GIB offers mortgages on studio properties at The Hub
The Gibraltar International Bank has teamed up with the developers of The Hub to offer mortgages on smaller apartments, for which lending is often restricted.
The demand for smaller apartments is increasing across all major cities in the world, not just Gibraltar. Gibraltar International Bank has now confirmed mortgage availability in the local market for smaller studio residences.
Tylee Properties, the developer of The Hub, has timed the release of the top two and the only remaining floors with the availability of the mortgage product.
Prices start at £149,000 and this represents the upcoming completion of 143 studio residence scheme at The Hub. Hub apartments are sized from 24 to 28 square metres, plus additional terraces.
Apartments on floors two to twelve were sold in seven days upon launch in late 2017, with starting prices then on the second floor from £109,000.
As the number of people who live alone increases, both Government and the Development and Planning Commission in 2017 supported The Hub as an open market solution to provide a more affordable option for local key workers and young professionals who wanted to prioritise location over space and Gibraltar over Spain.
Mortgages of up to 80% loan to value are being offered to local owner occupiers subject to standard lending criteria and terms and conditions.
Gillaine Dellipiani, director of Tylee Properties, said: “Our vision at the launch of the sales period in November 2017 was to build a development that would assist young professionals in the local market to make their first move on the open market property ladder, for this reason and to coincide with the launch of the mortgage product we have reduced our deposit requirement to 20%.”
“We know that there are banks in Gibraltar having difficulty lending on smaller apartments.”
“We are delighted a local bank has confirmed its appetite to support the opportunity to break into the open market property sector, and today this has now been widened to a huge number of local key workers.”
Albert Borrell, Head of Personal Banking and the Gibraltar International Bank, said: “This is a great example of how developers and banks can work together for the good of the local community.”
“We know the demand is there and we are happy to continually adapt to the local market to keep pace with the property sector.”