Local Market mortgages in Guernsey

Local Market property makes up the majority of Guernsey’s housing stock and can generally only be occupied by people with Guernsey residential qualifications or an appropriate permit under the island’s population management regime.

A Local Market mortgage therefore requires the lender to be satisfied about both the borrower’s finances and the borrower’s right to occupy the property.

Lenders active in the Local Market assess income, outgoings, and deposit in a broadly similar way to United Kingdom lenders, but the assessment is carried out by a smaller panel of banks with a physical or licensed presence in the Bailiwick.

Employment with a Guernsey employer, self-employment on the island, and income paid in pound sterling are all familiar profiles for Guernsey mortgage lenders.