FIRST TIME BUYERS

Introduction

The Department makes available financial assistance to first time buyers under the House Purchase Assistance Scheme 2012. Persons wishing to apply for assistance under the Scheme are required to complete an application form which can be downloaded from the table at the bottom of the page. The rear of the application includes an Explanatory Leaflet, which provides guidance on the different aspects of the Scheme including the levels of assistance available and eligibility criteria. The Explanatory Leaflet is also available independently from the application form.

As you will see by reading the Explanatory Leaflet, the Scheme provides assistance in 2 ways; firstly in helping with the purchase of an "approved" dwelling which are built specifically for First Time Buyers; and secondly in helping with the purchase of an open market property. The income limit and grant levels for open market properties only were increased in July 2011, and this has been retained in the current version of the House Purchase Assistance Scheme.

The Department is pleased to announce that there will shortly be 7 two bedroom and 2 three bedroom new build houses available on a new development at Croit ny Glionney, Colby on the site of the former Colby Football Club pitch, priced between £142,500 and £150,000. Priority is normally given to existing families for houses, however, these properties may offer the unique opportunity for allocation to applicants without children.

There are also 5 brand new two bedroom apartments that will shortly be available for purchase in Waterloo Road, Ramsey. Eligible applicants may qualify for financial assistance to help with the purchase but will need to be on the Register of First Time Buyers (see below) to be considered. They will also need to be offered a suitable size mortgage from a mortgage lender (see below).

If you are interested in either of the above developments, please contact the Housing Division on 685955 or e-mail housing@gov.im without delay.

First Time Buyer Open Day

Castletown Civic Centre, Farrant’s Way, Castletown on Wednesday, 19th June 2013 from 12noon to 8pm

The Department of Social Care, Housing Division is holding an Open Day at Castletown Civic Centre, Farrant’s Way, Castletown to highlight the new First Time Buyer housing developments taking place at five different locations around the Island during the current year. The event will take place on Wednesday, 19th June 2013 from 12noon to 8pm.

The developments are taking place in Castletown, Colby, Peel and Ramsey. Given this high level of activity, the Department feels the Open Day will offer an ideal opportunity to promote these homes as well as the First Time Buyer Scheme itself, which offers financial assistance towards a range of properties up to a purchase price of £150,000.

You will be able to view site plans and the internal layouts of properties as well as virtual photographs of the developments. There will also be information on the Department’s buyback properties that are currently available to sell to First Time Buyers, some of which are in Douglas. All of the buybacks are constructed to the same standards as the latest properties.

As you may be aware, applicants to the First Time Buyer Scheme need to meet certain criteria in order to be considered for a property. You may feel that you can satisfy these requirements. If so, attending the open day will provide an excellent opportunity to make inquiries directly to members of the Housing Customer Services Team, whilst also finding out more about what properties are currently available. Even if you believe that you may not be considered for a property at this stage, it would be beneficial to attend so that you can find out more about how the Scheme works, what financial assistance may be available and what you have to do, to be considered for a property in the future.

The event will be open to all prospective First Time Buyers, including those who are not currently on the First Time Buyer Register and will be publicised in various ways in the coming weeks. This will include coverage in the local media and relevant web pages, on “Facebook” & “Twitter” and by posters in Commissioners’ Offices and other outlets. The Department hopes that you can join them on the day.

If you believe that you will be attending, please advise by phoning the Customer Services Team on 685955 or e-mailing housing@gov.im. When responding, it would be helpful if you could indicate what time of the day you are likely to attend as this information will be helpful in planning the event.

Please contact the Housing Division as per the contact details below, if you would like any further information on the amendment or the Scheme itself.

Register of First Time Buyers

The Department maintains a Register of First Time Buyers for persons interested in purchasing a home for the first time. The purpose of the Register is to determine the demand for first time buyer housing and the preferred location for new dwellings. Only those who are on the Register of First Time Buyers will be considered for new "approved" first time buyer dwellings and buy-back properties, which are on approved developments undertaken by the Department or private developers. It is necessary to complete an application form if you wish to be placed on the Register. Download one from the table at the bottom of the page. Please also refer to the checklist in the same table, which is a simple guide to whether you qualify to be on the Register.

Please note that you do not have to be on the Register to be eligible for grant assistance towards open market properties, only "approved" dwellings. However, qualification for a grant towards open market properties is subject to certain criteria. For more information, please refer to the Explanatory Leaflet in the documents' table.

First Time Buyer Newsletter

The Department publishes a newsletter to provide updates regarding new, and prospective, developments including details of the location and nature of the properties. There is also a section on Frequently Asked Questions. The latest newsletters are available to view or download from the table at the bottom of this page.

Preparing for and Obtaining a Mortgage

In order to purchase a First Time Buyer property, whether an "approved" or open market dwelling, applicants must be able to secure an acceptable sized mortgage in order to provide the majority of the funds required to purchase the property. The Isle of Man Banker's Association has provided a helpful leaflet to give potential First Time Buyers tips on how to be successful in obtaining a mortgage. The leaflet also includes a budget planner. A copy of the leaflet is available in the documents table on this page.