How Co-Ownership Works

CO-OWNERSHIP IS A SCHEME DESIGNED TO HELP FIRST-TIME BUYERS IN NORTHERN IRELAND PURCHASE A HOME WITH A SMALLER DEPOSIT/NODEPOSIT AND A SMALLER MORTGAGE.

Instead of buying the full property straight away, you buy a share of the property, and Co-Ownership buys the remaining share.
You then pay:
• A mortgage on the share you own
• A small rent on the share owned by Co-Ownership
Over time, you can choose to buy more shares in the property. This is known as staircasing and can eventually lead to full ownership of the home.
Example
Property price: £200,000
Buyer share: 60% (£120,000)
Mortgage based on £120,000
Co-Ownership share: 40%
Monthly rent paid on this portion
This structure allows many buyers to purchase a home sooner or a more expensive property than they otherwise could.

Co-Ownership Fees
The scheme charges application fees during the process.
Your adviser will explain these before any application is submitted.
Currently these fees are broken down into 2 parts - £100 for the first stage application and £575 for the second stage. Find out more here - https://www.co-ownership.org/co-own/fees
Legal Costs
You will need a solicitor to complete the purchase.
Typical costs include:
• Solicitor legal fees
• Property searches
• Land Registry fees
Co-ownership will pay your solicitors professional fee if the purchase proceeds.
Mortgage Fees
Depending on the lender and mortgage product, there may be:
Typical costs include:
- Solicitor legal fees
- Property searches
- Land Registry fees
- Broker fees
This structure allows many buyers to purchase a home sooner or a more expensive property than they otherwise could.

Mortgage Payment
This is the mortgage payment on the share of the property you own.
Co-Ownership Rent
You will also pay a monthly rent on the share owned by Co-Ownership.
This rent is typically lower than market rent and helps keep the scheme affordable

The timeline is slightly longer than a normal mortgage as there is an extra approval stage.
Typical process:
Step 1 — Initial Mortgage Meeting
Confirm borrowing and deposit options.
Step 2 - Mortgage in Principle
Mortgage lender confirms borrowing.
Step 3 — Apply to Co-Ownership
Application submitted for approval.
Step 4 — Find a Property
Begin viewing and making offers.
Step 5 — Co-Ownership Property Application
We submit an application to Co-Ownership to assess the property yoiu have found.
Step 6 — Mortgage Application
Full mortgage application submitted.
Step 6 — Legal Process
Solicitors complete the purchase.
Most normal purchases take 8–12 weeks from securing a property to completion. With Co-ownership this process normally takes 10-14 weeks.

Not every property will qualify under the scheme.
Generally the property must:
• Be located in Northern Ireland
• Be used as your main residence
• Be within the maximum purchase price limit set by the scheme
• Be considered mortgageable by the lender
• Be approved by Co-Ownership
A common myth is that co-ownership will only approve new build homes. THIS IS WRONG. Properties can be any age as long as they meet the above criteria.
Before making an offer, it’s always best to check the property would be acceptable under the scheme.

Step-by-step guidance on how co-ownership works and if you're eligible.
We’ll explain exactly how Co-Ownership works, including how much of the property you’ll own, how rent is calculated, and how you can buy more over time. We’ll also check your eligibility and help you weigh up the pros and cons so you can decide if it’s right for you.

Support with both the mortgage and co-ownership application process.
We don’t just help with the mortgage side — we also walk you through the Co-Ownership application itself. That means one point of contact for the whole process, and someone who knows how to avoid delays or mistakes that could hold things up unnecessarily.

Expert advice to make sure co-ownership is the right fit for your goals.
Co-Ownership can be a great option, but it’s not for everyone. We’ll help you understand the long-term impact — including your ability to staircase (buy more) later — and whether a different route might suit your plans better. You’ll get honest, personalised advice every step of the way.

Co-Ownership may suit buyers who:
• Are first-time buyers in Northern Ireland
• Have some deposit saved but not enough for a full purchase
• Have a steady income but limited borrowing capacity
• Want to get on the property ladder sooner
Many buyers use the scheme as a stepping stone into home ownership.

When It May Not Be Suitable
The scheme may not be the right option if:
• You can comfortably buy a property without it
• You are purchasing a buy-to-let property
• The property is above the scheme price limits
In those cases, a standard mortgage may be more appropriate.

Do I need a deposit?
There are options if you have NO deposit. More options are available if you have even a small deposit. The deposit is based on your share of the purchase not the total purchase price.

Do I still need a mortgage?
Most people use a mortgage to fund their share of the purchase. If you have savings to fund your share then you may not need a mortgage. We help dozens of people a year with mortgages using the co-ownership scheme.

Can I own the whole property eventually?
Yes. You can increase your share over time through staircasing. You can buy more shares of the property with savings or increasing your mortgage. We can help with future buy outs if you are increasing your mortgage. We have helped numerous clients buy out co-ownership and own the entire property.

Can I sell later?
Yes. The property can be sold in the normal way, with proceeds split according to ownership shares. The money you make from the sale can then be used for you deposit on your next purchase. We have helped dozens of people move move after buying their first home with co-ownership.

Many first-time buyers assume they need to wait years before buying.
In reality, there may be more options available than you realise.
We can run a free 15-minute First-Time Buyer Number Check and show you:
• Whether Co-Ownership could work for you
• What price range may be possible
• What deposit you would need
• What the estimated monthly cost might be