If you want to buy your home, but cannot afford to buy without help, you might be eligible for Co-Ownership. You buy a share of the property and rent the rest from Co-Ownership, a registered housing association.
How co-owning your home works
There's a cap on the value of the property you can buy as a co-owner. The cap is £175,000.
You can start with as much as you can afford from 50 per cent up to 90 per cent of the property's price. This is usually set at the maximum percentage you can afford.
You can increase your share at any time in five per cent amounts. This is known as 'buying out'.
Renting some of the property
You pay rent on the share of the property that Co-Ownership owns. For example if your own 75 per cent of the property, you pay rent on Co-Ownership's 25 per cent. The Department for Communities (DfC) sets the rent and any annual rent increases.
Buying some of the property
You buy as much of the property as you can afford. You're responsible for making payments. You choose the lender and arrange a mortgage. Co-Ownership doesn't ask for a property deposit but your lender might.
As an owner occupier, you will also be responsible for the property costs such as:
- service charges
Eligible for Co-Ownership
To buy a home with help from Co-Ownership, you must meet their criteria and show:
- you can afford to make the payments involved in buying a property
- you don't have an alternative, unassisted route into home ownership
For more information on co-owning your home, go to:
Properties suitable for co-owning
If you want to co-own a home, Co-Ownership decides if the property is suitable for buying. Read about the number of conditions that need to be met .
Applying to co-own your home
You apply online to Co-Ownership. You must pay £100.00 application fee.
Co-Ownership assesses your financial circumstances to check you're eligible for co-owning your home. The application fee isn't refundable.
If you're successful, Co-Ownership will ask you to upload information about the property you want to co-own. You must pay £475 fee for the property survey and some of your legal fees.
To read more about co-ownership, go to: