Mortgages
Mortgages on the Isle of Man
We make arranging mortgages on the IOM a very straight-forward process
Arranging a mortgage on the Isle of Man should be a very straight-forward process. We have access to the main UK mortgage lenders which offer a wide range of different mortgage products on the island. To be able to have a mortgage on the Island it has to be arranged through an Isle of Man based company and therefore we deal with the local subsidiaries of the larger UK banks and building societies.
This allows Manx residents to claim an element of tax relief on the mortgage interest that we pay making borrowing against your property a very tax efficient process up to certain limits. This tax relief also applies to any personal or unsecured lending arranged via companies on the Island.
On the Isle of Man
You have to employ an advocate to purchase the property on your behalf. When requesting a conveyance quotation from an advocate they will provide you with a figure that includes not only their own fees, the property, utility and land searches that are required, but also the Government registration fee.
This is the Isle of Man version of UK stamp duty and is currently charged at a Standard rate, for people that will only own a single worldwide property following the transaction or Owner Occupier charge, for those with more than one worldwide property in ownership. To calculate the Land Registration fee for your purchase please see the Government’s on-line calculator here.
Lending on the Island also tends to be more generous than in the UK with some lenders offering up to 5 ½ times an income. The main reasons for this are the lower tax rates that Manx residents pay and also the additional benefit of tax relief that is receivable against mortgage interest.”
So whether you are moving to the Isle of Man, looking to buy your first house, switch to a new lender or just looking to move please feel free to complete our online form here.
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