How does the Co-Ownership scheme work?
Co-Ownership NI is a shared ownership scheme exclusive to Northern Ireland. You buy a portion of your home — typically between 50% and 90% — and Co-Ownership purchases the remaining share.
You take out a mortgage on your share and pay rent on the share owned by Co-Ownership. The rent is set below typical private rental levels, helping keep monthly costs manageable.
Although Co-Ownership owns part of the property, it is 100% your home. They do not live in it, and you are responsible for maintaining it just like any homeowner.
Advantages of Co-Ownership
- No deposit required in most cases — ideal if saving a deposit has been difficult.
- Lower monthly costs compared to buying outright.
- Rent plus mortgage is often cheaper than private renting.
- You can increase your share over time (known as staircasing).
- A practical stepping stone to full home ownership.
Is Co-Ownership right for everyone?
While Co-Ownership is a fantastic option for many buyers, it’s important to understand the limitations.
- Not all lenders offer Co-Ownership mortgages, so product choice is more limited.
- If property prices rise, buying additional shares may become more expensive.
- You must seek permission for structural changes or renting the property out.
- The maximum property value is currently £210,000 (criteria as at April 2025).
Who can apply for Co-Ownership in Northern Ireland?
Most Co-Ownership customers are first-time buyers, but previous homeowners may also qualify in certain circumstances.
- You must be 18 or over and live in the UK.
- You must not currently own any property or land.
- The property must be your main residence.
- If applying as a couple, you must apply together.
- You must have the right to reside in Northern Ireland.
Income, affordability and credit checks
Co-Ownership will carry out a full affordability assessment before approving your application.
- Income is typically assessed at around 4x household income.
- Three months’ bank statements are reviewed.
- You must be able to afford mortgage payments, rent, and household costs.
- Payday loans or home credit within the last 12 months are not accepted.
- Bankruptcy, IVAs or DROs must be fully satisfied for at least 6 years.
Co-Ownership uses Experian to review your credit history, not just your score.
What type of property can you buy?
Co-Ownership can be used to purchase new-build or existing homes anywhere in Northern Ireland, subject to criteria.
- Maximum property value of £210,000.
- Must be in good condition and suitable for lending.
- New builds require a valid 10-year structural warranty.
- Properties requiring major works may not be accepted.
Can I buy more of my home later?
Yes. You can increase your share at any time in increments of 5% or more, or buy Co-Ownership’s share outright.
Many buyers choose to increase their share when their income improves, debts reduce, or when they remortgage.
Buying out earlier can reduce the cost over time if property prices rise.
What does the Equity Sharing Lease mean?
When you buy through Co-Ownership, you sign a 99-year Equity Sharing Lease.
- You are responsible for mortgage, rent, insurance, rates, and maintenance.
- If payments are missed, your home could be at risk.
- You must maintain the property to an acceptable standard.
- Subletting or running a business from the property is not permitted.
How do I apply for Co-Ownership?
The application process involves two stages — applying to Co-Ownership and arranging your mortgage.
- Apply to Co-Ownership and receive approval (valid for 4 months).
- Find a suitable property within your approval limit.
- Arrange your mortgage for your share of the property.
- Complete legal work and move in.
Our mortgage brokers deal with Co-Ownership cases every day. We know which lenders support the scheme and how to avoid delays or declines.
Thinking about Co-Ownership?
If saving a deposit feels out of reach, Co-Ownership could be your route onto the property ladder.
Speak to one of our mortgage brokers today for free, no-obligation advice. We’ll assess whether Co-Ownership is right for you and guide you through every step of the process.