Mid Rent Scheme
The Department of Infrastructure is conducting a pilot scheme of a Mid Rent initiative for an initial period of twelve months. The Pilot aims to investigate the merits of Mid Rent housing as an additional option for housing assistance.
The Mid Rent properties will be rented on a short-term let initially for twelve months at a rent that will be approximately 20% below market rate. The purpose of letting the properties at a reduced rent is to allow tenants who would otherwise be paying a higher rent in the private sector to save some extra money each month towards a deposit in order to help them to move on to purchase their own home, with or without the assistance of the Government First Time Buyer Shared Equity Schemes (see First Time Buyers page).
If the pilot proves successful and if the tenants can demonstrate in the first year of rental that they have found the use of the property to be beneficial for saving towards buying their own home, the Department may consider extending the existing tenancies for a further twelve months to a maximum of two years.
Access to the Scheme is subject to residency qualification of 5 years on the Isle of Man, and the applicant/s must be a current resident at time of application. Applicants must not have owned a property before, on Island or anywhere else and must also meet the following income eligibility criteria:
|Eligible persons||Maximum annual income|
|Single - no children||£35,000|
|Couple - no children||£55,000|
|Single or couple with 1 or more children||£60,000|
Persons wishing to apply for the Mid Rent pilot scheme are required to complete an application form (see downloadable documents).
Preparing for and obtaining a mortgage
If you are thinking about buying your first home in the future, it may be worth considering what you need to do now to prepare for a property purchase. In order to purchase a property, 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.
For further information, please contact the Customer Services Team. Please note that all calls will be recorded for quality and training purposes.
Housing Customer Services Team
Department of Infrastructure
Telephone: +44 1624 685955
Please note that all calls will be recorded for quality and training purposes.