First Time Home Buyers Assistance

The Housing Agency provides shared equity assistance to eligible first-time buyers through two Schemes: First Home Fixed and First Home Choice.

First Home Fixed is for approved first-time buyer dwellings made available through the Register of First Time Buyers. These properties are sold at a discounted purchase price and the Department may provide an equity loan to help with the purchase.

First Home Choice is for eligible applicants who wish to buy a suitable property on the open market (for example properties for sale via Estate Agents). The Department may provide an equity loan to help bridge the gap between the purchase price and the funds available from the applicant’s mortgage, deposit and other resources.

Both Schemes have eligibility criteria, income limits and residency requirements. The requirements are not identical, so applicants should read the guidance notes for the Scheme they are interested in before applying.

To be eligible for assistance under either Scheme, you must:

• Meet the relevant household income limits
  
  
• Be able to contribute a deposit of at least 5% of the purchase price
  
  
• Be able to obtain a suitable mortgage
  
  
• Not be subject to a 'No Recourse to Public Funds' immigration condition.

Current property owners are not eligible for assistance under either Scheme.

Minimum residency requirements: 

• First Home Fixed: at least 5 years' Isle of Man residence 

• First Home Choice: at least 3 years' Isle of Man residence 

For full residency rules, please refer to the Applicant Guidance Notes.

For full eligibility criteria, including residency rules, treatment of previous property ownership and other Scheme requirements, please refer to the relevant Applicant Guidance Notes.

If you have previously owned property the Department may consider accepting an application from you under one of the Shared Equity Schemes. However, you will be required to provide additional information about the property you owned, how much you received from the sale of your interest in that property and whether you need assistance in order to purchase a property that is suitable for your household. For more information about whether you may apply for assistance, please contact one of our Customer Service Officers in the first instance on +44 1624 685955.

If you are a CURRENT property owner you may NOT apply for any assistance under either of the Shared Equity Schemes.

In order to purchase a First Time Buyer property, whether an 'approved' or open market dwelling, applicants must be able to secure sufficient 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 (see downloadable documents) to give potential First Time Buyers tips on how to increase success in obtaining a mortgage. 

The purchase of a home is a major decision and is likely to require your largest ever financial commitment. Buying a property involves not just monthly mortgage repayments, but also rates, insurance and repairs and maintenance. 

Before considering home ownership you should seek advice from a professional mortgage/financial adviser.

First Home Fixed

If you are interested in purchasing an approved first-time buyer dwelling, you should apply to the Register of First Time Buyers. Applicants must be on the Register to be considered for available properties.

First Home Choice

If you are interested in purchasing a suitable property on the open market, you may wish to request approval in principle from the Housing Agency before progressing mortgage enquiries or making an offer on a property.

Approval in principle is intended to provide an initial indication of likely eligibility, and may help you with your enquiries with mortgage providers. The approval in principle is valid for three months, but does not guarantee that assistance will later be approved. A full application will be required if you later decide to proceed.

The Department may provide financial assistance by way of an equity loan. In return, the Department retains an equity share in the value of the property.

Under the First Home Choice Scheme, the Department's equity share is based on the assistance provided towards the purchase price.

Under the First Home Fixed Scheme, approved properties are sold at a discounted purchase price. In addition to any equity loan provided, the Department’s equity share also reflects half of the discount applied to the property.

The Department's equity share may be purchased in whole or in part in accordance with the relevant Scheme conditions. Interest may also become payable on the Department's equity loan after purchase. Further information is available in the Applicant Guidance Notes.

Further information is available in Applicant Guidance Notes for the Schemes in the ‘Downloadable Documents’ section of this page.

If you believe that you may be eligible for assistance through either Scheme then please contact our Customer Service Team in the first instance.

The Housing Office is based at Markwell House on Market Street, Douglas. You may speak to one of our officers in person by calling in to the General Counter on the ground floor between 9am to 1pm. To make sure you are not disappointed it is best to make an appointment in advance.

Telephone: +44 1624 685955 Please note that all calls are recorded for quality and training purposes.

Email: Send Email