Skipton International Surges Through GBP500 Million Mortgage Barrier

By Skipton International, PRNE
Wednesday, April 20, 2011

Mortgage Lending Tops GBP500 Million

ST PETER PORT, Guernsey, April 21, 2011 - Hot on the heels of becoming Guernsey's largest lender and at the same
time nearly doubling its mortgage activity in Jersey, Skipton International
(, the Channel Islands based offshore
savings and local mortgage lender has announced its mortgage book has grown
to over GBP500 million for the first time.

One of the proudest achievements of the bank, according to Director of
Lending Nigel Pascoe, is that in their entire lending history, they have
never had to repossess a single property in either Jersey or Guernsey. Nigel
puts this extraordinary statistic down to the care and attention
lending staff take over each case. "We are all based in the Channel Islands,
so have an excellent feel for our local markets in Guernsey and in Jersey.
Added to that, we take the time to look at each case individually and to make
sure we fully understand the needs and expectations of our customers. Only by
establishing a truly personalised picture of a borrower's lifestyle can we
suggest the right product for them. The value of this approach is clear for
all to see - we have never had to repossess a property."

Skipton International became the largest lender in Guernsey
( in 2010,
claiming nearly a quarter of all mortgage business during 2010. At the same
time, new lending in Jersey nearly doubled and total Jersey lending is now
rapidly approaching the GBP200 million mark.

Managing Director Jim Coupe underlines the importance of innovation and
is particularly proud of the bank's Next Generation Mortgage (
This popular product has opened the door to 100% loans for borrowers in
Guernsey and Jersey. At the core of the Next Generation Mortgage is a
solution to one of today's biggest issues for borrowers, whether first or
second time buyers, funding their deposit. Buyers selecting this mortgage are
supported by a guarantor who provides security on their own property or by
depositing a sum into a deposit account with Skipton International. Jim Coupe
explains, "We have a culture of innovation here at Skipton International and
are constantly evolving both our mortgage and savings portfolio to match the
demands of the market. Our Next Generation Mortgage is an example of that and
it has been at the core of our success both in Guernsey and Jersey."

Skipton International has also recorded a string of savings account "Best
Buys" from industry comparison website and the bank also
picked up a prestigious Moneyfacts award, winning the 2010 Business
Moneyfacts award for Best Offshore Business Deposit Account Provider.

Skipton International Limited is part of Skipton Building Society, the
fourth largest in the UK with nearly GBP14 billion assets.

For more information on Skipton International mortgage and savings
products, visit or call

Editor's notes:

1. Skipton International Limited (SIL) will lend on residential
properties in Guernsey, Jersey and Alderney and the criteria on maximum loan
to value is as follows:

Next Generation Mortgage with third party security guarantee - 100%

Standard variable rate loans, fixed are loans, base rate tracker -
residential only - up to 90%

Buy to let, base rate tracker residential - up to 80%

The maximum term is 25 years.

2. AER stands for Annual Equivalent Rate and illustrates what
the interest rate would be if interest was paid and added each year.

3. Skipton International Limited (SIL) is a wholly owned
subsidiary of Skipton Building Society (SBS), the UK's 4th largest building
society with nearly GBP14 billion assets.

4. SIL is licensed under the Banking Supervision (Bailiwick of Guernsey)
Law 1994, as amended.

5. Skipton Building Society has given an undertaking agreeing to
discharge the liabilities of SIL in so far as SIL is unable to discharge them
out of its own assets and whilst SIL remains a subsidiary of Skipton Building

6. As a Licensed Bank in Guernsey, Skipton International
Limited is a participant in the Guernsey Banking Deposit Compensation Scheme
(the "Scheme") established by The Banking Deposit Compensation Scheme
(Bailiwick of Guernsey) Ordinance, 2008 (the "Ordinance"). The following is a
brief summary of the Scheme, but is not intended as a substitute for the
actual wording of the Ordinance, a copy of which is available on request.

- The Scheme only applies to 'qualifying deposits', which
broadly means deposits made by natural persons for their own benefit; with a
few limited exceptions such as, for example, deposits made by trustees of
retirement annuity trust schemes, the Scheme does not apply to companies,
trusts, partnerships or charities.

- The Scheme will provide compensation in the event that a
Licensed Bank is unable to repay its depositors. Under normal circumstances,
payment will be made within 3 months of receipt of a valid claim form.

- Compensation is limited to a maximum of GBP50,000 per
individual claimant; in the case of a joint account each depositor would be

- Total Scheme compensation in any five year period is limited
to GBP100 million. If claims exceed this cap, compensation would be reduced
pro rata. The cap also means that compensation in respect of any one bank
cannot exceed GBP100 million.

- The amount payable may be reduced if the Bank has any
contractual right of set-off against the account. The Scheme is entitled to
recover compensation from any funds subsequently paid out by the Bank.

- Further information and a leaflet about the Scheme is
available at:


Telephone: +44(0)1481-722756

Post: P.O. Box 380, St Peter Port, GY1 3FY

7. Deposits made with SIL are not covered by the Financial Services
Compensation Scheme established under the UK Financial Services and Markets
Act 2000.

8. SIL places funds with SBS and thus its financial standing is linked to
SBS. Publicly available information, including reports and accounts, is
available from

9. Copies of the latest SIL audited accounts are available on request.

    Media contacts: Please contact:

    Guy Stephenson/Jennifer Duffy
    Nacelle Limited
    Tel: +44(0)20-8333-9125

Media contacts: Please contact: Guy Stephenson/Jennifer Duffy, Nacelle Limited, Tel: +44(0)20-8333-9125, +44(0)7980-241-558, E-mail: jenny at

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