Rent to Own - Northern Ireland

What is Rent to Own?

Rent to Own is an alternative path to owning a home, which may be right for you if you are unable to get a mortgage to meet the house price or you are not eligible for Co-Own. This alternative route to home ownership is available through Co-Ownership who have helped 28,000 people into home ownership in Northern Ireland since 1978.

We have property experts across the country who can talk you through everything you need to know about taking the Rent to Own route.

Find your local branch

How it works

Rent to Own is a 3 year plan to get from renting the property to owning it. The difference between traditional renting and Rent To Own is that you choose a new build property and Co-Ownership will buy it and rent it to you for the first 3 years. The 3 year plan aims to allow you to then buy your home, either with a mortgage or the Co-Own shared ownership plan.

You can buy the house at any time after the first year of renting, with the idea being that the tenancy gives you enough time to save for a mortgage or any other method of purchasing the property.

How it helps with savings

The benefit of using Rent to Own is that you will receive a 20% rebate of the rent you have paid as well as the down payment of £2,500 you pay at the start. This is savings that will go towards getting you a deposit for a mortgage or Co-Own eligibility.

How to get started

If you would like to go down the Rent to Own route, you will need to apply with Co-Ownership. To apply you will need to pay a £100 assessment fee to see if you are eligible. Co-Ownership do recommend that you check your credit report before applying.

Step by step of application

  1. Apply online and then call to pay the £100 assessment fee. You will also be asked to email your supporting documents and ID.
  2. Your application will then be assessed which includes a credit check and review of affordability.
  3. If successful, you will then receive a Decision in Principle. This will give you a maximum property price you can search for. Your new home will need to meet the requirements outlined in the Decision in Principle.
  4. Once you have found a property and before the solicitors can start doing their bit, you will need to pay a down payment of £2,500 and a holding deposit equivalent to one month’s rent.
  5. You will then be asked to sign a Tenancy agreement and an Option to Purchase agreement.
  6. Co-Ownership will collect the keys and inspect the property.
  7. You can then move in!

What type of property can you get?

Before starting your application, it is worth looking over some of the potential restrictions and eligibility for your property search.

  • The property has to be a new build worth up to £190,000
  • The property has to be ready to be moved into now or within 6 months
  • No apartments are eligible for this plan
  • Needs to have two or more bedrooms
  • Only consider a turnkey package
  • The house must have a suitable 10-year structural warranty

Next steps

If you think Rent to Own could be a home ownership plan that meets your needs, get in touch with your local Reeds Rains Northern Ireland branch. We have property experts across the country who can talk you through everything you need to know about taking the Rent to Own route.

Branches in Northern Ireland


350 Upper Newtownards Road, Ballyhackamore, Belfast, BT4 3EX
Branch details
02890 655555


18 Main Street, Bangor, BT20 5AG
Branch details
02891 463721

Belfast, Ormeau

240-242 Ormeau Road, Belfast, BT7 2FZ
Branch details
02890 680420


10 High Street, Carrickfergus, BT38 7AF
Branch details
02893 351727


8-8A Carnmoney Road, Glengormley, BT36 6HN
Branch details
02890 843427


14-16 Market Street, Lisburn, BT28 1AB
Branch details
02892 675321


2 Frances Street, Newtownards, BT23 4JA
Branch details
02891 814144