A new rent-to-buy scheme has been launched in the Isle of Man to help people struggling to save for a mortgage deposit get onto the property ladder.
The initiative, run by island-based company ‘Own Homes’ in partnership with housebuilders Hartford Homes and Dandara, will allow eligible buyers to move into a new-build property without having to save a traditional mortgage deposit upfront.
Instead, buyers will make an initial payment towards their future deposit before continuing to build it through monthly payments while living in the property.
The aim is for buyers to purchase their home outright through a conventional mortgage within five years.
However, applicants must demonstrate from the outset that they are eligible for a mortgage on their chosen property, subject to saving the required deposit.
The scheme is available on selected new-build homes worth up to £600,000 through the two developers. Pre-registration is open, with applications expected to launch in early November.
It comes amid ongoing concerns about housing affordability in the island.
Government figures released earlier this year showed the average house price had reached £393,735, an annual increase of 3.6%. Average house prices were 8.2 times average annual earnings in 2025.
Own Homes founder Chris Lee said the scheme was designed to help people who could afford monthly mortgage repayments but were unable to save enough for a deposit while paying rent.
He said: 'There are many people with good jobs and incomes who pay a lot in rent every month but still cannot save enough for a deposit. That is where Own Homes is designed to help.'
Mr Lee, who previously ran the UK Government's Help to Buy: Equity Loan scheme in England, said the initiative offered an additional route into homeownership for people who might not qualify for existing support schemes.
The scheme operates separately from existing government homeownership support and is privately funded. Further information and pre-registration details are available at ownhomes.com/iom.