More people will now be eligible for Government assistance to buy their first home following changes to the Department of Infrastructure’s shared equity purchase assistance schemes.

The changes, approved by Tynwald in July, are now in effect and increase the income thresholds for both the ‘First Home Fixed’ and ‘First Home Choice’ schemes.

The changes mean a wider range of households can access support towards home ownership, while the schemes have also been revised to introduce a simpler and more predictable interest rate structure.

Under the First Home Choice Scheme, participants will also have greater flexibility to reduce the government’s equity share during the first five years of ownership.

Income thresholds have been increased across all household categories under both schemes to reflect changes in earnings and living costs.

The First Home Fixed Scheme is designed to help eligible buyers purchase designated affordable homes at discounted prices and is aimed primarily at households on lower incomes.

The annual income threshold for a single person has increased to £40,000, while the limit for a couple without children is now £52,000. For a single person or couple with one child, the threshold is £58,000, rising to £64,000 for a single person or couple with two or more children.

Property price limits have also increased, with maximum discounted purchase prices ranging from £180,000 to £222,000, depending on household size and the type of property.

The First Home Choice Scheme, which allows eligible buyers to purchase homes on the open market, has also seen its income limits increased.

The annual threshold is now £48,000 for a single person and £62,000 for a couple without children. It rises to £70,000 for a single person or couple with one child and £77,000 for a single person or couple with two or more children.