First-time buyer scheme in trouble

HUNDREDS of Islanders have been deterred from applying for a discounted home under the Jersey Homebuy scheme.
Following an investigation by the JEP, the States are now rethinking aspects of the scheme as prospective buyers say that it is too expensive to buy a three-bedroom house under the current guidelines. Members of the Housing department are urgently setting up meetings with mortgage lenders to agree a better deal for buyers.
And Environment Minister Freddie Cohen is requesting that Treasury Minister Terry Le Sueur exempts shared-equity buyers from paying stamp duty. According to potential buyers and lenders, the problems include banks demanding deposits which are ten per cent of the full cost of the home and not the discounted price, the stamp duty being a proportion of the full amount of the property and the strict limitations on salaries mean the repayments are too expensive for most qualifying people.
Many mortgage lenders say that they have been turning dozens of customers away and say the States have obviously not thought it through. (thisisjersey)

The States not thought it through, can't believe that..

It is reported that some people who bought share transfer flats in the recent past have been told they are not eligible for this scheme, despite having been assured they would be when making the share transfer purchase.

Also the criteria for the scheme are pretty tight. You have to be A-H residentialy qualified, have a (joint) gross taxable income of bewteen £40,000 and £60,000 a year. You have to be a first time buyer. Since the only properties qualifying at the moment are new 3+ bedroom builds at La Moye and Goose Green, you also have to have at least one child living with you.

Unsurprisingly there have been few successful applicants.

The States once again have got it so wrong, I could never fit the criteria that is given, so looks like I will be paying rent for the rest of my days