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.