The government wants to open up a scheme to assist more first-time home buyers.

In Tynwald today (Tuesday), Infrastructure Minister Ray Harmer will seek approval to make changes to the First Home Fixed scheme.

A Department of Infrastructure spokesman said: ’The intention is to increase the income limits by £5,000 in each category - single persons or couples without children and for single persons or couples with children. For example, if the amendment is approved, the income limit for single persons without children would increase from £25,000 to £30,000.’

Under the amendment, the following categories apply:

Single persons, maximum income of £30,000 - approved dwellings: flat (up to £140,000), two-bedroom house (up to £150,000).

Couples with no children, maximum income of £40,000 - approved dwellings: flat (up to £140,000); two-bedroom house (up to £150,000).

Single or couple with one or more children, maximum income of £50,000 - approved dwellings: two or three-bedroom house (up to £160,000).

The First Home Fixed scheme applies to new ’approved’ first-time buyer and buy-back properties, that are allocated directly by the DoI to applicants who are on the register of first-time buyers.

The government offers an equity loan up to 30 per cent of the overall purchase price

Approved properties are sold at a discounted rate - the amounts mentioned above refer to such rates - and the government’s equity share will include half the amount of difference between market and discounted price.

The spokesman said the aim was for the government to allow more choice for some applicants to access assistance under this scheme.

The changes do not affect the open market scheme.