No deposit? No problem!

Good news – it’s today been revealed that a further £13m funding has been secured to Co-Ownership to provide assistance to first-time buyers struggling to raise a deposit to purchase their own home. (source:

At Mortgage Solutions Belfast we help hundreds of people get onto the property ladder, even when they don’t have a deposit.

How does it work?

Shared ownership schemes allow people to buy a share of the home they want (usually between 50% and 90%) and then to rent the remaining share of the property from a housing association.

So basically, you pay the mortgage on your share of the home and pay rent on the share owned by the housing association.

Some banks and building societies (often collectively know as ‘lenders’) will take the housing association’s share instead of a deposit, meaning that you don’t always need a deposit with shared ownership.

Even though you have effectively bought a home together with a housing association, don’t worry, it is 100% your home! And when you are able to, you can increase your share in your home until you own it all!

Give us a call if you’re interested in buying your first home, or send us a DM.

Clare Murray,

Mortgage Advisor Belfast

📞 02890 642000


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