Product finds favour to boost property market
That's the message from Island-based Conister Bank, which has launched a product aimed at doing just that, at an event at The Claremont Hotel (28 Nov).
It takes the form of a flexible interest-only bridging loan - a short-term solution to bridge the gap between buying and selling a property.
Attending the launch alongside key representatives from local banks, legal firms and estate agencies was Neil Taggart, director of Chrystals Estate Agents.
He welcomed the move saying the concept fell out of favour in recent years, seen as too risky because it would have little or no assets secured against it.
However, Mr Taggart now says there's a good potential market of diligent, low-risk customers - such as the 'downsizing retiree' and the aspiring self-builder looking for refurbishment funds.