FIRST-time buyers now have another chance to secure their spot on the housing ladder as the second round of applications for the government’s shared-equity scheme opens.
Housing Minister Sam Mézec announced on his social media this morning that the government had released another £3.3 million out of an earmarked £10 million set aside to fund the “First Step” assisted home ownership scheme.
The initial round, which closed on 2 April after four weeks open, received a total of 124 applicants.
The scheme is delivered in partnership with Andium Homes and will enable eligible Islanders to access a government contribution of up to 40% towards the purchase of an open-market property.
It focuses on existing properties instead of new builds and is also limited to first-time buyers, who will need to provide a 5% deposit towards their purchase – and be able to access the maximum lending available to them from one of the scheme’s partnering mortgage lenders.
The amount of deferred payment offered will be based on a financial review of the prospective buyers’ finances.
Excited to launch Tranche 2 of First Step @GovJersey @SamMezecJsy Assisted Purchase Home Ownership Scheme today.
For more info & to apply: First Step (https://t.co/kQTDpA3hgI)
📞 500700
📨 FirstStep@andiumhomes.je
😀 Andium Homes Client Services 33-35 Don Street pic.twitter.com/HNVLdaLyLn— Andium Homes (@Andiumhomes) June 3, 2024
In his social media statement, Deputy Mézec said: “I’m very pleased to say that the second round of First Step applications is now open!
“We have released £3.3m to help Islanders get their first foot on the housing ladder.
“If you are an aspiring first time buyer, but are finding yourself just short of what you can borrow for what you need, we can provide you with an interest free equity loan to help you bridge the affordability gap.”
There are set to be three rounds of applications for the scheme, developed by former Housing Minister David Warr, with the third scheduled for September.
Islanders can find out more and apply at www.andiumhomes.je/findahome/first-step/
