The Department of Health and Social Care has today published a response to the recent consultation on replacing the current House Purchase Assistance Scheme, with two Shared Equity Schemes.
The consultation was launched in March 2014 and sought comments on two new distinct Shared Equity Schemes:
- First Home Choice aims to assist First Time Buyers to purchase a property on the open market.
- First Home Fixed will have stricter qualifying criteria and aims to assist First Time Buyers on lower incomes, to purchase a Government Approved First Time Buyer Property.
The Schemes give those wishing to purchase a home, but cannot afford the full price, an opportunity to buy less than a 100% stake in the property, and also allows for the stake to be increased to 100% at a later date.
The responses from the consultation have led the Department to give further consideration to a number of provisions in the Schemes and, where appropriate, to make some changes. The comments received, and the amendments made, are detailed in the response report published today.
Subject to Council of Ministers agreement the Department will seek Tynwald approval for the Schemes at the July 2014 sitting.
