When it comes to buying a house, everyone has different circumstances but now there are many options for those who want to buy their dream home, but struggle to save the thousands for a deposit.

How can we help?

We can take you through the process with ease and finding us was the first step, next is understanding more about the process.

Our job is to help you understand if you have found your perfect home, but it is just out of reach of your affordability, it may be possible to purchase the home through a shared ownership scheme. There are two shared ownership schemes in Northern Ireland, Co-Ownership and FairShare. Mortgage Solutions has experience with both schemes, and our Mortgage Advisers can explain the differences and which is the right option for you.

The team will guide you through the house-buying process and be with you every step of the way, by handling the whole process from application right through to completion (the day you get your keys!).


What is a co-ownership mortgage?

A co-ownership mortgage is a government scheme which is primarily focused on helping people to get onto the property ladder, whereby the `homeowner` part owns and part rents the property. This enables people to have lower mortgage repayments to make each month and over time allows you the option to buy off the `rented` part of the property if desired.

With co-ownership, also known as part buy/part rent mortgage, you will own between a quarter and three-quarters of the property, which you can increase/completely buy out at a later date.

A shared ownership mortgage is only applicable to some properties, with many new build options or re-sold properties from a housing association. The mortgage can cover anything from 25% up to 75%, all down to what you can afford.

Am I eligible for a co-ownership mortgage?

In order to be eligible for a shared ownership mortgage in Northern Ireland the criteria will vary within each financial association. However, there are a few essentials to meet overall.

As this scheme is to help people get onto the property ladder, it makes sense that you must be a first-time buyer or a current homeowner who cannot afford to purchase a new property. You must also currently live in and have the right to reside in Northern Ireland.

To determine the loan amount, lenders will most likely multiply your income by three to see what you can afford. Requirements commonly require that you have had no home credit within the last 12 months or Payday Loans.

How Does co-Ownership Work?

Co-Ownership schemes allow you to buy a portion of a home (usually 50%-90%) and to rent the remainder. Co-Ownership has been the most recognised scheme for people who cannot afford to buy 100% of the home they are interested in. More recently, a new shared ownership scheme called FairShare started in Northern Ireland. This scheme allows you to partner with a housing association to buy a home.

Co-Ownership offers many benefits, enabling people who are stuck renting or living with parents, or who are struggling to raise a deposit, to get onto the property ladder. We’ll help you to get a mortgage to pay for your share of the home’s purchase price. You can even increase your share in your home in the future once you become the owner!

Are co-ownership mortgages easier to get?

Like other mortgage schemes, allowance can depend on several factors. Credit score will most likely be considered and can determine the result of your application process. The mortgage acceptance will depend on the lender’s terms and conditions, with some lenders providing the option of paying a higher deposit or payments at a higher interest rate, depending on your credit score.

Your home may be repossessed if you do not keep up your repayments on your mortgage.


Get The Right Mortgage For You!