Co Ownership Mortgages
Northern Ireland Co Ownership Housing Scheme
The Advantages of a Co-Ownership Mortgage
It allows candidates who can’t afford the full mortgage for the property to purchase the part of the property they can afford and the reminder of the property is then owned by Co-Ownership. You pay a pre agreed monthly rental payment for the proportion Co-Ownership own (much lower than a full rental payment) along with a monthly mortgage payment for the share that you own. The starting point is normally 50/50 but other percentages are available and you can increase your share in your home as your finances allow.
Co Ownership Helps Affordability
It shouldn't be regarded as a long term solution and we always encourage candidates to "Staircase" or buy additional shares as soon as they are able to. It has helped many people into home ownership who otherwise would have fallen short on affordability.
Become a Homeowner with Co Ownership
It also allows you to choose a home from those available for sale on the open market rather than being restricted to Housing Executive, Housing Association or private tenancies. Additionally, rather than a rent which is paid indefinitely with no return on your expenditure, Co-ownership means that you have a joint share in the property value and can benefit from any increase in value.
NI Mortgages can Help with Co Ownership Applications!
Co-Ownership has their own set of criteria and costs associated with applying to them, which can be daunting if you are a
first time buyer for example. Here at NI Mortgages we are your local experts in the scheme and will fully submit your Co-ownership application on your behalf, to ensure that you are successful and so you don’t waste any of your time or money. We will also then arrange your mortgage with a lender who is comfortable with the scheme because not all mortgage lenders are acceptable of shared ownership schemes.
Mortgages
NI Mortgages are proud to offer the best mortgage advice specifically for Northern Ireland customers. Speak to a mortgage advisor who is based in Northern Ireland, not in a UK call centre, who knows the local mortgage market inside and out.
Life Insurance
At NI Mortgages in Newtownards we can help you find the best protection package to suit your own needs with Life insurance, Critical illness insurance, Income Protection & Home insurance available through all of the major UK insurers we can find the cover which is right for you at the best possible price.
Equity Release Mortgages
If you are 55 or over and you own your own home, you could qualify for an equity release plan and unlock a lump sum from your property to help you enjoy the retirement you want.