Mortgages In Jersey - old

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How to Find the Best Mortgage

Are you hoping to buy your first home? Maybe you are looking to move, or you want to remortgage your existing property? It’s time to start searching for the best mortgage rates and terms.

Simply put, a mortgage is a loan designed to help you buy property. The repayment period is usually quite long, between 15 and 30 years. You make payments on the loan, plus the interest it accrues, every month.

Taking on a mortgage is a massive financial decision. Not only do you need to save up for the deposit, but you also need to ensure you can afford your monthly repayments for many years to come. The terms of your mortgage can make a big difference to your financial situation.

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Different Types of Mortgages Available

There are multiple different mortgages available, and so it’s not always clear cut which is best for your needs. The best mortgage depends on the calculations including your income, employment history, future plans and the property value that you want to buy.

Here are some of the most common mortgage conditions available:

Fixed Rate Mortgages Jersey

Fixed-rate mortgages guarantee your repayments for a specific timeframe, which is usually two to five years.

That gives you the peace of mind that your payments will remain fixed for this time period, even if interest rates climb. However, if they fall, you’re locked into the higher rate. In some cases, your fixed-rate might be higher than a variable rate.

Variable Rate Mortgages Jersey

On the other hand, a variable rate mortgage can vary when the interest rates changes. Your lender will usually only change their rate when the Bank of England changes its rates, but they can change it for other reasons.

Due to this element of risk, variable-rate mortgages are often more favourable than fixed rated options.

There are a few different types of variable-rate mortgages available. These include:

  • Standard variable rate (SVR) mortgages – These mortgages are based on your lender’s standard interest rate. If you don’t formally renegotiate your variable rate mortgage after the term, you’ll likely be switched automatically to this rate. They are often a lot higher than new deals, so be wary of this.
  • Discount mortgages – With a discount mortgage, your rate will track the lender’s standard variable rate, less a determined percentage. For example, if your lender’s SVR increases by .75%, so too will your rate.
  • Tracker mortgages – Tracker mortgages ‘track’ the Bank of England’s set rate, and they add a set percentage. If the BoE lowers its rate by 1%, your mortgage interest rate will also decrease by 1%.
  • Offset mortgages – With an offset mortgage, the interest on your savings is linked to your mortgage deal, and they ‘offset’ the balance of your loan. In theory, this means you’ll pay less interest on your mortgage. Great, right? Well, you won’t actually earn any interest on your savings, and you might not be able to easily access your money when you want it.

How Much Can You Borrow for Your Mortgage?

Your mortgage lender is going to assess a wide array of factors before deciding how much they’re willing to lend you. Use our simple mortgage calculator to find suitable lenders.

Here are just a few of the factors they’ll look at:

  • Income – They’ll look at your income, or your income combined with your co-applicant
  • Additional earnings – Do you earn bonuses, tax credits, dividends, or any additional income?
  • Your deposit amount - The amount a lender is willing to lend you often depends on the size of your deposit. As an average, you need at least 5 – 10% of the entire value of the mortgage loan.
  • Your monthly spending – How much do you spend on your bills, insurance, and credit cards, plus any other expenses?
  • Your credit score – When you have a good credit rating, lenders know they can trust you. As a result, you’ll gain access to better deals.
How much can you borrow for your mortgage?

What Size Deposit Do I Need for A Mortgage in Jersey?

In almost all cases, lenders require you have a deposit of 5% - 20% of the total amount you plan to borrow. However, if you can manage even more, you’ll get an even better deal, with lower fees and better interest rates.

Having trouble saving up the money for a deposit? Check into government schemes that may be available. They both offer ways for people to buy a home even if they don’t have a sizeable deposit.

How Do Mortgages Work?

How Do Mortgages in Jersey Work?

Of course, once you borrow money for a house or property, you’ll need to pay it back. So, how do mortgages work? There are two main ways to pay back a mortgage, with repayment or interest-only. Here they are in-depth:

Here they are in-depth:

Repayment Mortgages Jersey

By far the most common option, repayment mortgages require you to pay back the principal amount you’ve borrowed plus the interest accrued over the term. Each month, the principal gets lower and lower, and eventually, you’ll own the property.

Interest Only Mortgages Jersey

On the other hand, an interest-only mortgage asks you to only pay the interest on your mortgage each month. That means you pay nothing towards the actual capital that you borrowed. Instead, you owe that entire amount at the end of the term, so you must save for this amount in a different way, or plan to sell the property.

Interest-only mortgages in Jersey are very uncommon for residential properties, but they are possible. They are more popular for buy-to-let mortgages.


What Type of Jersey Mortgage is Best for Me?

First-time buyer mortgage Jersey

First time buyer mortgages in Jersey are designed for first-time buyers who have never owned a property.

If you’ve ever owned a residential property, even if you didn’t live in it, you will not qualify as a first-time buyer.

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Moving home

Planning to move house in Jersey? You might be able to take your mortgage with you, in a process called ‘porting.’

Porting has potential snags if your new property is worth a lot more or a lot less than your current property.

Also, you’ll need to undergo a new credit search, which could be a problem if your rating has decreased.

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Remortgage Jersey

You can remortgage your home in Jersey if your current term is ending in less than six months.

You might be able to switch to a repayment mortgage, borrow more money, or save money on your current payments.

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Buy-to-let Mortgages Jersey

If you plan to rent out your new property to tenants or use it for AirBnB, lenders require you to get a Jersey buy-to-let mortgage.

It usually comes with steeper fees and interest rates, and you’ll likely also need previous landlord experience.

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Prepare your details before you apply

It’s smart to prepare your information before you start the mortgage process, try using our Jersey mortgage calculator. Here are some of the details we’ll ask for:

Your details

We’ll need your name, address, and employment details. We also need to know if you’re making a joint or single application.

Property Detail

Is your desired property a new build, a home, or a flat? Is it leasehold or freehold?

Your situation

Are you a first-time buyer? Moving to a new property? Remortgaging?

How much?

How much do you want to borrow? This is usually the cost of the property minus your deposit.

Your earnings

What’s your gross salary (before tax)? Do you earn any extras, such as overtime pay, commissions, or annual bonuses?

FAQs: Getting a Mortgage in Jersey

Here are some of the most common questions we get asked about how to get a mortgage.

  • What’s a mortgage in principle (agreement in principle)?

    A mortgage in principle (also called an agreement in principle) is basically a pre-check that shows if your lender is willing to lend you money, and how much money. They conduct a few simple checks on your income and have a look at your debt and monthly spending. 

  • Will a mortgage in principle negatively impact my credit score?

    No, mortgages in principle are a ‘soft check,’ so they don’t affect your credit score. 


  • How long is a mortgage term?

    In most cases, mortgages are between 15 and 30 years. However, you can get terms that are shorter or longer, depending on your circumstances and needs. 


  • Cashback mortgages Jersey

    A cash back mortgage gives you a lump sum of cash upon completion. You can use this money to pay for fees, moving costs, and home essentials. 


    Keep in mind that cashback mortgages don’t usually have great rates, so be sure to compare costs. 

  • Bad Credit Mortgages Jersey

    It is still possible to get approved for a mortgage even if you have problems with your credit rating. You might have to secure a guarantor or provide evidence that you will make your payments. 


    We can help you find a lender even if you have poor credit. 


  • Low-Deposit Mortgages Jersey

    It can be hard to save up for your deposit. Thankfully, there are some mortgages that will allow you to make a smaller deposit, even as low as 5%. 


    Keep in mind that this may limit who will lend to you – you may need to go for a guarantor mortgage. 

  • Self Employed Mortgages Jersey

    It’s not straightforward to get a mortgage if you’re self-employed, but it is possible. You’ll need to show your lender at least two or three years of accounts to show them your income is stable.  


    We can help guide you through the process. 


  • Mortgages for Unusual Homes

    Want to live a little outside the box? If you need a mortgage for an unusual home, it can be more complicated. Lenders might want a larger deposit, and you’ll usually have fewer options on offer. 


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