/ Author: SPF

At this months Property Chat on Radio Guernsey’s John Randall Show, our MD, Pierre Blampied was hailed as a hero after the great news that SPF Private Clients were able to bring in a new lender to the island.

Pierre announced that after almost 2 years of planning The Marsden Building Society have had all of the approvals they needed and that SPF already have applications in with them.

The Marsden offer a variety of mortgage products, including interest only mortgages and products targeting over 55, high net worth individuals and borrowers with assets that they don’t want to realise.

Pierre was able to share that they have already helped one couple in an interesting situation with an interest only mortgage. “The couple own a property in America and they wanted to carry on spending 3 – 6 months a year out there. If this lender hadn’t come to the island then they would have had to sell their property in America, so they are very pleased that they can keep their holiday home and afford a local property with this new mortgage product.”

The Marsden, are aiming to build up a loan book of £65 million, at £15 million per year but this won’t be directly competing with what the high street banks are offering on Guernsey so there should be no conflict with existing lenders.

John asked if this could this could open the door for more lenders to the Bailiwick, to which Pierre replied that “5 or 6 is a good balance, we’ve got to be careful, we don’t want too many lenders otherwise we have the issue of keeping them all happy. We might see another lender possibly next year or the year after but that would be it.” John went on to ask if Marsden would be looking to expand to Jersey and the Isle of Man. Pierre said that he ‘would see Jersey being the next step forward for them, as it is a bigger market and having come to Guernsey it will probably make it easier for them to go into Jersey, as they will have dealt with all of the tax implications.’

Steve Williams and Matt Brouard agree that having more competition in the market will be a good thing, providing more choice for people. Pierre did say that at the moment The Marsden aren’t looking to finance GHA properties or catering for first-time buyers with higher loan to value requirements, but new products are currently being considered. Marsden have previously met with Steve and were impressed with the Housing Association’s work.

Pierre also stated that Marsden will be exclusively available through SPF in Guernsey so gives us full market coverage which our competitors wont have. Marsden don’t take mortgage business direct so it’s always going to be through a broker.

Matt updated us that viewings were quieter in the July – August period but that was to be expected and that the sales were still rolling along including a big open market sale. He was keen to mention that Havelet Waters is also very close to being ready. All the granite work, pavements and railings are going in despite the small hiccup with the Clameur de Haro, and they are just waiting on some good weather and a picturesque Frigate in the harbour to get the drone footage done.

Steve also had some fantastic news, with a first for GHA and a first for the island, he has been working closely with the Health & Social Care (HSC) to build properties for people with autism. He told us that there are a number of people from Guernsey live in the UK because there is nothing available for them on the island. ‘People with autism are sensitive to light, colour and sound, we will be working closely with HSC and designing to certain specifications to create suitable homes in order to get these people back to the island to be closer to their families.

Once again Pierre thanked Deputies Lyndon Trott, Gavin St Pierre and Barry Brehaut, for their help and support with bringing Marsden Building Society to the island, he said that they were very helpful in getting us through the final hurdle.

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