Buying a home has rarely felt tougher—especially for first-time buyers, who face high deposits and strict affordability tests. However, Northern Ireland’s Co-Ownership scheme offers a glimmer of hope, bridging that gap by allowing you to purchase the share you can afford while Co-Ownership NI buys the remainder. You pay your mortgage on your share and a reduced “rent” on theirs, with the option to staircase (buy more shares) whenever your circumstances improve.
How does Co-Ownership work?
- Choose a property anywhere in Northern Ireland priced up to £210,000 (new limit from 1 April 2025).
- Apply online and receive an affordability assessment.
- Buy your share (usually 50–90%) with a regular mortgage; co-ownership funds the balance.
- Make two payments each month:
- a repayment mortgage on your share;
- discounted rent (currently 2.75 % of Co-Ownership’s share per annum, reviewed annually).
- Staircase at your pace—buy an additional 5 % (or larger) chunks until you own 100 %.
Who can apply?
Key points:
Residency Must be living in Northern Ireland (and able to evidence a right to reside, which typically means having a valid visa or citizenship status).
Current homeowners Cannot already own (or be named on) any property or land anywhere.
Income Must demonstrate you cannot buy the property outright on the open market.
Age Standard Co-Own has no upper age limit; a tailored “Over 55s” product is available with similar rules.
Most participants are first-time buyers, but previous owners who have fully sold earlier properties can also qualify.
What type of property is eligible?
Co-Ownership performs a valuation and condition survey. Properties are unsuitable if they:
- need more than £6,000 for essential repairs before or after purchase;
- lack central heating;
- have non-standard construction or serious structural issues;
- exceed the £210,000 price cap.
New-builds must carry a recognised 10-year structural warranty, while older homes should offer reasonable energy efficiency.
Financial snapshot (example)
Scenario::
| Scenario | 60 % buyer share | 40 % Co-Ownership share |
|---|---|---|
| Purchase price | £200,000 | — |
| Your mortgage | £120,000 | — |
| Co-Own’s equity | — | £80,000 |
| Indicative monthly payments* | ~£720 mortgage | ~£183 rent |
*Mortgage based on a 30-year term at 5 %; rent at 2.75 % / yr. Figures are illustrative only.
Remember to budget for valuation fees, legal costs and home insurance.
The solicitor’s role—why it matters
Co-Ownership transactions follow the standard conveyancing process plus scheme-specific checks and dual funding arrangements. As your solicitors, we will:
- Review and explain the equity-sharing agreement and rent clauses.
- Coordinate draw-downs from both your lender and Co-Ownership NI.
- Ensure title deeds comply with the scheme’s resale and staircasing conditions.
- Protect your interests at every stage—so there are no surprises when you want to sell or staircase later.
Frequently asked questions
Can I use Help to Buy: ISA or Lifetime ISA funds?
Yes—withdrawals count toward your deposit, reducing the mortgage required.
What if my circumstances change?
You can staircase up or sell at any time. A RICS-based valuation determines each party’s share.
Is early repayment allowed?
Staircasing carries a modest valuation fee but no penalties; paying off your mortgage early depends on your lender’s terms.
Ready to take the next step?
With the price cap lifted to £210,000 and fresh funding secured for the coming years, 2025 is an opportune time to explore Co-Ownership.
If you’re considering an application—or already have approval in principle—rest assured that our conveyancing team is here to support you. We’ll guide you through the paperwork, clarify the fine print, and ensure your first home purchase begins on solid legal ground.
The information above reflects the Co-Ownership criteria published on April 1, 2025. Always check the official site or speak with us for the latest updates.