Should I Use Co-Ownership to Buy My First Home?

It’s one of the most common questions I get from first-time buyers here in Northern Ireland:
“Should I use Co-Ownership?”

The truth is pretty straightforward.

If you don’t need Co-Ownership, you’re usually better going without it.
But it can be a fantastic option when it’s needed — especially for two reasons.

1. You Can Buy With No Deposit

At the minute, every lender in Northern Ireland wants at least a 5% deposit.
Co-Ownership is the only way to buy a home with zero deposit, which is a massive help for people who are renting or struggling to save.

2. You May Be Able to Buy a More Expensive Property

Sometimes your mortgage and deposit only stretch to something like £150,000.
With Co-Ownership, you may be able to look at properties well above that, opening up options that would normally be out of reach.

So, Should You Use It?

My general rule is simple:
If you can afford the home you want without Co-Ownership, go without it.
But if the numbers don’t quite work — or you need that extra boost — Co-Ownership is a solid, well-run scheme that helps tons of first-time buyers every year.

If you’ve any questions on Co-Ownership or buying your first home, just get in touch — happy to help.

Paddy @ First Time Buyer Mortgages