Co-Own Applicant Criteria

Criteria as at 1 April 2025

Before you apply it’s important that you check out our criteria and make sure that you meet it. Once you apply, the first stage of your application fee, £100, will be charged and is non-refundable.

Area	Criteria
Age	You must be over 18 to apply.
Residency status	You must live in the UK. You may be asked to provide evidence that you have adequate right to reside in Northern Ireland. You have to live in the property as your only residence.
Income & affordability	For us to work out how much you can afford we multiply your income by 4. If you’re applying with another person we multiply your joint income by 4. These multiples are based on total income, before tax. We take a final decision after looking at all the evidence and assessing whether you can afford the purchase in the long term, based on your disposable income. We cannot support applications from people who can afford to buy the property without our help.
Homeowner	You can’t apply for Co-Own if you currently own property which includes owning property or land, including commercial, or being named on any property, in Northern Ireland or elsewhere. We may consider previous co-owners if you meet our qualifying criteria. If you have been a co-owner in the past we may take into account how your previous property was managed and maintained, whether you kept to (i) the terms of the equity sharing lease (including the payment of rent) and (ii) any other arrangements you had with Co-Ownership.
Who should apply	Joint applicants – if you are married, civil partners, or couples living together or intending to live together in your new home, then you must apply together. Single applicant – if you are applying on your own, we would expect that you don’t have joint accounts or joint finances with anyone else.
Occupiers	You must let us know the names of all adults and children who will be living in your new home with you, the applicant(s).
Outgoings	You must give full details of any monthly outgoings you have. These could include loans, car finance, credit/store cards, mail order, childcare, maintenance, and other outgoings.
Outstanding property debit	You must not have any debt to any third party which was secured on a previous home.
Deposit	If you are intending to place a deposit, please tell us in your application so that we can issue an accurate offer. If you already have a significant deposit or if we think you may be able to save for a deposit, you may not be suitable for Co-Own. We do not require a deposit, but some lenders do. Check out the Help & Support section of our website for a current list of Co-Own lenders. If all or any part of the property deposit comes as a gift from a friend or relative, we can count it towards your starter share. With your application, you must provide confirmation from the person making the gift, stating the amount and purpose.
Previous relationships	You must have concluded any settlement arrangements from all previous relationships. If you have previously been married and are divorced or separated this must be declared on your application. You will need to provide evidence of your settlement arrangements such as a financial separation agreement. If you do not have this, please contact us to discuss your circumstances.
Credit assessment	When you apply to Co-Own we will perform a full credit assessment to determine your affordability. Part of this assessment is to look at your credit file, not your score, using the Experian credit reference agency. We will look at your credit history which will include things like, if you have any credit cards or loans, the amounts of these, your repayments of these, and if you have any missed or late payments. Your credit history shows how you have managed your credit up to now and is taken into account as part of our decision. We recommend you get a copy of your credit report before applying and check it, including any previous addresses you may have lived at. If you have a query about an entry on your credit report this must be shown as resolved before you apply. Things that will affect your credit assessment include, but are not limited to: The amount of credit (total balances outstanding) and type of credit commitments that you have Credit card utilisation Any late or missed payments Any defaults – the number, amount and nature of these Court judgements, bankruptcies, individual voluntary arrangements (IVAs)
Managing your bank accounts	We will review 3 months bank statements for all active current accounts, as part of the application. If these show any unauthorised overdrafts, returned Direct Debits, or bank charges for unauthorised usage, you will not be eligible for Co-Own. If you are heavily reliant on credit or an overdraft to pay your household costs and other outgoings, you may not be eligible for Co-Own.
Debt management	Before making an application to Co-Own, any of the following arrangements must have been settled (and be shown as settled on your credit file) for the stated period: Debt Relief Order – 6 years Bankruptcy – 6 years Individual Voluntary Arrangement (IVA) – 6 years Payday Loans & Home Credit (or equivalent products) – 12 months Money Judgements – 12 months The following arrangements also need to have been settled in full and will affect your credit assessment: Debt Management Plans Defaults Missed or late payments If you have had a minor default/debt management plan within the last 12 months and it has been settled we will take this into account in your credit assessment. If, however, the default(s)/debt management plan involved a higher balance or there were multiple defaults/debt management plans you must wait for 12 months after the last of these has been noted as settled on your credit file before making an application. If you have had a missed or late payment within the last 12 months we will take this into account in your credit assessment. If, however, you have regular missed and/or late payments you must have 12 months clear payment history on the account. Just remember that you can have no adverse credit at the time of making a Co-Own application.
Employment	The following types of employment are acceptable, and you must be with your current employer for at least the following period before you apply as indicated below. You must not be under notice of termination of employment or redundancy. Permanent – normally 6 months plus Fixed Term – Minimum of 6 months remaining on your current contract and be able to supply most recent 2 years of P60s Temporary – 12 months plus Zero Hours Contract – 12 months plus Self Employed – see ‘Income’ section below If your position has changed, for example, from e.g. fixed term or temporary to permanent we may take this into account. Please contact us to discuss.
Income	You must declare all income for the household at the time of application. We require evidence of the amount and nature of all income. We require payslips for at least the last 3 months of employment. If you’re self-employed you’ll need to provide SA302 summaries in Northern Ireland for the last 2 years and also the full tax return for your latest SA302. You will also need to have been trading with no breaks for at least the last 3 months. In addition, company directors must provide 3 months’ payslips. If you have experienced a significant change in your income/company income in the last 12 months we may not be able to support your application. You should contact us before applying to help us understand your current situation. We may require further information such as your last 3 months business bank statements. We may accept income from more than one employment. Our general criteria apply to all jobs. We accept income earned from overtime, bonuses, commission and allowances up to 50% where sustainable.
Other income	If your monthly income is heavily reliant on benefits or other unearned income, we recommend that before you apply to Co-Own you speak with a mortgage adviser / lender as your type of income may impact on your ability to get a mortgage. We will consider the following other income: Pension – both private and state pensions Pension Credit Employment And Support Allowance (ESA) Disability Living Allowance (DLA) Personal Independence Payment (PIP) Incapacity Benefit Child Benefit – for up to 2 children in the household if they are aged 14 or under at the time of application. Universal Credit – can consider child and disability elements (if available). We do not consider the housing element. Maintenance – we may accept maintenance payments from a former partner for up to 2 children in the household aged 14 or under at the time of application. This may be a private arrangement or court approved. You must provide evidence of the amount and payment history. Carers Allowance Foster carer fees Sorry but we do not accept Housing Benefit as other income.
Savings	Any savings over £13,000, in whatever format, must be put towards a deposit.
Lifestyle, spending decisions	All applicants must prove they have been able to afford their current lifestyle, regular outgoings will be taken into account as part of the assessment. They must also prove they will be able to afford the commitment of owning their home through Co-Own from their current disposable income.
Application information	All application information must be correct and true. Any fraudulent, false or misleading information, statements or omissions in respect of an application may be sufficient grounds for the application being cancelled. For further information see the Co-Ownership Terms & Conditions (Declarations) on our website.
Previous applicants	Applicants who were previously declined are required to wait at least 3 months from the date of their decision before reapplying. However, if your application was declined due to information on your credit file that has since been corrected, we may waive the 3 month waiting period. Please contact us to discuss your circumstances. Any fraudulent, false or misleading information or omissions in respect of an application or a vexatious application will mean that an applicant will not be able to make another application for any of Co-Ownership’s products for 12 months from the date of cancellation of the application. Please remember that you will be charged for a new assessment when you apply again, so be sure to check that you meet all the criteria before submitting a new application.
Change in circumstances	If your circumstances change at any stage during an application you must let us know about this. We will review your circumstances. This may result in your application being revised or withdrawn.