ISLANDERS struggling to get a foot on the property ladder have just days left to apply for a scheme for first-time buyers.
Housing Minister Sam Mézec has issued a reminder to apply for the final round of the First Step scheme this year.
The initiative offers first-time buyers an interest-free equity loan covering up to 40% of a property’s value.
The £10 million scheme, launched by the government in partnership with Andium Homes in February, is aimed at making home ownership more accessible for Islanders who cannot afford a full mortgage.
To qualify, applicants must provide a 5% deposit, and secure a mortgage for the remaining amount.
“If you’re wanting to buy your first home, but are just short of being able to get a mortgage for the whole price, we can step in provide up to 40% in an equity loan to help you,” explained Deputy Mézec.
The current round closes on Sunday 20 October, with all successful applicants having 60 days to find and secure a property, which needs to be an existing home and not a new build.
Islanders will need to apply to the First Step scheme before the deadline. The online form can be found via the website: gov.je/Home/RentingBuying/BuyersGuide/Pages/HousingPurchaseSchemes.aspx.
