Shared Ownership

The Northern Ireland Co-ownership Scheme enables you to buy a share of your home (between 50% and 90% of the property’s value) and pay rent on the remaining share, which will be owned by the Northern Ireland Co-ownership Housing.

You will need to take out a mortgage to pay for your share of the purchase price of your new home.

You can buy more shares in your home any time after you become the owner. This is known as stair-casing.

The Northern Ireland Co-ownership Scheme has been running since 1978 and has enabled many first time buyers to enter the housing market. The scheme has helped over 26,000 households to purchase the homes of their choice.

Over 8,000 homes across Northern Ireland are currently Co-Ownership homes.

Under this scheme, you mortgage part of the property and co-ownership provide the balance of the purchase cost. Often no deposit is required. Co-ownership owns a percentage of the property, so if the house is sold, they will get that percentage of the sale price.

You can of course buy out co-ownership at any stage if your circumstances allow you to do so either by increasing your mortgage or paying back a lump sum.

There are disadvantages and advantages to the scheme. Cookstown Mortgages Services are knowledgeable, experienced and well-practiced in dealing with the Northern Ireland Co-ownership Scheme and arranging co-ownership mortgages to suit.

The Northern Ireland Co-ownership Scheme has a website which comprehensive explains co-ownership and has a number of leaflet and booklets which can be downloaded which explain shared ownership / co-ownership.

Please be aware that by clicking on to the above links you are leaving Mortgage Services Cookstown’s website. Please note that Mortgage Services Cookstown is not responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

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