Tynwald asked to back changes to First Time Buyers Schemes

Mon, 20 Jun 2022

Changes proposed by the Manx Government to the two ‘First Time Buyers’ Schemes will be debated in Tynwald next month.

The First Home Choice and First Home Fixed schemes are designed to help people buy their first home, 

If approved, the new amendments would be in place from early August.

Minister of Infrastructure and Chair of the Housing and Communities Board, Chris Thomas MHK said: ‘The revised income thresholds for both Schemes widens access to the scheme for those looking to own their first home whilst the removal of property type and price limitations in the Choice Scheme, as well as increasing maximum house purchase price limits in the Fixed Scheme, should also increase flexibility for applicants and encourage more successful applications.’

‘These changes are intended to provide a short-term solution to enhance the Island’s offering to potential first time buyers and some others whilst a fundamental review of Shared Equity and its alternatives are undertaken as outlined in the Housing and Communities Action Plan’

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