NEW mortgage products are due to be made available to Islanders next year as a large retail bank has decided to expand its operations in Jersey.
Following a restructuring exercise, Santander International is planning to start offering mortgage products, previously only offered in the Isle of Man, to Channel Islands customers.
The bank claims to have a 20 per cent share in the Isle of Man mortgage market, in which it has operated for a number of years.
The expansion of several of the bank’s services across the Crown Dependencies – Jersey, Guernsey and the Isle of Man – is part of a rebranding exercise to form one strand of the business called Santander International.
James Pountney, the managing director of Santander International, said that he was optimistic the company could gain a healthy share of the market in Jersey.
‘We are hopeful we will be able to expand our services in the middle of next year,’ he said. ‘We have been running for a very long time in the Isle of Man and have had great success there. We have spoken to a number of people in Jersey, including the Jersey Financial Services Commission, Jersey Finance and the States. The view is that the Island could do with another mortgage lender.’
Mr Pountney added that the firm was considering working with affordable homes provider Andium as it plans to build large numbers of first-time buyer homes.
Santander International also plans to open a retail bank at its offices in Commercial Street