Changes proposed for first time buyer schemes

Current schemes have been reviewed by housing division

Changes have been proposed for housing assistance schemes to help first time buyers get on the Manx property ladder.

The Department of Infrastructure says current shared equity purchase assistance programmes have been reviewed by the Public Estates and Housing Division.

The initial recommendations include increasing applicants' annual income limits to reflect up to date earning figures.

Meanwhile, an increase in the maximum price limit for buying a property on the open market is also being proposed.

Furthermore, there are also aims to adjust interest rates and payment terms for equity loan assistance.

The DOI says it's hoped any changes to the schemes would come into effect in Spring 2022.

The department adds any alterations would be subject to public consultation and Tynwald approval.