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If you want to buy a house but are struggling to get a deposit or mortgage you should consider Co Ownership as a shared purchase option.

Adrian Doran, Residential/Valuer Negotiator with Best Property Services reports a significant uptake in the Co-Own option in the last year, for clients of Best's in Newry.

“The appeal for people wanting to get onto the property ladder is that they can share the purchase cost but they still legally ‘own’ the property and can buy out Co Ownership at a later stage if they wish to, should their financial situation change over time.”

Adrian Doran Best Property Services
Adrian Doran Best Property Services

In a nutshell, Co Ownership is a shared ownership plan – you buy the property together. You buy the share that you can afford – somewhere between 50-90% and Co Ownership cover the rest.

You pay the mortgage on the portion you own and rent the remainder from Co Own – which is set at lower than the market rate to ensure affordability.

“Through time, the property owner can increase their share bit-by-bit until you own it all. Should you decide to sell while still in a Co Ownership agreement, that is easily sorted too.

“Co Ownership value the property (adjusting for improvements you have made) and the sale value of the property is divided, based on the percentage that you own,” Adrian adds.

They also have new product tailored for people who have poor credit rating for whatever reason and can’t secure a mortgage.

“It might be an old student loan or a credit card with a retailer that was defaulted for a time that is giving you a negative score when mortgage companies look into your application. Co-Own have experience in that sector and have products to support you in purchasing a home,” Adrian said.

Co-Own is open for applications for both new build or purchase of an existing property within Northern Ireland.  The maximum price that can be considered is capped at £165,000 – but each applicant will be assessed on application based on their personal financial situation.

The scheme, founded in 1978, is very well established and has helped over 28,000 own their own home to date.

For more information, please contact Adrian Doran, Best Property Services

Residential team  tel 028 3026 6811 or email This email address is being protected from spambots. You need JavaScript enabled to view it.

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