Co-Ownership is Northern Ireland’s Shared Ownership scheme where you buy a share of a house (minimum 50%) and Co-Ownership buy the rest. You pay the mortgage on your bit and pay Co-Ownership rent on their bit, and you may not need a deposit. When you’re able to, you can increase your share in the house bit-by-bit until you own it all.
Co-Ownership is the not-for-profit organisation that can give you a helping hand onto the property ladder. They have helped over 27,000 people into home ownership in Northern Ireland over the past 40 years. The organisation provides two alternative routes to home ownership if you find that a full mortgage is just out of reach – Co-Own or Rent to Own.
Co-Own is a shared ownership plan. You buy the share that you can afford and Co-Ownership covers the rest. You then pay the mortgage on your bit and pay rent to Co-
Ownership on their bit. Because the rent is set lower than the market rate and the mortgage you need is smaller, your monthly repayments could be less than they would be if you’d bought outright. When you’re able to, you can increase your share in your home bit-by-bit until you own it all.
Rent to Own
Rent to Own enables you to rent a new-build of your choice for up to 3 years with the aim to buy it. The big difference between traditional renting and Rent to Own is that you choose a new build house and Co-Ownerships buys it for you to rent from them. You then commit to a
3-year plan with the aim of buying your home. When you’re ready to buy, you benefit from getting your down payment back plus your tenancy deposit and a 25% rebate to use as a deposit against a full mortgage or Co-Own.
To find out more about Co-Own or Rent to Own and how to apply please get in touch with us!