See how we can help

Get started online

Isle of Man mortgages

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Feb 8, 2023

Isle of Man mortgages

The Isle of Man is situated between the British mainland and Ireland in the Irish sea and while it is British Crown dependent, the isle is self-governing and not part of the United Kingdom.

The territory has its own government and laws, and the British Monarch is represented by a Lieutenant Governor. So how exactly does one go about acquiring a mortgage for property on this island? How can mortgage arrangers like Loan Corp help you secure a new mortgage in this desirable location?

Use our online mortgage calculator as a guide for your monthly repayments now

We are expert mortgage brokers

We have access to over 200 lenders in the UK to get you the best rates

Get your Quote


Can you get a property mortgage on the Isle of Man?

The short answer is yes: you can acquire a property mortgage on the Isle of Man as the Isle of Man has access to most mainstream UK mortgage lenders, however, their mortgage terms are a little different, and to qualify, you need to fulfil one or more of the following criteria:

  • You were born on the island.
  • You have lived on the island for five years.
  • You are married to an islander.
  • You have an island-born parent.

Get started online


UK mainlanders interested in relocating to the Isle of Man will need to rent for five years, after which time they should have no trouble acquiring a mortgage.

Mortgages on the Isle of Man are arranged by an island-based company or local mortgage team, who often deal with subsidiaries of larger UK banks and UK financial services. This can get a bit overwhelming – especially for first-time buyers – but you can seek mortgage advice from Loan Corp to help you through the entire process.

Within the Isle of Man

If you are climbing onto the property ladder for the first time as an island resident, it might be worth seeking a mortgage with an island-based lender.

You can estimate how much you might be able to borrow as a resident using the Isle of Man bank mortgage calculator. Mortgage resources within the Isle of Man bank are exclusive to island residents.

Relocating to the Isle of Man

There are no immigration borders between the UK mainland and the Isle of Man, but that said, you can only apply for a mortgage on the isle if you were born there or have lived there for five years.

The Isle of Man remains one of the most expensive places within the British Isles to buy property. Since the cost of a mortgage and mortgage interest rates depend on the property’s price, eligibility for a mortgage depends on the applicant’s financial circumstances.

Get started online


Isle of Man banking supervision

Applying for a new mortgage or transferring an existing one on the Isle of Man is a very tax-efficient process. This is because all mortgages on the island go through an island lender or bank or a local mortgage team affiliated with a mainland bank.

Since the island is self-governed, residents must pay less tax than mainlanders. An unexpected bonus for islanders looking into new mortgage borrowing is that both the minimum borrowing amount and maximum amount tend to be more generous than they would on the British mainland.

The British financial services compensation scheme does not cover the Isle of Man; however, the island operates the Isle of Man depositors compensation scheme. This last resort funding means that mortgage deposits paid into island banks are more secure should the bank run into difficulty.


Types of mortgage

One type of mortgage might not be the right mortgage for everyone, so at Loan Corp, we aim to find the perfect lender for you, your financial circumstances and your profession.

Apply for a mortgage with our simple online form, and let us match you with the ideal broker to provide all the mortgage help you need.

Repayment mortgages

A repayment mortgage requires borrowers to pay back a fixed amount each month, and these monthly payments go toward paying off the borrowed capital and interest. With a repayment mortgage, you will own your property at the end of the mortgage term.

Repayment mortgage borrowing is supported by island financial services and UK mainland lenders arranged through a mortgage broker.

Interest-only mortgages

With an interest-only mortgage, the monthly repayments only cover the rate of interest and so are substantially less than with a repayment mortgage. However, you are still required to pay back the borrowed capital at the end of the mortgage term.

An interest-only mortgage gives you more time to manage the mortgage payments. New business owners or first-time buyers often prefer to keep some capital free for home improvements and other debts. Interest-only mortgages are more accessible for lower-income buyers or those hoping to purchase property in a more expensive area.

Mortgages for professionals

Our specialist mortgage brokers are experienced in finding the right mortgage lender for your profession and monthly income. Let’s take doctors, for example…

At Loan Corp, we have experts in understanding the mortgage requirements of doctors, nurses and other NHS workers. That means when you submit a mortgage query, we will automatically match you with a broker who knows which Isle of Man banking groups covered similar professionals in the past.

Use our mortgage calculator to get a quote for a mortgage as a medical professional, or make a mortgage appointment to discuss options relevant to your profession and income.

Guarantor mortgages

The Isle of Man is among the most costly places within the British Isles to purchase a property – and, therefore, to get a mortgage. For island residents buying their first home, a guarantor mortgage might be the leg up they need.

For a guarantor mortgage, you need a relative (often a parent) in a better financial position willing to use their own home or savings to support the mortgage: a case of personal or unsecured lending.

Get started online


Mortgage payment breaks

Depending on your mortgage lender, you might be able to take a temporary break in your monthly payments on an existing mortgage.

It is not recommended unless absolutely necessary, as taking a break in payments on an existing mortgage will cause an increase in your monthly mortgage statement.


Mortgage deposit

This is the capital you must put down as mortgage qualifying deposits before the lender hands over any money. 98% of mortgages acquired through Loan Corp require a deposit.

The more money you offer as a mortgage deposit will gain you favour with your mortgage lender and therefore encourage a better interest rate.

Buyers looking to purchase a property on the Isle of Man are required to lay down a minimum of 5%, although an amount closer to 10% is preferred, and anything more will help you secure a better mortgage agreement.


First-time buyers

The Isle of Man is part of the British Isles but not the United Kingdom, which means there are a couple of extra options available to first-time buyers who are island residents.

The island is expensive to buy a home, but the Isle of Man financial services authority has devised two separate schemes to help first-time buyers so they don’t have to move away.

  • First home fixed.
  • First home choice.


To qualify for schemes, a borrower must have been an island resident for at least five years and be a resident at the time of application. These schemes are not available to anyone who already owns a property – either on the island or elsewhere.

Both schemes provide a supporting equity loan of up to 30% of the purchase price. If you are a first-time buyer, a Loan Corp local mortgage team familiar with the island will be able to talk you through the application process and assess your eligibility.


Interest rates

Interest rates are the extra money you pay back in monthly payments for the privilege of borrowing capital from the mortgage lender. Interest rates vary from one mortgage to another, but the details will be laid out in the initial mortgage document.

Get started online



Can any UK resident get a mortgage for the Isle of Man?

Not straight away, no. Unless you were born on the island, you must either live on the island for five years or be married to an island worker before you can apply for a mortgage.

Is an Isle of Man mortgage more expensive than in the UK?

Two of the main factors determining a mortgage rate are the home’s location and the home’s cost. On the Isle of Man, most houses retail for more on the island than on the UK mainland, so mortgages on the island often have higher rates. The exact mortgage rates will depend on the property in question and your credit score.



If you are looking to buy a property on the Isle of Man, there is no reason the mortgage should be any more complicated than buying on the UK mainland. However, dealing with a local mortgage team or an island subsidiary bank can be a little extra stressful, especially for a first-time buyer. So why not let Loan Corp help you with that?

Loan Corp can help broker the perfect mortgage for you, depending on the property you have your eye on and your credit score. Only select banks will offer an island-based mortgage, so start by seeking some advice and let us find the right provider and the best rates so that you can enjoy your perfect home as soon as possible.

Contact us now to get started on your application for free

Get started online