Crews were called to the scene on Albany Road in the town shortly after 00:30 following reports of a fire at a residential property, which is believed to have started in the kitchen.
Three pumping appliances have responded to the scene and are working to extinguish the flames.
Several Police units are in attendance alongside paramedics from the Isle of Wight Ambulance Service.
Residents living in the area have described how they were awoken by the commotion with a strong smell of burning.
UPDATE @ 09:20 – A man has escaped injury after climbing out of a window during this morning’s blaze.
Three contingency pumps including one from Hampshire Fire and Rescue Service, and a fourth pump from East Cowes, have successfully tackled the fire overnight which has severely damaged the ground floor of the Albany Road home.
Firefighters used breathing apparatus to enter the building and extinguish the blaze.
The occupier was not conveyed to hospital.