£165 Million Secured for Co-ownership
The Co-Ownership housing scheme has secured £165 million to provide investment towards the provision of 2,800 homes across Northern Ireland. This will not only enable in the region of 4,000 people to take their first step onto the property ladder but will also encourage the creation of 100’s of jobs in the construction industry.
£65 Million of the funds have been raised through private finance from the Bank of Ireland who’s new facility compliments the £100 million already available from the government's department of communities. Currently, this is one of the largest investments in both the people of Northern Ireland and the local economy.
To date co-ownership has helped over 26,000 households onto Northern Ireland's property ladder and this number will continue to grow thanks to the new investment plans.
Co-Ownership is aimed at both first time buyers in Northern Ireland and those attempting to return to the property market. The scheme allows borrowers to purchase a share of their chosen property between 50% and 90% and they will then pay rent on the remaining share, only homes valued at £150,000 or less will be eligible for the scheme. Purchasers can then increase their share in the property when they can afford to do so this is known as staircaising.
To see if you are eligible for the co-ownership scheme contact us today. Our mortgage brokers deal with co-ownership applications on a regular basis and are well placed to guide you through the process.