FIRST TIME BUYERS

Introduction

Linden Gardens, Douglas The Department makes available financial assistance to first time buyers under the House Purchase Assistance Scheme 2007. 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.

Please note that, following Tynwald approval, the Scheme was amended with effect from 14 July 2011. In summary, the amendment:-

Increases the income limit (in respect of open market properties only) from £25,000 to £35,000;
Increases the minimum grant (in respect of open market properties only) from £3,000 to £5,000; and
Where purchasers have received a grant previously in respect of open market or "approved" properties, they can, subject to certain criteria, transfer it to an open market property with a purchase price of £250,000 or less (formerly £220,000 or less).

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, 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.

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 leafelt also includes a budget planner. A copy of the leaflet is available in the documents table on this page.

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.

Fenella Court, Willaston