New mortgage option now available for Manx first-time buyers

NatWest International offering family-backed mortgages

A new mortgage option is now to be available for first-time buyers on the Isle of Man.

NatWest International has launched family-backed mortgages, which will allow family members or close friends to contribute to an application without taking on ownership of the property.

The bank says the move responds to a growing trend of more adult children moving back home to save for a house deposit.

It hopes the new offering will help get first-time buyers on the ladder with the support of those closest to them.

Richard Steel, Managing Director of NatWest International, Retail and Commercial Banking said: "We are committed to providing more pathways to home ownership and helping first-time buyers to achieve their goals.

"Today’s launch of the Family-Backed Mortgage boosts the borrowing power of prospective homeowners by enabling them to combine incomes with a family member or friend, while retaining independence to own a home in their own name."