Michael Wilde, founder of Merlion Homes, has recently moved to Jersey with his family as a 1(1)k resident.
He has set up a new company, Merlion Housing (Jersey) Ltd, which will shortly begin operating from the ground floor of Tradewind House on the Esplanade.
Shared equity schemes, mainly targeted at first-time buyers, work by sharing the cost of the home between the purchaser and the company, so the purchaser only has to raise the funding for, say, 50% or 75% of the total asking price.
If or when they subsequently sell the property, the same percentage of the selling price will go back to the company, or alternatively the purchasers may be able to buy the remaining share.
