Criteria updated October 2020.
Before you apply it’s important that you check out our criteria and make sure that you meet it. Once you apply, the first stage of your application fee, £100, will be charged and is non-refundable.
|Age||You must be over 18 to apply.|
|Residency status||You must live in the UK. You may be asked to provide evidence that you have adequate right to reside in Northern Ireland. You have to live in the property as your only residence.|
|Income multipliers||For us to work out how much you can afford we multiply your income by 3. If you’re applying with another person we multiply your joint income by 3. These multiples are based on total income, before tax. We take a final decision after looking at all the evidence and assessing whether you can afford the purchase in the long term, based on your disposable income.|
We cannot support applications from people who can afford to buy the property without our help.
|Home owner||You can’t apply for Co-Own if you currently own property which includes owning property or land, including commercial, or being named on any property, in Northern Ireland or elsewhere.|
|Joint applicants||If you are married, civil partners, or couples living together or intending to live together in your new home, then we will expect you to apply together.|
|Deposits||If we think you may be able to save for a deposit, you may not be suitable for Co-Own.|
|Outstanding property debit||You must not have any debt to any third party which was secured on a previous home.|
|Previous relationships||You must have concluded any settlement arrangements from all previous relationships.|
|Credit Assessment||When you apply to Co-Own we will perform a full credit assessment to determine your affordability. Part of this assessment is to look at your credit file, not your score, using the Experian credit reference agency. We will look at your credit history which will include things like, if you have any credit cards or loans, the amounts of these, your repayments of these, and if you have any missed or late payments.|
Your credit history shows how you have managed your credit up to now and is taken into account as part of our decision. We recommend you get a copy of your credit report before applying and check it. Things that will affect your credit assessment include, but are not limited to:
|Debt management||Before making an application to Co-Own, any of the following arrangements must have been settled for the stated period:|
The following arrangements also need to have been settled and will affect your credit assessment:
Just remember that you can have no adverse credit at the time of making a Co-Own application.
|Managing your account||We will review 3 months bank statements as part of the application. If these show any unauthorised overdrafts, returned Direct Debits, or bank charges for unauthorised usage, you will not be eligible for Co-Own.|
If you are heavily reliant on credit or an overdraft to pay your household costs and other outgoings, you may not be eligible for Co-Own.
|Employment||The following types of employment are acceptable and you must be with your current employer for at least the following period before you apply as indicated below. You must not be under notice of termination of employment or redundancy.|
If your position has changed from e.g. fixed term or temporary to permanent we may take this into account.
See the income section below for how we consider furlough income.
|Other income||If your monthly income is heavily reliant on benefits or other unearned income, we recommend that before you apply to Co-Own you speak with a Financial adviser / lender as your type of income may impact on your ability to get a mortgage.|
We will consider the following other income:
|Savings||Any savings over £10,000 must be put towards a deposit.|
|Previous applicants||Previously declined applicants can’t apply until 3 months have passed from the date they were told of an unsuccessful application. Please remember that you will be charged for a new assessment when you apply again, so be sure to check that you meet all the criteria before submitting a new application.|
|Change in circumstances||If your circumstances change during an application you must let us know about this. We will review your circumstances. This may result in your application being revised.|