How does it work?

Simply put, we buy a home together. Either with savings or the sale of your current home you buy the share of a house that you can afford, and we buy the rest.

We have put together a step-by-step guide to explain how you can buy your new home with Co-Own for Over 55s. However, as everyone is different you might prefer to have a chat with one of our customer advisers so don’t hesitate to give us a call on 028 90327276 or email hello@co-ownership.org.

9 Steps to owning your home with Co-Own for Over 55s

1. Understand your finances

When you apply, we’ll need you to tell us about your financial circumstances.

If you currently own a home

We’ll need to know the estimated cost difference between your current home and the property you would like to buy. You can do this by:

Asking an Estate Agent to carry out a valuation on your current home to find out how much it is worth.
Searching for your preferred property to get an idea of how much it will cost.

If you have a mortgage on your current home, this will need to be repaid to the lender when it is sold. Contact your lender for your remaining balance. The net equity of your home is how much it's worth minus any outstanding mortgage. This is an indication of how much you can put towards your share of your new home.

If you do not currently own a home

We'll need to know how much savings you will be contributing towards your share.

Remember, the net equity in your home, or your savings must be at least 50% of the purchase price of your new home.

2. Apply

You can apply online or call us on 028 9032 7276 to arrange an appointment and we can help you complete your application. (£100 non-refundable assessment fee). To arrange an appointment please click here.

3. Get approved

If successful, you’ll receive your Co-Ownership Approval that you can share with your estate agent and seller. Your Co-Ownership Approval is valid for 6 months.

4. Get your house sale agreed

If you currently own a home it's time to put it on the market, if you haven't done so already.

5. Find a home

Find a home up to the amount in your Co-Ownership Approval and upload the details to your application. (There’ll be a £550 property fee which covers a property assessment and most of your legal fees for buying your new property).

6. Get your home approved

We’ll carry out a property assessment to check it’s of a good standard and represents value for money. If all is in order we’ll agree the share we can purchase with you.

7. Get an offer

You'll receive a formal offer for us to purchase a share of your new home. If you currently own your home it needs to be sale agreed at this stage.

8. Do the legal work

We will work with you and your solicitor on the purchase of your new home. Your solicitor will also manage the sale of your current home if you have one.

9. Move

Moving house is exciting but busy – enjoy your new home.