23 September 2024
The Government has reopened a scheme to help Islanders buy
their first home.
First Step, a scheme to help aspiring homeowners onto the property ladder, was launched
by the Minister for Housing, Deputy Sam Mézec, in February this year, and reopened for a
second round of applications in June. It has so far resulted in 51 applicants being offered
equity loans.
First Step is delivered in partnership with Andium Homes and uses £10m of Government
funding to help eligible Islanders access a contribution of up to 40% towards the purchase
of an open-market property.
Applicants have four weeks to apply, with the deadline for applications on 20 October
2024. Applicants must:
- hold Entitled status
- not own any property in Jersey or overseas
- be registered on the Assisted Purchase Pathway
- be able to provide a 5% deposit towards the purchase
- be able to access the maximum lending available to them from one of the scheme’s
partnering mortgage lenders
- not be under offer on another assisted purchase scheme.
Islanders not already registered should apply to the Assisted Purchase Pathway before
applying for First Step. Applications will be means-tested against the financial criteria.
It is anticipated that up to 60 households will benefit from the initial £10 million
investment. An additional £2 million has been earmarked for the scheme in the proposed
Budget for next year, subject to States Assembly approval.
The Minister for Housing, Deputy Sam Mézec, said: “I am delighted that we have been able
to reopen First Step for a third time this year. This scheme has made a real difference to
Islanders who would have otherwise been unable to own their first home. I am hopeful that
we will be able to reopen First Step in 2025 to help even more Islanders into home
ownership. In the meantime, I would like to thank our Government officials and the team at
Andium Homes for their valuable work this year.”
Andium Homes’ Policy & Stakeholder Engagement Lead, Dominique Caunce, said: “We
were delighted with the interest shown in the first and second tranches of the scheme,
where the funding available enabled us to make loan offers to 51 first-time buyers.
Feedback from previous applicants has been really positive, particularly around the website
and application process, and we would encourage all those unsuccessful in the initial
tranches to reapply.”
Islanders wishing to join the Assisted Purchase Pathway, or those wanting to update their
details, can do so via First Step (andiumhomes.je)
gov.je