--- title: Applicant criteria date: 2026-01-29T16:00:00+00:00 author: Sarah Hannity canonical_url: "https://co-ownership.org/starting-the-process/application-process-explained/applicant-criteria" section: Getting started --- ![2980x1000px 3](https://co-ownership.s3-assets.com/2980x1000px/_2980x1000_crop_center-center_none/2980x1000px-3.png) # Applicant criteria Before you apply, check that you meet our eligibility criteria. Once you submit your application, the Application Fee is non-refundable. Area Criteria Age You must be at least 18 years old to apply. Residency status You must live in Northern Ireland and have the right to reside here. Income, outgoings and affordability We make our final decision after reviewing all the information you gave us. We check if you can afford the home in the long term, based on the money you have left after paying your regular bills. We cannot support your application if you can afford to buy the home without our help, through savings and/or income. To work out how much you can afford, we multiply your income by 4. If you are applying with someone else, we multiply your combined income by 4. We base this on your total income before tax. You must tell us about all your monthly outgoings including loans, car finance, credit or store cards, mail order payments, childcare, maintenance, and other regular payments you make. Homeowner status You cannot apply if you currently own property or land, including commercial property, or if your name is on any property title in Northern Ireland or elsewhere. We may consider applications from previous co-owners if you meet our criteria. If you've been a co-owner before, we may look at how you managed and looked after the property, whether you kept to the terms of your equity sharing lease, including paying rent, and followed any other agreements you had with Co-Ownership. Joint or single application If you're married, in a civil partnership, engaged, living together or planning to live together in your new home, you must apply together. If you're applying on your own, we expect you don't share bank accounts or finances with anyone else. Household occupiers You must provide details of all adults and children who will be living in your new home with you. Deposit We don't require a deposit, but some lenders do. Check our 'Getting a Mortgage' page for the current list of Lenders that work with Co-Own. If you're planning to pay a deposit, tell us in your application so we can give you an accurate offer. If you have a large deposit or we think you could save for one, you may not be suitable for Co-Own. If all or part of your deposit is a gift from a friend or family member, you must tell us the name of the person making the gift, the amount and the purpose of the gift. We count this towards your starter share. Savings Any savings over £13,000, in any form, must be put towards your deposit. Outstanding property debt You must not have any debt owed to another person or organisation that was secured against a previous home. Previous relationships You must have fully settled any financial arrangements from all previous relationships. If you were married and are now divorced or separated, you must tell us this on your application. You'll need to provide evidence of your settlement, such as a financial separation agreement. If you don't have this, contact us so we can talk about your situation. Credit assessment When you apply, we'll carry out a full credit assessment using Experian. We look at your credit file, not your score. We check your credit history to see how you have managed any credit cards or loans, the amounts you owe, how you make repayments, and if you have any missed or late payments. Your credit history shows how you've managed your money up to now, and this forms part of our decision. We recommend you get a copy of your credit report before applying and check that everything is correct, including your previous addresses. If you have a query about something on your report, it must be resolved before you apply. Things that affect your credit assessment include the total amount and type of credit commitments you have, how much of your credit card limit you're using, any late or missed payments, any defaults (number, amount and type), and court judgements, bankruptcies, or individual voluntary arrangements (IVAs). Debt management You cannot have adverse credit at the time of making a Co-Own application. Before applying, the following arrangements must have been settled and 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 and Home Credit or products like these (12 months) - Money Judgements (12 months) The following also need to be settled in full and will affect your credit assessment: Debt Management Plans, Defaults, Missed or late payments. If you've had a minor default or debt management plan within the last 12 months and it's been settled, we'll take this into account. However, if the default or debt management plan involved a higher balance or there were multiple defaults or debt management plans, you must wait 12 months after the last one is shown as settled before you apply. If you've had a missed or late payment within the last 12 months, we'll take this into account. If you have regular missed or late payments, you must have 12 months of clear payments on the account before you apply. Bank account management We'll review 3 months of bank statements for all active current accounts, including online accounts, as part of your application. If these show any unauthorised overdrafts, returned Direct Debits, or bank charges for unauthorised usage, you won't be eligible for Co-Own. If you're heavily reliant on credit or an overdraft to pay your household costs and other outgoings, you may not be eligible. Employment The following types of employment are acceptable, and you must be with your current employer for at least the time shown before you apply. - Permanent employment (6 months or more) - Fixed term (at least 6 months left on your current contract and you must provide the last 2 years of P60s) - Temporary (12 months or more with the same employer) - Zero hours contract (12 months or more with the same employer) - Self-employed (see Income section below). You must not be under notice of termination or redundancy. If your position has recently changed, for example from fixed term or temporary to permanent, we may take this into account. Contact us to discuss this before applying. Income You must declare all household income at the time of application, and provide evidence of the amount and type of income. You must provide at least 3 months of payslips from employment. If you're self-employed, you'll need to provide SA302 summaries for the last 2 years, and your full tax return for your latest SA302. You must also have been trading with no breaks for at least the last 3 months. Company directors must also provide 3 months of payslips. If your income or company income has changed a lot in the last 12 months, we may not be able to support your application. Contact us before applying to help us understand your situation. We may ask for more evidence, such as your last 3 months of business bank statements. We may accept income from more than one job, and our criteria applies to all jobs. We accept income from overtime, bonuses, commission and allowances up to 50% where this is sustainable. Benefits and other income If your monthly income is mainly from benefits or other unearned income, we recommend you speak with a mortgage adviser or lender before applying. Your type of income may affect your ability to get a mortgage, and a Co-Ownership purchase may affect your benefits. We 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 aged 14 or under at the time of application) - Universal Credit (we can consider child and disability elements if available, but not the housing or childcare element) - Maintenance (we may accept maintenance payments from a former partner for up to 2 children aged 14 or under, whether a private arrangement or court approved, with evidence of amount and payment history) - Carer's Allowance - Foster carer fees We do not accept Housing Benefit as other income. Lifestyle and spending decisions All applicants must show that they can afford their current lifestyle. As part of the assessment, we will look at all regular outgoings. Applicants must also show they can afford the commitment of owning their home with us, from money left after paying regular bills. Application accuracy All application information must be correct and true. Any fraudulent, false, misleading or incomplete information may lead to your application being cancelled. For further information see our Terms & Conditions. Previously declined applicants If we decline your application, you must wait at least 3 months from the date of decision before reapplying. If your application was declined because of information on your credit file that has since been corrected, we may let you reapply sooner. Contact us to discuss this. If you give us information that is fraudulent, false or misleading information, or if you leave out important information, or you make a vexatious application, you will not be able to apply for any Co-Ownership products for 12 months from the date of cancellation. You'll need to pay for a new assessment each time you apply, so make sure you meet all the criteria before submitting a new application. Changes during application If anything in your situation changes at any time during an application, you must tell us. We'll consider the new information, which may mean your application is changed or withdrawn. Area Criteria Age You must be at least 55 years old to apply. Residency status You must live in Northern Ireland and have the right to reside here. Income, outgoings and affordability We make our final decision after looking at all the information you give us, and checking you can afford the home in the long term, based on the money you have left after paying your regular bills. We cannot support your applications if you can afford to buy a home without our help, because of your level of savings or income. You must give full details of all monthly outgoings including loans, car finance, credit or store cards, mail order, childcare, maintenance, and any other regular payments you make. Homeowner status You don't need to have owned a home before to apply. You can apply if you own the home you currently live in (which must be in Northern Ireland), and you plan to sell it when you buy your new home through Co-Own for Over 55s. If two people are applying together, and both own a home, one must be sold before you apply. We can only accept one existing home per application. You can't apply if you currently own any other property or land (including commercial), or if your name is on the deeds of any property. We may consider your application if you have been, or are, a co-owner if you meet our qualifying criteria. We will look at how you managed your Co-Own home, whether you kept to the terms of your equity sharing lease (including paying rent), and any other arrangements you had with Co-Ownership. Joint or single application If you're married, in a civil partnership, engaged, living together, or planning to live together in your new home, you must apply together. If you're applying on your own, we expect you don't share bank accounts or finances with anyone else. Household occupiers You must provide details of everyone who will be living in your new home with you. Deposit No deposit is required for Co-Own for Over 55s, as there is no mortgage involved. You must be able to pay for at least 50% of the home you want to buy. Your share of your new home can be funded by savings, the money from selling your current home, or the value of other assets. You may also use money that has been gifted to you to pay towards all or part of your share. You must tell us the name of the person making the gift, the amount and the purpose of the gift. Savings You can keep up to £26,000 in savings, including money made from the sale of your current home. Anything above this must be put towards your contribution for your Co-Own for Over 55s home. Savings include cash, National Savings certificates, premium bonds, stocks and shares, money in any bank or building society accounts, trust funds, and other substantial assets. If you're selling your current home, you may keep £5,000 from the sale to cover your selling costs. Outstanding property debt You must not have any debt to any third party that was secured against a previous home. This does not include any mortgage finance you may have on your current home. Previous relationships You must have fully settled any financial arrangements from all previous relationships. If you've been married and are now divorced or separated, you must tell us this on your application. You'll need to provide evidence of your settlement, such as a financial separation agreement. If you don't have this, contact us to discuss. Credit assessment When you apply, we'll carry out a full credit assessment using Experian. We look at your credit file, not your credit score. We'll check how you have managed any credit you have, including credit cards or loans, the amounts you owe, how you make repayments, and if you have had any missed or late payments. Your credit history shows how you've managed your money, and it forms part of our decision. We recommend you get a copy of your credit report before applying and check that everything is correct, including your previous addresses. If you have a query about something on your report, it must be resolved before you apply. Things that affect your credit assessment include the amount and type of credit you have, how much of your credit card limits you're using, any late or missed payments, any defaults (number, amount and type), and court judgements, bankruptcies, or individual voluntary arrangements (IVAs). Future borrowing You will not be able to use your Co-Own for Over 55s home now, or in the future, as security for any mortgage or loan. Debt management You cannot have adverse credit at the time of making an application. Before applying, the following must have been settled and 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 and Home Credit or equivalent products (12 months) - Money Judgements (12 months) The following also need to be settled in full and will affect your credit assessment: Debt Management Plans, Defaults, and missed or late payments. If you've had a minor default or debt management plan within the last 12 months and it's been settled, we'll take this into account. However, if the default or debt management plan involved a higher balance or there were multiple defaults or plans, you must wait 12 months after the last was shown as settled before applying. If you've had a missed or late payment within the last 12 months, we'll take this into account. If you have regular missed or late payments, you must have 12 months of clear payments on that account before you apply. Bank account management We'll review 3 months of bank statements for all active current accounts, including online accounts, as part of your application. If these show any unauthorised overdrafts, returned Direct Debits, or bank charges for unauthorised usage, you won't be eligible for Co-Own for Over 55s. If you're heavily reliant on credit or an overdraft to pay your household costs and other outgoings, you may not be eligible. Employment and retirement It's not necessary to have a job to be eligible for Co-Own for Over 55s. If you have a job and want it taken into account as part of your affordability assessment, the following types and lengths of employment are acceptable: - Permanent (normally 6 months or more) - Fixed term (at least 6 months remaining on your current contract and able to supply the last 2 years of P60s) - Temporary (12 months or more with the same employer) - Zero hours contract (12 months or more with the same employer) - Self-employed (see Income section below) You must not be under notice of termination or redundancy. If your job has changed, for example from a fixed term or temporary to permanent, we may take this into account. If you are planning to retire or take voluntary redundancy within 6 months of your application date, you must let us know. We'll look at your situation, including any expected changes to income or savings, to check if Co-Own for Over 55s is still suitable for you. Income You must declare all household income at the time of application and provide evidence of the amount and type of income. We require payslips for at least the last 3 months of employment (if applicable). If you're self-employed, you'll need to provide SA302 summaries for the last 2 years and the full tax return for your latest SA302. You must also have been trading with no breaks for at least the last 3 months. Company directors must also provide 3 months of payslips. If your income or company income has changed a lot in the last 12 months, we may not be able to support your application. Contact us before applying so we understand your situation. We may ask for more evidence, such as your last 3 months of business bank statements. We may accept income from more than one job, and our criteria applies to all jobs. We accept income from overtime, bonuses, commission and allowances up to 50% where this is sustainable. Benefits and other income We'll 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 aged 14 or under at the time of application) - Universal Credit (we can consider child and disability elements if available, but not the housing or childcare element) - Maintenance (we may accept maintenance payments from a former partner for up to 2 children aged 14 or under, whether a private arrangement or court approved, with evidence of amount and payment history) - Carer's Allowance - Foster carer fees We do not accept Housing Benefit as other income. Lifestyle and spending decisions All applicants must show that they can afford their current lifestyle. As part of the assessment, we will look at all regular outgoings. Applicants must also show they can afford the commitment of owning their home with us, from money left after paying regular bills. Application accuracy All application information must be correct and true. Any fraudulent, false, misleading or incomplete information may lead to your application being cancelled. For further information read our Terms & Conditions. Previously declined applicants If we decline your application, you must wait at least 3 months from the date of decision before reapplying. If your application was declined because of information on your credit file that has since been corrected, we may let you reapply sooner. Contact us to discuss this. If you give us information that is fraudulent, false or misleading information, or if you leave out important information, or you make a vexatious application, you will not be able to apply for any Co-Ownership products for 12 months from the date of cancellation. You'll need to pay for a new assessment each time you apply, so make sure you meet all the criteria before submitting a new application. Changes during application If anything in your situation changes at any time during an application, you must tell us. We'll consider the new information, which may mean your application is changed or withdrawn. - [ Finding a property ](https://co-ownership.org/starting-the-process/finding-a-property) - [ Getting a mortgage ](https://co-ownership.org/starting-the-process/getting-a-mortgage) - [ Acceptable documents ](https://co-ownership.org/starting-the-process/application-process-explained/acceptable-documents) - [ Property criteria ](https://co-ownership.org/starting-the-process/application-process-explained/property-criteria) - [ Apply now ](https://co-ownership.org/apply-now)