Skipton International Retains Number One Mortgage Spot

ST PETER PORT, Guernsey, January 9, 2012 /PRNewswire/ --

Figures just released show that for the second year running, local savings and mortgage bank Skipton International has retained the top spot for new Guernsey mortgage lending it won for the first time last year, claiming over 30% of all new mortgage bonds issued during 2011. Of the 699 bonds completed, 230 related to Skipton International, with the second largest lender trailing by 112 bonds. Skipton International has also seen its new lending in the Jersey mortgage market grow by around 27% in 2011.

Commenting on the figures, Nigel Pascoe, Director of Lending, Skipton International said, "We are delighted to be the number one mortgage lender again in Guernsey, both by volume and value. We put a lot of our success down to the fact that we take the time to offer a truly local and personal service. All applications are handled here in Guernsey and we are able to give approval in principle over the phone. Moreover, our personalised approach to lending means that we have a thorough understanding of each customer's circumstances before they take on a mortgage. The result is that we have never had to repossess a property."

2011 was also a very good year for the bank's deposit business, where it continued to have a string of "Best Buy" accounts and the bank also picked up a "highly commended" award from Business Moneyfacts  in the 'Best Offshore Business Deposit Accounts' category.

Skipton International is owned by Skipton Building Society, a mutual organisation with a long track record of looking after savers' interests. With no shareholders to pay profits out to, any surplus that arises in a building society group is reinvested, so adding to the strength of the asset base for future generations.

Jim Coupe, Managing Director ends, "2011 was another outstanding year for us and our intention is to build on this success during 2012. We are delighted to have retained the number one Guernsey mortgage lender spot for 2011, but equally, our success as a deposit taker is important for both local savers and local business, both of whom we serve with the same detailed, individual approach which we are justifiably well known for. The popularity of both our 120 and 180 day accounts suggests that customers are actively seeking longer-term relationships with a stable, solid partner such as ourselves in today's uncertain economic climate."

Skipton International Ltd offers a range of local mortgage and sterling savings accounts and is part of Skipton Building Society, the fourth largest in the UK with over £14 billion assets.

Editor's notes:

1. AER stands for Annual Equivalent Rate and illustrates what the rate would be if interest was paid and added each year.
2. Skipton International Limited (SIL) is a wholly owned subsidiary of Skipton Building Society (SBS), the UK's 4^th largest building society with nearly £14 billion assets.
3. SIL is licensed under the Banking Supervision (Bailiwick of Guernsey) Law 1994, as amended.
4. 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 Society.
5. 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 £50,000 per individual claimant; in the case of a joint account each depositor would be entitled.

        - Total Scheme compensation in any five year period is limited to £100 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 £100 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:

Website: http://www.dcs.gg

Telephone: +44(0)1481-722756

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

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

  7. SIL places funds with SBS and thus its financial standing is linked to SBS. Publicly available information, including reports and accounts, is available from http://www.skipton.co.uk.

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

For more information on Skipton International mortgage products, visit http://www.skiptoninternational.com or call +44(0)1481-730-730

Media contacts: Please contact:
Guy Stephenson/Jennifer Duffy
Nacelle Limited
Tel:  +44(0)20-8333-9125
+44(0)7980-241-558
E-mail: [email protected]    

SOURCE Skipton International