Private mortgages on the increase

Monday 16th November 2009, 3:00PM GMT.

Acorn Mortgages director Andrew Schaffer

MORE Islanders are taking out private mortgages because they cannot secure a loan from the banks.

In the last few months alone, one Jersey mortgage provider has processed £15 million worth of private mortgages through the Royal Court.

Acorn Mortgages director Andrew Schaffer said that the number of private mortgages in the Island had never been higher.

‘There have always been private loans around, but not at the level we are seeing at the moment,’ he said. ‘We have done nearly £15 million worth of private funding loans in the past few months. We have seen a massive increase since May, and it’s been a mixture of business, residential and commercial.’

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