FIRST time home buyers in Jersey have been given a welcome step onto the property ladder thanks to an assisted purchase housing development in Trinity and a flexible mortgage from Barclays.
The housing development provides a range of first time buyer homes for islanders with a parish connection. Designed to be ‘homes for life’, the scheme saw 44 new homes built in total, including 39 new family homes plus five properties designed especially for the over 55s.
Barclays has been working closely with the Parish of Trinity during the planning of the housing development. It was worked to enable first time buyers with a connection to the parish wishing to own their own homes as part of the scheme to do so by offering them a flexible criteria mortgage.
The scheme works by the Parish agreeing to provide a loan of up to one third of the purchase consideration at zero interest rate but subject to repayment at the time of the disposal of the property on the basis of one third of the then current value.
Barclays is then able to offer qualifying first time buyers a 100% mortgage for the remainder of the purchase price. The homeowner then pays off their loan over a standard term, and when the property is sold, the parish is repaid as detailed above.
The building work has recently been completed and 25 families taking part in the scheme have moved into their new homes.
Julian Woodcock, Head of Mortgages for Barclays Wealth and Investment Management in the Channel Islands said: “It’s been easy to get excited about Barclays’ involvement with this project as the Parish’s passion for helping first time buyers aligns itself closely to Barclays’ own commitment to offer mortgages with flexible criteria to first time buyers.
“I’ve been really impressed by the dedication shown by John Gallichan and Peter Williams to offer the first time buyers in their parish not just a step onto the housing ladder but a high specification home they can be really proud of.
“The local Barclays mortgage team has really enjoyed working with the parish and the residents to help these buyers realise their ambitions of owning their own homes.”
Peter Williams, finance lead for Trinity parish, said: “The ethos of the scheme has been to provide life time homes for individuals with a connection to the Parish and has only been made possible by the generous donation of the land by Mrs Edwards in memory of members of her family. We are all very proud of the result.”
Mrs Nivek Dove, a resident at the Trinity housing project, said: “My husband and I recently moved into the housing project with our two young children. Barclays has given support above and beyond their remit. We were assisted in branch with timely advice on what we could best afford.
“What we thought would be a lengthy process was actually completed very quickly. It’s fantastic that this project has given so many young families a chance at getting on the housing ladder.”
Category: Finance & Business