More people can now access Government support to buy their first home after income thresholds were raised across the island’s shared‑equity schemes.
Changes approved by Tynwald in July increase eligibility for both the First Home Fixed and First Home Choice schemes, alongside a simpler interest structure and new flexibility for reducing Government equity in the first five years under First Home Choice.
Income limits have risen across all household types. Under First Home Fixed, thresholds now range from £40,000 for a single applicant to £64,000 for households with two or more children. Discounted property price caps have also increased, from £180,000 to £222,000 depending on household size and home type.
For First Home Choice, income thresholds now span £48,000 to £77,000.
Both schemes now offer no interest in year one, a fixed 2.5% rate for years one to five, and thereafter a rate set at 1% above the Bank of England Base Rate, capped at 5%. Applicants with a ‘no recourse to public funds’ condition remain ineligible.
Tynwald has also approved changes to the Public Sector Housing Allocation Policy, coming into force on October 1, 2026, introducing annual inflation‑linked updates to income thresholds and giving social housing authorities more flexibility in exceptional cases while keeping housing need as the primary factor.
