HSBC has entered into a working partnership with Andium Homes to provide accessible mortgage facilities to islanders purchasing their home.
As part of the arrangement, HSBC will now be able to offer those buying a property through the ‘Andium Homebuy’ affordable housing platform a ‘shared ownership’ mortgage, with a maximum ‘loan-to-value’ of 85%.
The scheme enables islanders to access mortgage facilities through HSBC with potentially lower deposit requirements and defer part of the overall sale price of the home – up to 25% – until a later date. The exact amount of deferred payment offered is based on a financial review of the prospective buyers’ finances carried out by Andium Homes.
There are a wide range of houses and flats currently available for assisted purchase through Andium Homebuy throughout the island. Andium Homes have assisted over 400 families with buying their first home since 2006.
Cameron Senior, Interim Head of Wealth and Personal Banking at HSBC Channel Islands and Isle of Man, said: “Following on from our reintroduction of 95% mortgages to island customers earlier this summer, this is a further reflection of our efforts to support those looking to get a foot on the property ladder in Jersey. We appreciate that the property market, particularly for first time buyers, is a challenging one.
“By working with Andium Homes, our aim is to help people realise their dream of home ownership, specifically those who might not otherwise have been able to access a mortgage, because of the level of deposit or lending required,”
Highlighting that the new working arrangement would offer more choice to first time buyers, Lindsay Wood, Finance Director at Andium homes, said: “We are delighted to be working with HSBC to enable more homeownership opportunities through assisted purchase. This provides more opportunities to prospective home buyers as we scale up our delivery of new homes for both rental and sale. In 2022 alone, we expect to provide 77 homes for purchase. These homes will be offered with an opportunity to defer up to 25% of purchase price, and a deposit is often not required.”
Islanders wishing to purchase a home from Andium Homes will need to register with the Affordable Housing Gateway, online at gov.je and andiumhomes.je.
