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Co-Ownership Housing

Northern Ireland Co-Ownership Housing® may be able to help you if you want to buy your first home, but cannot afford to do so without help. You buy a share of your chosen property and rent the remainder from Co-Ownership Housing.

About the scheme

There is a cap on the value of the property that can be purchased through this scheme. This cap is reviewed regularly and currently sits at £175,000.

You can start with as much as you can afford from 50 per cent up to 90 per cent of the property valuation, but is usually set at the maximum percentage considered to be sustainable in each case. You can increase your share at any time, which is known as staircasing.

When you buy a percentage of the property, you rent the remainder from Co-Ownership Housing. The rent is set by the Department for Social Development (DSD) when you buy your property as well as any annual rent increases. The rent charge is based on the share of the property still owned by Co-Ownership Housing – for example, if you own 75 per cent of the property, the rent is calculated on the other 25 per cent.

As you are making the payments, you choose the lender and the mortgage product. Co-Ownership Housing does not insist on a property deposit but your lender may do.

As an owner occupier you will also be responsible for the costs and commitments that accompany property ownership, for instance – insurances, rates, ground rent and service charges, maintenance and repairs.

Who is eligible to apply?

At times Co-Ownership Housing operates a quota system for applications, which means that there may be a cap on the number of applications that can be taken in any given period.

To buy a home with assistance from Co-Ownership Housing you must meet criteria, including:

First time buyers. At the time of buying you must never:

  • owned a property before, either on your own or jointly with someone else

Second time buyers. At the time you apply you must have:

  • no mortgage
  • no property to sell
  • no interest in any property, in this country or abroad
  • concluded any settlement arrangements from any previous relationships

For a step by step guide to applying for Co-Ownership and to access a range of financial/budgeting tools online please use the following links:

Properties

Co-Ownership Housing makes the final decision on whether a property is suitable for purchase and the following criteria will apply:

  • all properties are subject to valuation and in addition must have a purchase price of £175,000 or less
  • new properties must have a 10 year build warranty
  • properties under 10 years old must have the balance of the original build warranty

How to apply

To apply you need a current application booklet and a fee of £250, which covers a £40 valuation fee and £210 legal fee. You will also need written evidence of circumstances to support your application.  Some of this evidence is required in all cases, and some will vary with the individual.

For more information please see the applicant information pack and application booklet available to download on the Co-Ownership Housing website at:

For more about Co-Ownership, contact details and other help, including translated pages please use the following link to go to the Co-Ownership Housing website:

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