ARTICLE
27 September 2023

New Shared Equity Scheme For First-Time Buyers In Jersey Announced

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Collas Crill

Contributor

Collas Crill is an offshore law firm with offices in BVI, Cayman, Guernsey, Jersey and London.

We deliver a comprehensive range of legal services to clients locally and globally in four broad practice areas: Financial Services and Regulatory; Insolvency and Corporate Disputes; Private Client and Trusts; and Real Estate.

Clients include some of the world’s leading financial institutions, international businesses, trusts and funds, as well as high-net-worth individuals and families across the globe. We continue to build a network of independent and trusted partners around the world including the Caribbean, the Channel Islands, the UK, Europe, the US, the Middle East, South Africa and Asia.

The Government of Jersey has released details of the new States Assisted Purchase Scheme which is targeted at first-time buyers and will serve to assist in providing the kick start that the local property market needs.
Jersey Real Estate and Construction

The Government of Jersey has released details of the new States Assisted Purchase Scheme which is targeted at first-time buyers and will serve to assist in providing the kick start that the local property market needs. The market has slowed significantly over the course of the past twelve months thanks to the rise in inflation, soaring interest rates, and other factors such as the 3% increase in stamp duty payable by those purchasing property for investment purposes.

Qualifying applicants for the States Assisted Purchase Scheme must have a deposit available of at least 5% and be mortgage eligible. Successful applicants will benefit from a deferred payment of up to 40% from the Government which will be secured over the property purchased as a second charge, ranking behind their mortgage. It is envisaged that up to 60 households will benefit from this scheme.

Potential buyers will have access to funds in the gross sum of £10,000,000 and are asked to register their interest with the Assisted Purchaser Pathway.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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