Colby properties let 20% below market price
A pilot scheme which could help first-time buyers save for a house deposit has been announced by the government.
The Department of Infrastructure is introducing a ‘mid-rent’ initiative, where a small number of properties will be let at prices 20% below the market rate, to allow tenants to save enough cash to purchase their owns home.
Only those who’ve never previously owned property can apply, and must earn below a certain income.
For a single person that’s £35,000, for a couple its £55,000 and for a couple or single parent with one or more children, £60,000.
Each tenancy last for only 12 months, and tenants must demonstrate they’ve found the mid rent scheme beneficial towards saving towards buying a home.
The Department will first trial the initiative in five newly built properties at Cronk Cullyn, in Colby.
Douglas Council rules out rent-to-buy scheme
Postal services to USA still suspended
Heavy rain prompts yellow weather warning from Ronaldsway Met Office
Manx business hopes to raise awareness of wig vouchers
MiCard users advised to take money out before the end of the year