The Department of Social Care has today launched their Consultation on Shared Equity Schemes. The Department proposes that these will replace the current Housing Purchase Assistance Scheme (HPAS) when it expires in July 2014.
 
Shared equity gives those wishing to purchase a home, but cannot afford the full price, an opportunity to buy less than a 100% stake in the property, and also allows for the stake to be increased to 100% at a later date.
 
The proposals are for two distinct schemes:
 
First Home Choice aims to assist First Time Buyers to purchase a property on the open market.
 
First Home Fixed will have stricter qualifying criteria and aims to assist First Time Buyers on lower incomes, to purchase a Government Approved First Time Buyer Property.
 
Minister for Social Care, Hon Howard Quayle MHK commented:
“The House Purchase Assistance Schemes, since 1999, have assisted over 1,375 households to purchase their own home. However, the recent Housing Review found that the current Scheme was not well targeted on need, and suggested that shared equity would provide a fairer and more sustainable way of delivering continued Government assistance to First Time Buyers.”
 
The purpose of this consultation is to invite comments and feedback on the proposed Schemes. It will run for six weeks ending at 5pm on Friday 2nd May 2014.
 
Further information can be found at
 
http://www.gov.im/consultations.gov?menuid=16916&type=current