Housing figures under scheme confirmed

This includes open-market properties as well as first-time buyers.

The Minister for Social Care confirmed the interest rate to top loans issued under this scheme is 1% lower than the Bank of England base rate.

Chris Robertshaw said the grants normally reduce 20% of the original value every five years after the purchase date are written off in full after the 25-year term.

Mr Robertshaw was answering a question by Onchan MHK Zac Hall, but also added that his department may consider a change in policy as part of the current Housing Review.

The Douglas East MHK concluded by saying applicants cannot receive financial advice from his department, but so receive at least one detailed statement each year reminding them of their outstanding balance and interest liability.