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March 6, 2024

First Steps assisted buying scheme

The First Step program, administered by Andium Homes and backed by the Jersey government, offers a shared equity scheme designed for first-time buyers in Jersey.

Through this initiative, eligible participants can acquire a home by paying up to 40% of its market value, with the exact contribution determined via a financial assessment.

This contribution is provided as a non-interest-bearing loan.

Eligibility

To be eligible, applicants must;

  • be genuine first-time buyers
  • provide a minimum of 5% deposit
  • select properties that are on the open market
  • not select new builds
  • select properties that have been previously occupied
  • do not exceed specific maximum purchase prices, which vary based on the property type

The program will roll out in three tranches in 2024, each offering around £3 million in loans, requiring applicants to reapply with up-to-date financial information for each tranche.

Supported by major Jersey mortgage lenders and brokers, the scheme requires applicants to submit various financial documents for application, with the process including a review against eligibility criteria and prioritization for loan awards.

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