When you find the property you would like to purchase, with Co-Own you buy a share of the property depending on how much of a mortgage you can afford. This will be between 50% and 90% of the price. Co-Own will then buy the rest and over time you can increase your share of the property until you are the full owner. For the monthly payments, you will pay the usual mortgage payments as well as pay rent to Co-Ownership.
You can only purchase a property up to the value of £190,000 using the Co-Own shared ownership plan.
If you would like to go down the Co-Own route, you will need to apply with Co-Ownership. There are two stages of the application; first you will be assessed of your financial position and eligibility for the plan, then there will be an assessment on the property.
To be able to apply for Co-Own, the property must be:
If you believe you meet the criteria to apply for a Co-Own Shared Ownership Plan and would be interested to learn more, please get in touch with your local Reeds Rains Northern Ireland branch who will be happy to talk you through it.