First-time buyer changes

Saturday 25th June 2022 10:45 am
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Changes are being proposed by government to two first-time buyers’ schemes.

The changes to the First Home Choice (or the ‘shared equity purchase assistance scheme 2014’) and the First Home Fixed (or the ‘shared equity purchase assistance scheme 2014’) schemes, which are designed to help people buy their first home, will be debated in Tynwald next month.

If approved, the new amendments would be in place from early August.

Taking on board increases to median annual wages over the last five years as well as increases to housing costs, the proposed changes aim to make the scheme more accessible for those looking to buy their first property here in the Isle of Man.

The Minister of Infrastructure and chair of the Housing and Communities Board, Chris Thomas MHK, said: ‘The revised income thresholds for both schemes widens access to the scheme for those looking to own their first home.

‘The removal of property type and price limitations in the choice scheme, as well as increasing maximum house purchase price limits in the fixed scheme, should also increase flexibility for applicants and encourage more successful applications.

‘These changes are intended to provide a short-term solution to enhance the island’s offering to potential first time buyers and some others whilst a fundamental review of shared equity and its alternatives are undertaken as outlined in the Housing and Communities Action Plan.’

The Housing and Communities Board is going to host a webinar on Friday, June 24, between 11am and 12 noon about the proposed changes.

This webinar is open to the public, stakeholders, media and other interested parties - registration is available through Eventbrite.

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