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Your Obligations
These are very simple.

Repayments:
As the property owner, we ask you to make regular repayments on or before the due dates. Repayments are to be made on or before the 28th day of each month, starting from the following month after the transfer of ownership. Payments are to be made directly to our Guernsey/UK Head Office account. A quarterly statement will be issued from GFS with a summary at the year-end.

Maintenance:
Your property must be maintained at all times and the following conditions will apply:

  • All maintenance to be carried out when and where necessary without delay at all times
  • Your Approved Developer to carry out all maintenance required (minor items i.e. painting, landscaping etc are excluded). Quotation(s) from other builders can be submitted, and may be accepted should the Approved Developer be unable to carry out the work or it is felt that the quotation is unsatisfactory in any way
  • An annual inspection is required by GFS for the term of the loan, no fee is payable

Building Insurance Policy:
A suitable building insurance policy is required and it must be maintained throughout the term of the loan. GFS is to be listed on the insurance policy and a copy made available to GFS annually.