Key facts:
- Property in Jersey, Channel Islands
- Property value: £2,550,000
- Loan amount: £1,625,000
- LTV: 64%
- Interest-only mortgage
- 5 years fixed at 1.34%
All around us in today’s world are constant reminders about the dangers of COVID. Whilst there is light at the end of the tunnel with the news that a vaccine is on the horizon, the future remains uncertain. What is certain is that individuals and businesses have had to change the way things are done in order to continue through life with some semblance of normality.
When it comes to the property market, people are attaching more value to having outdoor space, or close proximity to green areas. A home office is something that all professionals desire. At the higher end of the market, a home gym or exercise space is becoming more sought after.
Jersey has a whole host of luxury properties available for rental or purchase. With an attractive taxation regime, relaxed way of life and relative safety, it’s no surprise that Jersey is a prime relocation destination for high net worth individuals. This is more apparent post-COVID. If working from home is something that’s going to continue, there aren’t many better places to do it from than Jersey.
A recent case involves a high net worth client looking to relocate to Jersey this side of Christmas. Once the property was identified and an offer was accepted, we were asked to source the most competitive mortgage.
Our excellent relationship with the on-island branch of an international bank ensured that the process from the initial in-person meeting (socially distanced, of course!) to credit approval took 3 days. The product is an interest-only mortgage fixed for an initial term of 5 years at the incredible annual interest rate of 1.34%.
The result – a very happy client.