0330 043 0327
0330 043 0327
WRITTEN BY
Richard Aston
Mortgage Adviser

Jan 05 2023

In this Guide

Your home may be repossessed if you do not keep up repayments on your mortgage

Co-ownership Mortgages in Northern Ireland

Co-ownership NI is a government scheme which will allow a successful applicant to buy a share of their home (between 50% and 90% of the properties value) and pay rent on the remainder.

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.

Advantages & disadvantages 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.

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 £190,000 (as of 3rd Feb 2023), 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 mortgage

The application process for a co-ownership mortgage is a little more complicated than a standard residential mortgage, this is because you must apply to both the co-ownership scheme directly and you must also arrange the finance for the remaining share of the property.

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.

The Latest 95% LTV First Time Buyer Products

The products below are based on a purchase price of £150000 with the applicant contributing a depsoit of £7500 which means the loan amount would be £142500. All of the products listed are based on a mortgage term of 30.

2 Year Fixed Rates
5 Year Fixed Rates
Tracker Rates

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£791.31
Initial Monthly Payment
2 year fixed
Rate Type
£995
Product Fee
5.3%
Initial Rate
8.24%
Follow on Rate
7.99%
APRC
£18991.44
Initial Period Cost

Residential capital repayment mortgage. Standard variable rate 8.24%, Cash Back £0.00, Total fees £1,165.00. An early repayment charge is applicable to this mortgage for the first 3 years

Your rate of 5.3% will last for the first 24 months of your mortgage (the 'initial period'). After that, you'll switch to the lender's standard variable rate (SVR). For Progressive BS that's 8.24%. Based on what you've told us, your loan to value (LTV) is 95%, the maximum loan to value for this product is 95%. The total cost of this mortgage is £328779. That's the total cost you will pay over the whole term of the mortgage.

Subject to eligibility
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£794.85
Initial Monthly Payment
2 year fixed
Rate Type
£999
Product Fee
5.34%
Initial Rate
7.49%
Follow on Rate
7.4%
APRC
£19076.4
Initial Period Cost

Residential capital repayment mortgage. Standard variable rate 7.49%, Cash Back £0.00, Total fees £1,079.00. An early repayment charge is applicable to this mortgage until .

Your rate of 5.34% will last for the first 24 months of your mortgage (the 'initial period'). After that, you'll switch to the lender's standard variable rate (SVR). For Nationwide BS that's 7.49%. Based on what you've told us, your loan to value (LTV) is 95%, the maximum loan to value for this product is 95%. The total cost of this mortgage is £298854.84. That's the total cost you will pay over the whole term of the mortgage.

Subject to eligibility
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£811.78
Initial Monthly Payment
2 year fixed
Rate Type
£999
Product Fee
5.53%
Initial Rate
8.24%
Follow on Rate
8.1%
APRC
£19482.72
Initial Period Cost

Residential capital repayment mortgage. Standard variable rate 8.24%, Cash Back £0.00, Total fees £1,099.00. An early repayment charge is applicable to this mortgage for the first 5 years

Your rate of 5.53% will last for the first 26 months of your mortgage (the 'initial period'). After that, you'll switch to the lender's standard variable rate (SVR). For Halifax that's 8.24%. Based on what you've told us, your loan to value (LTV) is 95%, the maximum loan to value for this product is 95%. The total cost of this mortgage is £328779. That's the total cost you will pay over the whole term of the mortgage.

Subject to eligibility
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