00:00So I think the key issue, I think we can see it within the research over the years,
00:05particularly for the ages between 25 and 35, people still want to own their own home.
00:10It's still an aspiration for a lot of people.
00:12The difficulty is nowadays it's the saving for the deposit.
00:16House prices continue to increase and the difficulty is when you're renting
00:19and rent is becoming more expensive than a mortgage,
00:22trying to save towards that deposit becomes quite expensive.
00:25And you look at the average cost of a deposit for a first-time buyer
00:29and you're talking on the island, £30,000 plus.
00:34So from that perspective, that's a real big chunk of money to try and save
00:38and it's taken people a long, long time to do it
00:40and some people are just giving up on that aspiration.
00:43So there's a need to support.
00:45The banks can't do it.
00:47So government really shouldn't be doing this type of stuff.
00:50So we kind of said, right, we need to step in and really help here.
00:53So up front, there's an admin fee.
00:55That's still being in the process.
00:56We've got a few conversations and that's why we're not open to applications
00:59in the next couple of weeks.
01:00So we've got a few things to sort out just in terms of our costs
01:03of acquiring the properties on behalf of the customer.
01:05But there will be an admin fee, roughly in the region of about £1,000 to £1,500.
01:10And then there's the reservation fee that they pay.
01:13So they pay the first instalment on that property as well.
01:16So it's not a deposit that goes into a separate tenant's landlording account.
01:20It goes directly to the property.
01:23And then once they're in the property and the property's been built,
01:27they pay us a monthly payment.
01:28And we're trying to get that as close as we can to a mortgage payment.
01:31So obviously it's difficult to do that in the current circumstances,
01:33but we're trying to get as close as we can.
01:35The key thing for us is, and the critical thing for the home buyer,
01:39is that the proportion of the monthly payment that they make to us
01:42is set aside towards their deposit.
01:45So the calculations that we use is based on ensuring that within a five-year period
01:51they've got sufficient deposit to go away and get a mortgage on the property
01:54and ultimately buy it.
01:55So the cost that we're notrukturート can get to will okay for the Mount sürer.
01:56So by January 30th we can get that amount of information don't require us.
01:56So if they're paid, we're going to agree with the numbers for the number of things below.
