Mortgages: States to launch review

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A MAJOR investigation into Jersey’s mortgage market is under way following allegations that Jersey Home Loans has ‘unfairly treated’ customers.

JHL, one of the Island’s biggest mortgage lenders, has come under severe criticism from some of its customers and even its own mortgage brokers for not reducing its variable rates in line with the Bank of England base rate.

Kevin Allenby, managing director of Omega Financial Services, said that he had never seen ‘such a shambles’ in his near 25 years in the industry and has described JHL’s treatment of customers as ‘atrocious’.

Treasury Minister Senator Philip Ozouf (pictured) has asked the Economic Development department and the Jersey Financial Services Commission to investigate if the mortgage market should be regulated. He also confirmed that he asked Jersey’s competition watchdog to look at the situation a number of weeks ago.

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