co-ownership

New build homes only available through Co-Ownership

The planning system in Northern Ireland is changing, and many new housing developments now include "affordable homes". The aim is to increase the availability of new properties for more people, and some of these will only be available to Co-Ownership approved customers.

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New Homes only available through Co-Ownership

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What is Co-Ownership?

Co-Ownership is the government backed and part-funded provider of shared ownership in Northern Ireland.

Their aim is to help people buy their own home, when saving for a house deposit or getting a full mortgage is difficult. Since 1978, they've helped more than 35,000 local people buy their own home.

How does Co-Ownership work?

Co-Ownership makes buying a home affordable, by splitting the cost into shares - your share (between 50% to 90% of the property) and theirs (the remaining share). This helps reduce the deposit you need - you might not need one at all! - and the mortgage amount you need approval for, since you're buying a share of a property, rather than the full thing.

Each month you pay your mortgage, along with a low rent to Co-Ownership for their share, which combined is usually less than a month's rent in the private rental market.

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Ways to buy through Co-Ownership

Co-Ownership offers two products:

  • Co-Own: For customers who intend on using a mortgage to buy their share (starting at 50%), with Co-Ownership buying the rest. Some lenders don't require a deposit, making it more affordable.
  • Co-Own for Over 55s: Designed for people aged 55 and over, using savings or equity from the sale of their current home to buy their share, and Co-Ownership buys the rest. These customers don't require a mortgage.

With both options, you can increase your share of your Co-Ownership home at any time, until you own it outright.

Who can apply to Co-Ownership?

Co-Ownership is designed for people living in Northern Ireland who have a steady income. You can afford monthly payments but are struggling to save for a deposit or get approval for a full mortgage.

To understand whether it's a good fit for you, we recommend starting with their eligibility checker. This confirms whether you're likely to be approved for Co-Ownership.

Then try their affordability calculator which will give you an idea of how much it could cost each month, based on your income, deposit amount and finances.

Why are some properties only available through Co-Ownership?

Developers must include affordable homes in their new housing developments as a condition of planning approval. Selling these through Co-Ownership is one way in which developers meet that requirement, which is why you'll sometimes see homes marked as "only available through Co-Ownership."

Frequently Asked Questions

No, these homes are built to the same standard as houses elsewhere in the development. The only difference is how they are sold.

Yes, these homes are not available to buy on the open market and are only available through Co-Ownership.

First, check your eligibility using their Eligibility Checker. Then use their Affordability Calculator.

When ready to apply:

  • Apply directly through Co-Ownership's website by creating an account, or via a financial adviser.
  • If approved, reserve the home and apply for a mortgage, or organise savings/equity if applying through Co-Own for Over 55s.
  • Co-Ownership will arrange to purchase the remaining share.

You can buy more shares in your home, or buy Co-Ownership out completely, at any time. There are no timelines, and you can stay at your opening share or progress towards owning more (or all) at any stage.

No, you can buy any type of property, including existing properties, as long as they meet their property criteria. Use the Co-Ownership filter on PropertyPal to see all the properties available.

co-ownership

To learn more about Co-Ownership, visit co-ownership.org or contact their team via the form or details below.

Address

Co-Ownership
Moneda House
25-27 Wellington Place
Belfast, BT1 6GD

+44 (0) 28 9032 7276

Office opening hours

Monday: 9:00am - 5:00pm
Tuesday: 9:00am - 5:00pm
Wednesday: 9:30am - 5:00pm
Thursday: 9:00am - 5:00pm
Friday: 9:00am - 5:00pm

Contact Co-Ownership

If you have a question about Co-Ownership, complete the form below and Co-Ownership will be in touch.

To arrange a viewing or find out more about a specific property, please contact the estate agent directly.