Tynwald approves measures to assist first-time buyers

Government says opportunities for those wanting to buy their first home have 'improved' after a number of changes were given the green light by Tynwald.

It's in the aims of making the First TIme Buyers Scheme more accessible amid the rising cost of living.

Now, government has increased the annual amount people can earn to be considered and removed property price limits.

This will allow those eligible to apply for assistance towards a property on the open market.

Further, the Housing team updated how it considers applications from second-time buyers - with former property owners now able to apply.

Chair the Housing and Communities Board Chris Thomas said this is the 'first step' to improve provision for first-time buyers.

Details of the amendments made to the schemes, and how to apply, can be found by visiting gov.im/firsttimebuyers or by contacting the Housing team on 685955.