Isle of Man Mortgages
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 we have to employ an advocate to purchase the property on our 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 the rate of £5.70 per £1,000 of property being purchased which is considerably cheaper than stamp duty.
Lending on the Island also tends to be more generous than in the UK with some lenders offering up to 6 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.
At Financial Options we can guide you through the whole mortgage process. We do not charge for our services, all of our advice is free. Instead, we get paid by the banks and also earn commissions from life assurance and buildings and contents policies that we sell.
So whether you live on the Island, are moving to the Isle of Man, looking to buy your first house, switch to a new lender or just looking to move please e-mail our advisers at [email protected] or complete our online mortgage form.
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