The Northern Ireland Co-Ownership Housing Scheme (or "Co-ownership" as its usually abreviated to) is a shared ownership scheme unique to Northern Ireland.
It allows candidates to purchase part of the property, usually with a mortgage, with the balance of the purchase money being provided by the Co-ownership scheme. 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.
You then pay your mortgage as normal plus a small rent to Co-ownership for their share.
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.
It also allows you to chose a home from those available for sale on the open market (up to £150,000) rather than being restricted to Housing Executive, Housing Association or private tenancies. Additionally, rather than a rent which is paid indefinately with no return on your expenditure, Co-ownership means that you have a joint share in the property value and any increase in value.
We are experts in the scheme and will submit your Co-ownership application for you, to ensure that you are successful, and then arrange your mortgage with a lender who is comfortable with the scheme.
For full details either follow the link above to the Co-ownership website or give us a call.