A new rent-to-buy scheme aimed at helping islanders struggling to save for a mortgage deposit has been launched in partnership developers Hartford Homes and Dandara.
The initiative, operated by island-based company Own Homes, will allow eligible buyers to move into a new-build property without first saving a traditional mortgage deposit.
Instead, buyers will make an initial payment before continuing to build their deposit through monthly payments while living in the home, with the aim of purchasing it outright through a conventional mortgage within five years.
Homebuyers must prove their eligibility for a mortgage on their preferred home from the start, subject to saving the deposit.
The scheme is available on new-build homes worth up to £600,000 through Own Homes’ partner housebuilders.
Pre-registration has opened ahead of applications launching in November.
Own Homes founder Chris Lee said the scheme is designed to help people who can afford mortgage repayments but struggle to save the large deposits required to enter the housing market.
The launch comes amid continued concerns over housing affordability on the Isle of Man, with recent government figures showing average house prices approaching £394,000.
