Deposits are biggest barrier to getting on property ladder

Manx residents have told a survey about barriers to first-time buyers getting on the property ladder the biggest difficulties are financial.

Island Global Research carried out an online survey earlier this year asking about mortgages on the Isle of Man and Channel Islands.

124 first-time buyers from the Isle of Man took part - 73 per cent said the biggest problem was saving for a deposit.

53 per cent cited the affordability of mortgage repayments, while 45 per cent said their biggest problem was the amount they could borrow.