Has the Committee has a strategy to assist first-time buyers who become trapped in negative equity situations
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1240/5(1971)
QUESTION TO BE ASKED OF THE PRESIDENT OF THE FINANCE AND ECONOMICS COMMITTEE ON TUESDAY 21st OCTOBER 2003,
BY DEPUTY G.C.L. BAUDAINS OF ST. CLEMENT
Question
Will the President advise whether the Committee has a strategy to assist first-time buyers who become trapped in negative equity situations with their lenders?
Answer
"First-time buyers" is a term which is used in a number of different contexts. The States of Jersey has a number of strategies to assist first-time buyers including zoning land, developing subsidised properties, reducing stamp duty and providing loan interest tax relief.
Current policy does not extend to a strategy to assist in the event of negative equity. The reason for this is that financial arrangements for house purchases are a private matter between a lender and a borrower; and as such the Finance and Economics Committee has no plans or intentions to intervene as a matter of broad policy.