Isle of Man Bank has launched a 100% mortgage scheme, designed, they say, to help first time property buyers

They say it's the only such scheme available from a High Street Bank in the Isle of Man. It is available to first and second time buyers and there are a choice of schemes. Applicants will need to show that they can afford to meet the monthly repayments but there will be no need to provide an upfront deposit.

Geoff Gelling, Regional Manager, says the Bank is aware of the difficulty that first time buyers in particular find in raising the up-front funds required to provide a deposit on their first home, especially in a market where property prices continue to rise. "As responsible lenders", he says, "we also want to ensure that potential homebuyers take on a financial commitment that they can afford and we help them in this regard also".