Buying your home through Co-Ownership
Updated: 23 May 2013
Co-Ownership is a government scheme to make house buying more affordable. You buy part and rent part now, and then buy the rest later when your income improves. Co-Ownership offers you the choice of where you want to live at a low cost. It is administered by the Northern Ireland Co-Ownership Housing Association.
Who can buy through Co-Ownership?
People of all ages and backgrounds have bought their home through Co-Ownership. If you have enough income through earnings or pensions to take you above the limit for claiming benefit then there is a good chance that you will qualify for the scheme.
What kind of home can I buy?
You choose. It could be any home, anywhere, so long as the purchase price is inside Co-Ownership value limits.
The limits vary by council area and property size. They are reviewed every year and changes take effect from 1st April. Co-Ownership can advise you about the current limits in your area. All properties are valued by Co-Ownership and subject to approval.
What happens after I move in?
You have the right to buy a larger share in your home at any time, at the current market value of that share.
Co-Ownership will provide you with a special kind of valuation called an equity valuation. The effect of this is that you benefit from any work or improvements you have carried out which have increased the value of your home.
Over 19,000 families have already bought out the Co-Ownership share entirely, making Co-Ownership the most successful shared ownership scheme of its kind.
How can I find out more?
You can visit the Northern Ireland Co-Ownership Housing Association Limited website. There you will find details of value limits, a step-by-step guide to buying through the scheme and access to Co-Ownership publications.
Contact Co-Ownership on Freephone line 0800 333644 during office hours. Outside office hours they have an answerphone service. Leaflets are available from the Co-Ownership office at Murray House, Murray Street, Belfast BT1 6DN and from any Housing Executive office.
Remember that purchasing a home is one of the most important decisions you will ever make, so you should always seek professional advice before committing yourself.