/ Author: SPF
SPF are always keen to support new lending products, so see the prospect of equity release with ability to roll up interest as broadly positive.
Anything that provides Guernsey people with another way to stay in their homes and be better off in their later years, should certainly be considered. However, this type of product is highly regulated in the UK, and a key factor is ensuring that borrowers fully understand the impact of ‘roll up‘ interest. It is good to see the regulation aspect being referred to in the budget.
Roll-up of interest means that borrowers defer paying interest on the mortgage but, as a result, interest accumulates until the mortgage is paid off. Because the lender will have to wait an unknown time until they get paid, rates tend to be higher than standard mortgages and with interest building this can mean a substantial amount from the property sale price going to the lender as settlement. Whilst that may still be an attractive option for anyone for whom legacy is not a prime consideration, for others it may not be the best solution.
However, there is an alternative already in existence in Guernsey, through Marsden Building Society. Their Lifetime Mortgage enables anyone with a loan to value of 65% or less to switch to an interest only mortgage. Borrowers are therefore paying the interest on a monthly basis. This can significantly reduce monthly payments and, at the end of term, only the capital needs to be paid off with no additional interest accrued, so more money is ‘left in the pot’.
It remains to be seen if any existing lenders on island would enter this market but at SPF we are always looking to bring our clients the widest range of mortgage products available so will be ready to act when legislation changes.For advice on finding the mortgage that’s right for you contact us on 715234, or email [email protected]
Testimonials
"Having dealt with SPF for a number of years i feel like i have always had an excellent service from the guys there. The Receptionists are friendly and helpful and whilst helping with my latest mortgage, Pierre went that extra mile to find the right mortgage and the perfect deal for me. I would always strongly recommend them as my first point of call when looking for a new mortgage or at any of the other services that they offer."
Penny Wilson - SPF CLIENT
"Pierre at SPF has always bent over backwards to accommodate our financial needs. It has always been quick, straight-forward, without all the masses of paperwork usually required. Wouldn't use anyone else."
James Neal - SPF CLIENT
"As first time buyers, my fiancé and I booked an initial appointment/informal chat with Gary hoping to gather some information on the current property market and whether getting a mortgage was even a possibility for us. He was friendly, informative and spoke at a level which we understood. I would recommend SPF to anyone looking to buy their first home."
Samantha le Cras - SPF CLIENT
"Working with Pierre has been an excellent experience, he has been very flexible fitting us in for appointments with very short notice and providing us with all the information needed. I would highly recommend using SPF."
Chloe Kemp - SPF CLIENT
"We really couldn’t have done it without all your help! Thank you so much for all your advice and guidance from start to finish! The service from SPF was incredible! We will be recommending your services to all our friends and family."
Jodie - SPF CLIENT
"Having just completed on my first property purchase I can safely say that Jez could not made have made the process any easier. I had two meetings in which he went through the steps with me making aware of everything that he would do and everything that i would need to do, of which was very little! I would definitely recommend him."
Peter Cavagnetto - SPF CLIENT
"A pleasure to deal with. Thank you to Jez for arranging our mortgage and other matters that could have swamped us at such a busy time. Recommended!"
Harry Bazzaz - SPF CLIENT
"Took much of the stress out of Buying our first house! Without Jez to help keep things moving along this would have been a much more scary and stressful experience. Great service would highly recommend to anyone! Merry Christmas!"
Will Holloway - SPF CLIENT
"Using SPF helped finding the right mortgage a lot less stressful, they delivered exactly what was right for us."
Nigel Netherton - SPF CLIENT
"I have used Savills Private Finance both personally and via my company - personally for car insurance and professionally for healthcare cover for my employees and public liability cover for the office. I have found Steve Williamson and the team to be excellent at comparing the market and presenting the best deals both in terms of cost and quality of cover. Indeed, the healthcare provider they recommended initially was not one I had heard of but has provided cover and service as good as Bupa and Axa PPP, who I have used previously, but at a significant discount to their costs. I highly recommend the team."
James Blower - SPF CLIENT
"We wouldn't dream of going anywhere else for mortgage advice, they have been so very helpful over the years and have access to such a wide range of products, that they always come up with the very best deal to suit our needs. SPF are great problem solvers too and will work with you to come up with a satisfactory solution. I recommend them to all our friends."
Jo Delbridge - SPF CLIENT
"I can't thank SPF enough for all of their help whilst trying to obtain my first mortgage. Doing it alone was difficult but Pierre was as determined to help as I was determined to succeed! I can't say I was an easy customer but nothing was any bother for anyone from the ladies in the reception area right through to Pierre who was there every step of the way helping to provide information where needed, explaining things I didn't quite understand and checking in to make sure the process was going as it should be.
Their service and friendly atmosphere is amazing and I would definitely recommend SPF to anyone! Thanks so much again - from one very happy homeowner."
Jemma De Carteret - SPF CLIENT
"The service that was provided to us was second to none and we would not hesitate in recommending SPF to any potential client of theirs in the future. I have the upmost confidence in them receiving the efficient, quality service that we received during a very difficult house purchase.
The property was put back on the market and went under offer with another agent 70% into the purchase process. Court dates were agreed and then the dates were moved, this happened 3 times. This created a lot of extra un-necessary work for all involved. It was a very traumatic time for us and SPF acted very fast and worked to very tight deadlines in a professional manner to secure the purchase. We are very pleased with the service that was provided to us and would highly recommend them in the future."
Chris Winter (Building Surveyor BSc (Hons), C.Build E, MCABE) - SPF CLIENT
"We found Jez extremely helpful during our buying process. All the options were set out before us, along with clear and sound advice. Getting the mortgage aspect right is certainly vital, and we would return to SPF in the future if the need arises. Keep up the good work."
Alan Sillett - SPF CLIENT
"SPF (Jez) have sorted two mortgages for us and on both occasions were highly professional, helpful and efficient. We will definitely use them again!"
Gareth David Kinsey - SPF CLIENT
"SPF, I only dropped in to see how they could help. Two properties later they are still helping me out. What made things so easy for me - working on site without internet, printer, scanner etc, and as someone who was generally not up to speed with any of it - was that after our first meeting everything was taken care of and I was only called to answer a question or confirm something. To sum it up my dealings with them have been nothing short of fantastic, to complete what many people call the ' most stressful time of your life ' in very little time and completely stress free made the whole thing an exciting adventure. All I can say to those looking to purchase, pop in and see them for a chat."
Adam Dorey - SPF CLIENT
"We recently dealt with Gary at SPF, I cannot recommend him enough, we received excellent customer service and he was always on hand to give us advise and answer any questions we had. The whole process of getting the mortgage was pain free and made easy. I would definitely use SPF again in the future."
Jenny Taberner - SPF CLIENT
"Jez at SPF has helped me with two mortgages and on both occasions he has done a fantastic job. Professional, friendly and communicates well keeping you informed and up to date all the time. What more can you say, Mr Robin is very good at his job and gets results when other people can't. It has been a pleasure doing business with Jez, thank you for a job well done."
Simon - SPF CLIENT
"Highly recommended for excellent service and first class attention. We have used their services on numerous occasions for mortgage brokering and their London colleagues for valuations. We would have no hesitation to recommend their services and abilities to bring workable solutions quickly and efficiently, time after time."
Phil Dentith - SPF CLIENT
"Great service and excellent advice. SPF are really helpful and understanding. Thank you so much."
Clare Louise Arnold - SPF CLIENT
"They were absolutely brilliant soo helpful especially Jez!!"
Aimee Lihou - SPF CLIENT
"Jez & the team at SPF have been wonderful from start to finish. We will use them again without a doubt. Highly recommended."
Aaron Dodsworth - SPF CLIENT
"An outstanding service from Jez and the team and easy to contact and always did what he said he do. Worked really hard to find a solution for my difficult circumstances. Try him you wont be disappointed."
Adrian Gabriel - SPF CLIENT
"I have used SPF on a number of occasions. They make everything easy to understand and work out what is best for you - a great company to deal with. Just a note, they have one dodgy five-aside player in Pierre."
Paul Langmead - SPF CLIENT
"It is difficult to find your way onto the property ladder in Guernsey for the first time, but after a brief meeting with SPF I went away armed with the knowledge of how much I could borrow, what the monthly repayments would be and which lender was likely to be the most suitable for my needs. When I found a property I was interested in (which was really outside my budget), I called SPF and said "what's the highest offer can I put in?" They told me and one month later I had been to court to complete the purchase. SPF did all the paperwork for me on my mortgage application and worked behind the scenes to ensure the money was there when I needed it. The whole process was very easy and stress free. I would highly recommend them."
Sam Williams - SPF CLIENT
"Used SPF for a variety of my needs and they are very professional and always got me great value for money happy to recommend them."
Rob Shipman - SPF CLIENT
"Excellent Service from the word go. As a first time buyer Gary took the time to explain all of the options and nuances with regards to both obtaining a mortgage and deciding upon mortgage protection. With his help, i've managed to secure my preferred mortgage option with a view to going to court in the near future. I would certainly have no hesitation in recommending the services of SPF to anybody."
Andy Stuart - SPF CLIENT
"We needed a great deal of help last year in trying to sort our finances out and work out the best way forward. Jez made the whole process easy to understand and we cannot thank him enough for all his assistance in setting up our new mortgage."
Jenny Powell - SPF CLIENT
"My partner and I would highly recommend Jez at SPF. As first time buyers, and having two properties fall through, he has been very helpful and consistent throughout each process. With excellent service, we will definitely be using them in the future!"
Jairus Cassell - SPF CLIENT
"I use SPF in both a personal and professional capacity and have always found them to be both friendly and professional on all occasions. From the moment you are greeted at reception the team at SPF are nothing but helpful and proactive. They have always exceeded my expectations with what they offer and how they conduct themselves. I have no hesitation in recommending SPF to clients and/or friends and will continue to do so as the services offered and the wealth of knowledge within the team is second to none!"
Paul O’Neill - SPF CLIENT
"Jez helped my boyfriend and I get our first mortgage together. He was very helpful and went out of his way to go the extra mile for us. He filled out all of the necessary forms, told us what we needed to do and kept us updated throughout the process. As a young couple it was hard to secure a mortgage, but Jez helped fight our cause and we could not be happier that we are now on the property ladder! The service was very good, and Dianne was also very helpful. We would highly recommend SPF."
Vicki Nicholas - SPF CLIENT
"SPF Private Clients provide excellent service. We only have a few more years left on our mortgage and Jez helped us tremendously choosing a new mortgage provider and saved us quite a large amount each month. Would recommend them to anyone."
Ali Mechem - SPF CLIENT
"SPF have been instrumental in ensuring our journey as first time buyers has gone swiftly and smoothly. Jez was excellent at maintaining our sanity when things were a little bumpy and the ladies in the office were always friendly and helpful. We really couldn't have done this without you. Thank you so much for making this experience a happier one and a very merry Christmas!"
Roberta Worthington - SPF CLIENT
"Pierre at SPF was one of the first people we came in contact with when we were looking to relocate to Guernsey due to work. He made the process of arranging a mortgage very simple - he was very well connected, knowing a lot of people! That was 10 years ago and since then Pierre and his colleagues have continued to offer great guidance."
Stephen Hare - SPF CLIENT
"Buying our first house was daunting but with the help of Jez and the team it was made a lot easier and less stressful. From day 1 Jez was very attentive to all our needs and always acted promptly on any questions we had. After this experience I wouldn't rush to look anywhere else for mortgage advice and am so happy we decided to visit SPF."
Dom Heaume - SPF CLIENT
"I was recommended to SPF from another mortgage broker as I didn't fit their criteria. After 1 phone call on a late Monday afternoon, appointment the following Tuesday afternoon. Having met Pierre that afternoon, who put me at ease and said it could take up to approximate 10 days for the mortgage application to be processed. By that Thursday of the same week, Pierre emailed me to confirm my application had been accepted. I can not thank him enough, excellent service, stress free and everything including the insurances required were arranged and sorted with out me having to do very much. I am now settled happily in my new house, and would recommend SPF to everyone. Thanks so much guys, a good team effort."
Cathy Loveridge - SPF CLIENT
"We have used SPF twice now when we have moved house and can't recommend them enough. They help to cut through all of the red tape on mortgage applications to make the process as easy as possible."
Danielle Louise Bennett - SPF CLIENT
"My husband and I went to SPF 8 years ago to discuss a mortgage and they have also given us advice recently. Fab and friendly team who made a stressful time easy. We would definitely recommend!"
Debbie Ellis - SPF CLIENT
"Thank you for going above and beyond in helping us to secure our forever home. None of this would have been possible without you. We want you to know how much we appreciate everything you've done to make this possible. Thank you again."
Ogier Family - SPF CLIENT
"SPF offer a friendly, excellent service that both Jenna and I can highly recommend. Pierre was always happy to answer phone calls at any time of day and regularly answered all our questions. We have now used SPF on two occasions for mortgage advice and both times we have received a very professional and reliable service. They provide great advice, which we really appreciated, thanks very much Pierre & SPF!"
Jonny Veron - SPF CLIENT
"Absolutely amazing service and extremely helpful throughout our entire house purchase. I'd recommend SPF to anyone looking to buy a house who needs assistance getting a mortgage."
Chris Wrigley - SPF CLIENT
"Thanks for helping us to buy a family home. Gary was very helpful to find us a right mortgage product and personal insurance."
Srikanth Bhat - SPF CLIENT
"My fiancé and I were looking to buy our first house and Gary's help was very useful! He helped us to determine the best mortgage options and which properties were within our budget, and what we could do with the savings we had accumulated . He also took out all the stress of doing the paperwork. Thanks for all your help Gary - very much appreciated."
Nicki Harrison - SPF CLIENT
"I have worked with SPF for many years. I find them professional, conscientious and above all dependable - especially in the regulated world we live in! Their range of products is unparalleled , their market knowledge is equally unrivalled and combine this with their collective experience and you’ll find it difficult to obtain better financial advice."
Phillip Le Cheminant - SPF CLIENT
"Simply put: I wouldn't go anywhere else. Having dealt with Jez and the rest of the team at SPF for my first property purchase, my more recent move to my current family abode, raising funds for a business purchase and all the associated insurance policies along the way - Never had a bad experience, always received 5* professional service and will continue to use the services of SPF in future. Keep up the good work!"
Jack McLuckie - SPF CLIENT
"I have just recently been to SPF for my mortgage. Pierre Blampied looked after me and was extremely helpful and made a very stressful time for me much more bearable. I would highly recommend going to them. Thank you."
Michelle Neves - SPF CLIENT
"Excellent service, Pierre was always ready to see us and talk us through each of our house buying ideas. SPF also helped us sort out all our other pension and financial issues."
Anna Kinnersly - SPF CLIENT
"SPF have a very friendly and welcoming team. My husband and I have always returned to SPF for their advice when organising or reviewing our mortgage deals. We have always been able to find one to suit our situation. Where necessary we have also been able to arrange meetings with the other advisors, to discuss what to do with other financial matters, for example investments or insurance. Thank you."
Michelle Griffiths - SPF CLIENT
"We have been back in Guernsey for 6 years now and we have used SPF for everything financial since our return. They have been so helpful that there has never been a need to go anywhere else. We have recommended them to lots of friends and family members and I'm pretty sure we wouldn't be where we are now without the help of Jez along the way."
Claire Cole - SPF CLIENT
"We first used SPF 3 years ago for our first house purchase, Jez and the team were incredibly thorough and helpful and made the whole process really enjoyable. You get a real sense of personal service from them and a belief that you are being looked after from beginning to end. We were so impressed that we now have various products with them in insurance and pensions as well and would strongly recommend them to friends and family."
Ben Carr - SPF CLIENT
"Thank you Jez and team for helping us choose the mortgage product right for us and for providing invaluable advice whenever we needed throughout the process. We will be recommending your services to others!"
Adam Norman - SPF CLIENT
"SPF was recommended to us by a family member who had received help when buying their first property so we decided to go to SPF for advice and assistance. We immediately booked an appointment and had a meeting with Jez. He was very friendly and quickly helped us gain the information we needed to make an informed decision. Jez was always quick to respond to any queries which we had and presented the information we needed to know at a level we could understand. We would definitely recommend SPF to anyone who is looking at buying property."
Diogo Marques - SPF CLIENT