A £3 million trial loan scheme to help first-time buyers to get their foot on the property ladder was officially launched on 1 July but has yet to see any funding distributed.

Senator Philip Ozouf said that anyone who applied for a deposit loan – which will fund buyers who have saved 5% of the cost of a home with an additional 15% towards their deposit – would be able to take out a loan ‘within days’.

The full report – including details of the scheme – in Thursday’s JEP.

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