Housing seeks private help for first-time buyers' loans

FIRST-time buyers are to be helped by the Housing Department in a new venture.

It is seeking expressions of interest from a private sector partner to work to develop and operate a scheme which will help newcomers to the market secure an affordable and sustainable mortgage. Minister Dave Jones (pictured) said the department was open to suggestions as to how it was to be run.

'We know that there are people who would not qualify for social housing or for the Guernsey Housing Association's partial-ownership scheme because their income is too high, but who would still struggle to afford a mortgage at a commercial rate.

'The Housing Department is keen to work in partnership with a private sector organisation to develop a homebuyers' scheme that would help these people to get onto the property ladder.'

In order to make this mortgage package affordable, flexible or favourable, terms could be offered to borrowers on a proportion of the loan provided by the States. The new scheme would replace the existing States home loans scheme, which would be closed to new borrowers.

Organisations interested in obtaining further information should contact the Housing Department to request a briefing pack.

• The deadline for expressions of interest is 14 November.