Exciting News for Homebuyers: Co-Ownership NI Property Value Limit Increasing!
We have some fantastic news for anyone looking to get onto the property ladder in Northern Ireland. If you’ve been considering the Co-Ownership NI scheme, there’s never been a better time to apply! Starting on 1st April 2025, the Property Value Limit (PVL) for Co-Ownership NI properties will increase from £195,000 to £210,000. This is a significant change that opens up more opportunities for first-time buyers and those struggling to afford rising property prices.
The Co-Ownership NI scheme has been a vital lifeline for many people across Northern Ireland, helping them to own a home when they otherwise might not have been able to. With this increase in the PVL, the doors are now open to more properties, making it easier for you to find the home of your dreams.
Why the Co-Ownership NI PVL Increase is a Big Deal
The Property Value Limit refers to the maximum value of a property you can purchase through the Co-Ownership NI scheme. As house prices have risen in recent years, the original PVL of £195,000 often felt limiting for many people. The new PVL of £210,000 gives you a lot more room to move, allowing you to consider a wider range of properties. This increase is a direct response to the changing property market in Northern Ireland, ensuring that Co-Ownership remains a viable and affordable route to homeownership.
The change is great news for anyone who thought they couldn’t access certain areas or types of homes within the scheme. It opens up more options for larger homes, new builds, and more desirable locations. Whether you’re looking for a bigger property to accommodate a growing family or seeking a home in a more popular area, the new limit makes it all more accessible.
What Does the Increase in PVL Mean for You?
Access to a Wider Range of Homes
With the new limit, properties up to £210,000 will now be eligible under the Co-Ownership NI scheme. This means more choice in terms of both location and size. Whether you’ve had your eye on a specific area or have been dreaming of a larger property, the increased PVL allows you to access homes you might have thought were out of reach.
More Flexibility in Your Search
The increase gives you more flexibility to search for a home that better fits your needs. You could consider a newly-built home, a larger property with more rooms, or a home in a sought-after neighborhood. The additional £15,000 provides more room for variety without pushing you over budget.
Affordable Homeownership
Co-Ownership NI has already made homeownership more affordable for many people, and this increase only adds to that benefit. By increasing the PVL, the scheme continues to support those who may not have the full deposit or financial means to buy a home outright. You can now purchase a share in a higher-value property, with the peace of mind that Co-Ownership NI will support you in paying rent on the remaining share.
How Co-Ownership NI Works
Co-Ownership NI helps you buy a home by purchasing a share in the property (usually between 50% and 90%). You then pay rent on the remaining portion. Over time, you can buy additional shares in your home, gradually increasing your ownership. This makes it easier to get on the property ladder and provides flexibility if you’re not able to afford the full value of a home upfront. You may not even need a deposit, depending on which lender you choose.
The scheme allows first-time buyers to access properties they may otherwise not be able to afford, and the increased PVL means you’ll have more properties available to you within this framework.
How to Apply for Co-Ownership NI
If this news excites you, it’s time to take the next step. Applications for the new, higher Property Value Limit of £210,000 will begin on Tuesday 1st April 2025. If you’ve been considering applying for Co-Ownership NI, this is the perfect time to do so! The increase in the PVL means more homes, more options, and more chances to find the property that suits your needs.
Work with an expert mortgage broker who can help guide you through every step of the application process, from eligibility to documents required, and how to apply for the scheme. A mortgage broker can help to make the process less overwhelming.
Take Advantage of the Co-Ownership NI Opportunity Today
If you’ve been waiting for the right moment to apply for Co-Ownership NI, now is that time! The new PVL provides even more opportunity for people to find their ideal home. Whether you’re looking for more space, a better location, or a newly built property, the increased PVL means the Co-Ownership NI scheme just became even more flexible.
Don’t miss out on this opportunity to explore more homes and take the next step towards homeownership.