Two shared equity schemes aimed at helping residents get on to the first rung of the housing ladder will launch at the end of this month.
Tynwald last week approved the Department of Health and Social Care’s schemes, which will replace the current grant and top-up loan assistance from July 31.
They involve government buying a share in the property of between 20 per cent and 30 per cent, which will be interest free for two years with the ability to buy out the department’s share over time.
DHSC Minister Howard Quayle said the support would significantly reduce the burden of mortgage capital and interest repayments.
The ‘First Home Fixed’ scheme relates to approved properties, allocated by the department to applicants on the first-time buyers’ register.
It is aimed at buyers who have lower incomes and need greater support to meet their housing need through purchasing approved properties up to a value of £160,000.
The ‘First Home Choice’ scheme is targeted at first- time buyers with slightly higher income levels seeking to purchase on the open market.
It provides access to a wider choice of properties up to a value of £190,000.
Applicants must provide a deposit of 5 per cent of the house purchase price.
For more details go to www.gov.im/firsttimebuyers or call the housing team on 685955.