And as a result Islanders planning to buy a flat with a view to renting it out could be affected by the withdrawal of the mortgage from Skipton International Ltd.

But there is also some good news in the lending market with HSBC reducing its tracker rate across the board.

The decision was described as a ‘highly encouraging step in the right direction’ by Steve Ryan, a director of the mortgage brokerage Acorn Mortgages.

• See Tuesday’s JEP for full story and more business news.