As an adviser, you understand your customers' goals and challenges. Many aspire to home ownership but face difficulties around saving for a deposit and the affordability of mortgage payments in today's market. We aim to help remove or reduce these obstacles.
Why recommend Co-Ownership?
Co-Ownership expands your customers' options by offering them the ability to purchase a share of their home with a smaller mortgage (potentially without the need for a deposit) or savings, making ownership affordable.
It's transparent and straightforward. Customers know exactly what they're paying each month, why, and how much they own. Over time, they can increase their share of their home all the way to full ownership, building equity as they go.
As we're government-funded and regulated, both you and your customers can have confidence in the stability and credibility of our service. And it works across different life stages. Whether your customer is a first-time buyer, a young family, or aged 55 and over with savings or equity in their current home, we have a product that works.
Our Products
How it works
Your customer buys a share of a home (between 50 and 90%). Co-Ownership buys the rest.
They pay a modest monthly rent on Co-Ownership's share, and Co-Own customers also pay their mortgage on their share.
They own their home, make it theirs, and increase their share whenever they choose.
Building towards full ownership
One of shared ownership's key advantages is flexibility. Your customer, our co-owner, can increase their share at any time through a process called buying out. As their financial situation improves - through higher income or increased savings - they buy a larger share and pay less rent to us. Eventually, they could own 100% of the property.
There's no time pressure. Some co-owners reach full ownership within 5-10 years; others take longer, and some choose to remain at their initial share. It's entirely flexible and based on their circumstances.
Customer eligibility
Co-Ownership welcomes anyone who meets our criteria, and we assess each application individually.
Key requirements typically include:
- Co-Own: First-time buyer, or do not currently own a home. Resident in Northern Ireland. Able to afford a mortgage on their share and rent on Co-Ownership's share.
- Co-Own for Over 55s: Aged 55 or over. Resident in Northern Ireland. Able to afford rent on Co-Ownership's share. Have a lump sum available to purchase their share of the property.
Check our full eligibility criteria for each of our products.
Costs and affordability
Initial costs include an Application Fee (£100), Property Assessment Fee (£120), and a Legal Fee (£480). Ongoing costs that your customer would need to budget for include a mortgage on their share (if applicable), rent on Co-Ownership's share, rates, buildings insurance, and maintenance - standard homeowner costs.
The rent on Co-Ownership's share is typically lower than private market rent, and the overall cost of our rent and a mortgage combined is often significantly lower than a mortgage alone on a full house purchase. This makes shared ownership affordable.
Your role
You'll support your customer from application through to completion. Your customers can apply directly to Co-Ownership, or you can submit their application on their behalf via your online account. Once submitted, we communicate with whoever submitted the application - you or your customer - throughout the process.
You handle their mortgage application and any associated services you provide. We handle affordability assessment, property checks, and the Co-Ownership-specific elements. The process typically takes the same length of time as any other house purchase.
Once your customer becomes a co-owner, you're well-positioned to advise on buying out, remortgaging, and other life changes. Our team is always available to answer questions and support you as required too.
Log in or create an online account to submit an application on behalf of your customer.
FAQs
Want to learn more about Co-Ownership?
Get in touch with our Business Development team today to find out how we can help more of your customers become homeowners.
