Co-Ownership NI !
You will still need to take out a mortgage to pay for the remaining share of the home’s purchase price. Co-Ownership is a Shared Ownership scheme exclusive to Northern Ireland.
If you hope to own your own home but you can’t quite afford a mortgage, or you are struggling to save a sizeable deposit Co-Ownership may help you onto the property ladder.
Who is eligible for Co-Ownership ?
Advantages & Disadvantages of Co-Owership !
Advantages of Co-Ownership
- Co-Ownership is an affordable way to get onto the property ladder.
- No deposit required this is probably what attracts the majority of first time buyers in Northern Ireland to co-ownership.
- You can continue to increase your shareholding in the property until you own it completely. This is known as staircaising.
- Even with rent and mortgage combined it s still generally more affordable than a full mortgage.
Disadvantages of Co-Ownership
- Not all lenders cater for Co-Ownership so there will be a limited number of products available and you may not be able to secure one of the better rates on the market.
- If the properties value increases you will have to pay more to buy the remaining share.
- Currently 02/11/2016 there is a property value cap of £150,000, so if the property you wish to purchase exceeds this it will not be eligible for the co-ownership scheme.
- If you decide to make any changes to the property using a further advance you will have to seek approval from the co-ownership scheme.
- If your circumstances change and you decide to rent your property out you will need to seek approval first.
How can you Apply for a Co-Ownership NI Mortgage ?
Our Mortgage Brokers deal with co-ownership applications on a regular basis we do not charge a fee for our services and would happy to guide you through the process from start to finish. Contact a mortgage broker today and get your application under way.