The Mortgage Centre (Belfast) is proud to be a registered adviser with Co-Ownership.
Let Co-Ownership (NI) help you to buy your new home. Co-Ownership bridges the large gap that has arisen between the rent payer and homeowners allowing younger applicants and lower income applicants to get a foot on the housing ladder through a very simple and cost effective method.
Q. What is Co-Ownership?
A. Co-Ownership is a partnership between yourself as a homebuyer and the Co-Ownership Housing Association to help you to buy a property on the housing market where you may not have previously been able to buy on your own.
Q. What does Co-Ownership Do?
A. Co-Ownership will buy your house. You will then take on a certain percentage of the property value (minimum 50%) for which you will place a mortgage (minus deposit) against your part of the property and you will pay rent to Co-Ownership based on their value of ownership.
Q. I don't have a deposit, can I still apply?
A. While it is highly recommended that you have a deposit to hand there is still currently a lender that will allow mortgage applications without a deposit in place. (100% Loan to Value mortgage on your share of the property).
Q. Can I buy more of the property back from Co-Ownership?
A. You can buy back any amount you want at any time. You will have to buy in minimum 5% tranches up to a maximum of 90% but do remember that you will buy back at the current market value.
Q. What if I want to sell my house?
A. You can sell your house any time you want but the Co-Ownership portion of the house will increase in value along with your portion. If you bought your house on a 50/50 basis for £100,000 and your house doubles in value, this would mean that the Co-Ownership portion of the house will also double in value and will now cost £100,000 to buy out.
Q. Who can I speak to regarding Co-Ownership?
A. The Mortgage Centre (Belfast) has placed many applications with Co-Ownership through the years and is familiar with the staff and practices, along with a wide experience of the mortgage market it makes us the perfect partner to take you through the Co-Ownership process.
If you would like more information on the Co-Ownership program or would like to arrange a consultation to discuss a potential application then please contact The Mortgage Centre (Belfast) on 028 9002 0599 or visit the Co-Ownership website at
www.co-ownership.org* or contact Co-Ownership on 028 9032 7276
*By clicking this link, you are now departing from the regulatory site of Belfast Mortgage Centre. Neither Belfast Mortgage Centre nor Intrinsic are responsible for the accuracy of the information contained within the linked site.
Please note that Co-Ownership also has options for previous home owners who are finding it hard to get onto the housing market again.