Co-Ownership is the only provider of shared ownership housing in Northern Ireland. If you're searching for shared ownership in Belfast, Derry~Londonderry, or anywhere else across Northern Ireland, it's Co-Ownership you're looking for. We are regulated and part-funded by the Department for Communities, and we've been helping people across Northern Ireland buy a home of their own for more than 45 years - people who, without our help, may never have realised that dream.
Shared ownership in England works differently. It's delivered by housing associations under separate rules, funded and regulated by Homes England and the Regulator of Social Housing, rather than the Department for Communities. The English model does not operate in Northern Ireland, and Co-Ownership does not operate outside it.
Key differences at a glance
The biggest differences to be aware of are that Co-Ownership customers can choose almost any home on the open market that meets our criteria rather than being limited to new-build properties, our customers can buy up to a 90% starter share compared with a 75% limit in England, and Co-Ownership customers can sell their home to anyone at market value at any time, rather than first having to offer it to qualifying customers nominated by their provider.
Is Co-Ownership the same as shared ownership in England?
Not exactly. Co-Ownership is Northern Ireland's own version of shared ownership, built around the same basic idea (buy a share of a home, and pay rent on the rest) but delivered under different rules. In Northern Ireland, it's funded and regulated by the Department for Communities, rather than by Homes England or the Regulator of Social Housing as it is in England, and several terms are different as a result.
How Co-Ownership and Shared Ownership compare
Since the two are regulated, funded and structured differently, terms you might read about shared ownership in England (like staircasing caps, lease lengths, or the nominations process for selling) don't apply if you're buying in Northern Ireland.
If Northern Ireland is where you're looking to buy, Co-Ownership's rules are the ones that apply to you.
| Co-Ownership in Northern Ireland | Shared ownership in England | |
|---|---|---|
| Choice of home | Customers choose a home on the open market, new build or existing | Generally a provider builds a new-build shared ownership home |
| Property price limit | Up to £215,000 | Varies by region and provider |
| Share purchased | Between 50 - 90% | Between 10 - 75% |
| Rent on remaining share | 2.5% of the share owned by Co-Ownership, subject to annual review | Must not exceed 3% of the equity owned by the provider, subject to annual review |
| Ground rent | Same ground rent (if any) as other homeowners in the development; set for the development, not by Co-Ownership | No ground rent on new homes |
| Service charge | Same as any other homeowner in the development; assessed by Co-Ownership to ensure affordability, but not set by us | Set by the provider |
| Repairs and maintenance | Customer's responsibility from day one; a detailed valuation before purchase ensures customers know what to expect and can afford it | Customer's responsibility, but provider covers costs during the first 10 years (with some limits) |
| Staircasing (buying more) | 5% steps, with a subsidised valuation fee | 5% steps, or 1% a year for up to 15 years; 5%+ purchases require a valuation and an admin fee |
| Selling your home | Sell to anyone, at market value, at any stage | Must be offered to the provider's nominated qualifying customers for 4 weeks first; open market only if no buyer found in that time |
| Lease length | 99-year lease, fully mortgageable, backed by the Master Mortgage Agreement with lenders. New customers buying from an existing Co-Ownership customer get a new 99-year lease | 990-year lease, fully mortgageable, backed by the Mortgage Protection Clause |
| Regulator | Department for Communities | Homes England / Regulator of Social Housing |
| Provider | Co-Ownership | Multiple per local authority areas |
Eligibility requirements for Co-Ownership
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You must live in Northern Ireland and have the right to reside here.
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If you're married, in a civil partnership, engaged, living together or planning to live together in your new home, you must apply together.
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If you have a large deposit or we think you could save for one, you may not be suitable for Co-Own.
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You cannot have adverse credit at the time of making a Co-Own application.
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If you're heavily reliant on credit or an overdraft to pay your household costs and other outgoings, you may not be eligible.
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If your monthly income is mainly from benefits or other unearned income, we recommend you speak with an adviser or mortgage lender before applying.
Want to know more?
Check whether Co-Ownership is suitable for you using our affordability calculator, and find out about buying additional shares in your home.
