Co-Ownership is a government funded scheme and is designed to help purchasers onto the property ladder.
A Co-Ownership mortgage is where you buy a share of a house that you can afford, between 50% and 90%, and Co ownership Housing buy the rest.
You pay the mortgage payment to your lender and pay Co ownership Housing the rent payment on their loan part. When you are in a position to do so, you can increase your share in your home bit-by-bit until you own it all. This is known as staircasing.
We would always advise clients to familiarise themselves with Co-Ownership when considering this as an option to buying a home in Northern Ireland. Please visit About Co-Own | Shared Ownership Northern Ireland | Co-Ownership
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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