Jersey States offers first time buyers help
A £3m scheme aimed at helping Jersey's first time buyers is being trialled.
The scheme, funded by the treasury, was approved by the States to help overcome the need for a large deposit.
Under the scheme those who have saved a 5% deposit and can afford the mortgage repayments could get an interest free loan for 15% of the price of the house.
Treasury Minister, Senator Philip Ozouf, said more money could be put into the scheme if the six-month pilot was a success.
Housing Minister, Deputy Andrew Green, said: "I believe it will make a real difference in supporting hard working islanders who want to buy their own home
"We recognise that the cost of deposits in Jersey makes it difficult for first time buyers to get on the housing ladder and I hope this scheme will provide practical help."
Senator Ozouf said: "This scheme tackles the specific obstacle of the high deposits required to secure bank lending and creates opportunities for those families who would otherwise not be able to afford it, to own their own homes.
"Housing our local community is crucial to the continued development of a sustainable, long-term future for our island and this includes supporting affordable and first-time buyer home ownership."
Any mortgages agreed under the scheme would have to be borrowed from Skipton International, which is the scheme's only approved mortgage lender.