providing a dozen or so mortgages that were requested by existing clients and through referrals. This was so that we could truly understand the market and make sure that our processes work well.
Doing things differently
Of course, the big question is what will Butterfield bring to the Jersey market? Essentially, we want to leverage the expertise that we have in Bermuda and Cayman, and particularly through Butterfield Mortgages’ know-how in the UK, and build on that to create an offering that fits perfectly in the island. As a result, we believe that there are some things we will do differently.
Central to this will be the decision-making process around mortgage approvals. We will be utilising innovative technology coupled with our client-centric approach, which we believe will be much more efficient. While technology has undoubtedly had a transformative effect on financial services in recent decades, it can often result in removing the “human” element.
Generally speaking, if someone applies for a mortgage through some lenders and can’t answer some of the questions during the process, then the computer automatically says “no”. But through our Group-wide experience in banking and trusts, we know that people’s lives and experience are often more complicated than that. This is all about factoring in personal circumstances, adding value and flexibility built on proper conversations with people.
As a result, mortgage decisions are going to be made at a local level. It is a commonly heard complaint in Jersey that
decisions around financial services are too often made off- island in the UK. But we view ourselves as a bank for the local market and want to be part of the island community.
Underpinning all of this will be an innovative mortgage product range that aims to provide clear options to borrowers. At all times, and especially as we put a difficult year behind us, people look for certainty. As such, we will offer a discrete range of mortgages as we don't want to be constantly changing what is available. Our plan is to be a consistent and stable provider that is committed to the market
As mentioned before, choice is a great thing in an open and competitive market. Because there isn’t a typical mortgage comparison website in Jersey, people pay closer attention to exactly what is being offered by individual lenders, and that doesn’t just mean price and LTV, but the broader services around that as well. As a result, borrowers will be able to make decisions based on their circumstances, their preferences or, indeed, both of these, and find the provider that is the best fit.
As we begin 2021 with some optimism that life is slowly returning to normal, we believe the residential lending market in Jersey will remain strong, not least because interest rates are low, the island remains a great place to live, and current demand is greater than supply.
We recognise that a mortgage is one of the greatest financial decisions that people make and we hope to make sure our product range and service quality are a welcome addition to the local market.
DISCLAIMER: Butterfield Bank (Jersey) Limited (“BBJL”) is regulated by the Jersey Financial Services Commission to conduct deposit-taking business under the Banking Business (Jersey) Law 1991 (as amended), and investment business, fund service business and money service business pursuant to the Financial Services (Jersey) Law 1998, (as amended). BBJL is registered under the Data Protection (Jersey) Law, 2018 and is registered with the Jersey Registrar of Companies for the purpose of the Companies (Jersey) Law 1991 (as amended). The registered address and principal place of business for BBJL is at: St. Paul’s Gate, New Street, St. Helier, Jersey JE4 5PU. Company registration number 124784. BBJL is a participant in the Jersey Bank Depositors Compensation Scheme. The Scheme offers protection for eligible deposits of up to £50,000. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period. Full details of the Scheme and banking groups covered are available on the States of Jersey website
www.gov.je/dcs, or on request. A copy of our Terms and Conditions can be obtained from our website.
Beyond 20/20 - Finance Page 39
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