years ago that is no longer adequate.

Some people can be put off by the forms required and time it can take, but you don’t need to be as with online technology available at The Mortgage Shop it can take only a matter of minutes to apply, get accepted and start your policy. 

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