First time buyer scheme needs re-think says Minister

Government says its first time buyer scheme now needs a re-think.

Treasury will submit an extension to it to Tynwald despite saying it's coming to the end of its strategic lifecycle and ready to expire. 

The department is working on a new scheme which includes shared equity - meaning homes would only be part owned by house buyers.

Minister Eddie Teare says it’ll be ready in six to nine months, and is set to be more sustainable, fairer to taxpayers, and better suited to borrowers.

He says it’s important to help boost the next generation: