Large mortgages usual for Jersey

Jersey banks have been regularly lending homebuyers more than six times their annual income.

The news follows the Abbey bank's announcement it will lend some people five times their income.

But in Jersey, where the difference between wages and house prices is larger, banks regularly lend six times salary, with a much lower deposit.

Paul Fisher, from Omega Financial Services, said the island's housing and job markets were more stable.

He said banks rigorously assessed each person's ability to pay before lending large sums.