GOVERNMENT’S first-time buyers scheme has been extended for up to 2 years.
It has helped more than 1,250 people to buy their first home in 10 years.
Social Care Minister Chris Robertshaw MHK successfully moved the House Purchase Assistance Scheme 2012 in Tynwald last week.
It means that the scheme – which was due to come to an end in July – will continue.
He explained the Department of Social Care was currently looking into the way that it provides support to first-time buyers, and that a shared equity scheme was likely to be introduced in place of the current scheme.
Mr Robertshaw said: ‘It should be seen as an interim measure to operate for up to two years. I fully expect to be back within that time scale with an alternative scheme for consideration.’
Douglas South MHK Kate Beecroft (Lib Van) said she had always had concerns about the current first-time buyers scheme, saying: ‘The scheme as it is, I feel, is more helping the developers rather than first-time buyers.
‘I would very much welcome the new proposals he is hoping to bring forward.’
Mr Robertshaw said: ‘We will bring forward a new scheme as soon as we reasonably can.
‘We won’t push it. It needs to be considered very carefully indeed.’
Under the scheme, a grant is available to add to a mortgage and savings to buy an existing or new open market dwelling up to £150,000.
It also provides a top up loan in addition to a mortgage, any grant and savings to buy a new ‘approved’ property up to £150,000. ‘Approved’ properties are only allocated to people on the first time buyer register.
Single applicants or joint applicants with a maximum approved income of £35,000 per annum are eligible.
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