The government is proposing to make changes to its first-time buyer schemes.

The Department of Infrastructure says that the existing current shared equity purchase assistance schemes have been reviewed in line with a January Tynwald resolution.

Initial recommendations include increasing applicants’ annual income limits to reflect up to date earnings figures, increasing the maximum price limit for buying a property on the open market, and aiming to adjust interest rates and payment terms for equity loan assistance.

Any amendments to current legislation would be subject to a public consultation and would need public approval.

The DoI says it hopes that the changes to the schemes will be introduced by next spring.

Currently, there are two shared equity schemes which the department can provide financial assistance through.

These are the ’First Home Fixed’ and First Home Choice’ scheme.

First Home Fixed relates to properties on DoI developments or those of private developers, which are allocated to applicants on the First Time Buyers register.

The First Home Choice scheme applies to properties bought on the open market and allows higher levels of income and property prices.

These two schemes replaced the 2012 House Purchase Assistance Scheme in July 2014.