Isle Of Man / Ellan Vannin

Extra funds for successful Manx first-time buyer scheme

A scheme to help first-time buyers in the Isle of Man has been so successful that the Department of Social Care is to ask Tynwald for an extra £2.8m.

It will pay for financial assistance given to more than 120 people, within this tax year, to enable them to buy their own newly built homes.

The department had originally approved just over £1m for the House Purchase Assistance Scheme.

The top-up was needed because the new homes were built ahead of schedule.

'Good news'

The request will be put before Tynwald this week.

Social Care Minister Martyn Quayle said: "We've had a very successful year so far in that we've been able to complete some schemes earlier than was envisaged.

"That's good news for ourselves, for the construction sector and also for first time buyers.

"Indeed the private sector has also done very well in bringing some of the schemes to earlier completion than was envisaged."

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