Effective from 14 April 2026.
| Area | Criteria |
|---|---|
| Age | You must be over 18 to apply. |
| Residency status | You must live in Northern Ireland and have the right to reside here. |
| Homeowner status | You cannot apply if you currently own property or land, including commercial property, or if your name is on any property title in Northern Ireland or elsewhere. We may consider previous co-owners if you meet our criteria. If you've been a co-owner before, we may take into account how you managed your property, whether you kept to the terms of your lease including paying rent, and any other arrangements you had with Co-Ownership. |
| Joint or single application | If you're married, in a civil partnership, engaged, living together or planning to live together in your new home, you must apply together. If you're applying on your own, we expect you don't have joint accounts or joint finances with anyone else. |
| Household occupiers | You must provide details of all adults and children who will be living in your new home with you. |
| Income, outgoings and affordability | To work out how much you can afford, we multiply your income by 4. For joint applications, we multiply your combined income by 4. 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 long term, based on your disposable income. We cannot support applications from people who can afford to buy the property without our help. You must give full details of your monthly outgoings including loans, car finance, credit or store cards, mail order payments, childcare, maintenance, and other regular payments you make. |
| Outstanding property debt | You must not have any debt to any third party that was secured on a previous home. |
| Deposit | We don't require a deposit, but some lenders do. Check the list of Co-Own suitable Lenders in Getting a Mortgage. If you're planning to pay a deposit, tell us in your application so we can issue an accurate offer. If you already have a significant deposit or we think you may be able to save for one, you may not be suitable for Co-Own. If all or part of your deposit comes is a gift from a friend or family member, you must tell us the name of the person making the gift, the amount and the purpose of the gift. We count this towards your starter share. |
| Previous relationships | You must have fully settled any financial arrangements from all previous relationships. If you've been married and are now divorced or separated, this must be declared on your application. You'll need to provide evidence of your settlement arrangements such as a financial separation agreement. If you don't have this, contact us to discuss your circumstances. |
| Credit assessment | When you apply, we'll carry out a full credit assessment using Experian. We look at your credit file, not your score. This includes whether you have credit cards or loans, the amounts owed and your repayments, and if you have any missed or late payments. Your credit history shows how you've managed credit and is taken into account in our decision. We recommend you get a copy of your credit report before applying and check it, including your previous addresses. If you have a query about something on your report, it must be resolved before you apply. Things that affect your credit assessment include the amount and type of credit you have, how much of your credit card limit you're using, any late or missed payments, any defaults (number, amount and type), and court judgements, bankruptcies, or individual voluntary arrangements (IVAs). |
| Bank account management | We'll review 3 months of bank statements for all active current accounts. If these show any unauthorised overdrafts, returned Direct Debits, or bank charges for unauthorised usage, you won't be eligible for Co-Own. If you're heavily reliant on credit or an overdraft to pay your household costs and other outgoings, you may not be eligible. |
| Adverse credit | You cannot have adverse credit at the time of making a Co-Own application. Before applying, the following arrangements must have been settled and shown as settled on your credit file for the stated period: - Debt Relief Order (6 years) - Bankruptcy (6 years) - Individual Voluntary Arrangement or IVA (6 years) - Payday Loans and Home Credit or equivalent products (12 months) - Money Judgements (12 months) The following also need to be settled in full and will affect your credit assessment: Debt Management Plans, Defaults, Missed or late payments. If you've had a minor default or debt management plan within the last 12 months and it's been settled, we'll take this into account. However, if the default or debt management plan involved a higher balance or there were multiple defaults or plans, you must wait 12 months after the last has been noted as settled on your credit file. If you've had a missed or late payment within the last 12 months, we'll take this into account. If you have regular missed or late payments, you must have 12 months of clear payments on the account before you apply. |
| Employment | The following types of employment are acceptable, and you must be with your current employer for at least the period indicated before you apply. - Permanent employment (normally 6 months plus) - Fixed term (minimum of 6 months remaining on your current contract and able to supply most recent 2 years of P60s) - Temporary (12 months plus) - Zero hours contract (12 months plus) - Self-employed (see Income section below). You must not be under notice of termination or redundancy. If your position has changed, for example from fixed term or temporary to permanent, we may take this into account. Contact us to discuss before applying. |
| Income | You must declare all household income at the time of application and provide evidence of the amount and type of income. We require payslips for at least the last 3 months of employment. If you're self-employed, you'll need to provide SA302 summaries for the last 2 years and your full tax return for your latest SA302. You must also have been trading with no breaks for at least the last 3 months. Company directors must provide 3 months of payslips. If you've experienced a significant change in your income or company income in the last 12 months, we may not be able to support your application. Contact us before applying to help us understand your situation. We may require further information such as your last 3 months of business bank statements. We may accept income from more than one employment, and our general criteria apply to all jobs. We accept income earned from overtime, bonuses, commission and allowances up to 50% where sustainable. |
| Benefits and other income | If your monthly income is heavily reliant on benefits or other unearned income, we recommend you speak with a mortgage adviser or lender before applying. Your type of income may affect your ability to get a mortgage, and a house purchase may affect your benefits. We consider the following other income: - Pension (both private and state pensions) - Pension Credit, Employment and Support Allowance (ESA) - Disability Living Allowance (DLA) - Personal Independence Payment (PIP) - Incapacity Benefit - Child Benefit (for up to 2 children aged 14 or under at the time of application) - Universal Credit (we can consider child and disability elements if available, but not the housing element) - Maintenance (we may accept maintenance payments from a former partner for up to 2 children aged 14 or under, whether a private arrangement or court approved, with evidence of amount and payment history) - Carers Allowance - Foster carer fees We do not accept Housing Benefit as income. |
| Savings | Any savings over £13,000, in any form, must be put towards a deposit. |
| Affordable lifestyle | All applicants must show that they can afford their current lifestyle. Regular outgoings will be taken into account as part of the assessment. You must also prove you'll be able to afford the commitment of owning your home through Co-Own from your current disposable income. |
| Application accuracy | All application information must be correct and true. Any fraudulent, false or misleading information, statements or omissions may be sufficient grounds for the application being cancelled. For further information see our Terms & Conditions. |
| Previously declined applicants | If we decline your application, you are required to wait at least 3 months from the date of decision before reapplying. If your application was declined due to information on your credit file that has since been corrected, we may waive the 3 month waiting period. Contact us to discuss your circumstances. Any fraudulent, false or misleading information or omissions, or a vexatious application will mean you cannot make another application for any Co-Ownership products for 12 months from the date of cancellation. You'll be charged for a new assessment when you apply again, so check you meet all the criteria before submitting a new application. |
| Changes during application | If your circumstances change at any stage during an application, you must let us know. We'll review your circumstances, which may result in your application being revised or withdrawn. |
| Area | Criteria |
|---|---|
| Age | You must be 55 and over to apply. |
| Residency status | You must live in Northern Ireland and have the right to reside here. |
| Homeowner status | You don't need to have owned a home before to apply. You can apply if you own the home you currently live in (which must be in Northern Ireland), and you plan to sell it when you buy your new home through Co-Own for Over 55s. If two people are applying together, and both own a home, one must be sold before you apply. We can only accept one existing home per application. You can't apply if you currently own any other property or land (including commercial), or if your name is on the deeds of any property. We may consider you if you have been or are a co-owner if you meet our qualifying criteria. We will look at how you managed your Co-Own home, whether you kept to the terms of your lease (including paying rent), and any other arrangements you had with Co-Ownership. |
| Joint or single application | If you're married, in a civil partnership, engaged, living together, or planning to live together in your new home, you must apply together. If you're applying on your own, we expect you don't have joint bank accounts or finances with anyone else. |
| Household occupiers | You must provide details of everyone who will be living in your new home with you. |
| Income, outgoings and affordability | We take a decision after looking at all the evidence and assessing whether you can afford the purchase long term, based on your disposable income. We cannot support applications from anyone who can afford to buy a home without our help because of their level of savings or income. You must give full details of any monthly outgoings including loans, car finance, credit or store cards, mail order, childcare, maintenance, and other commitments. |
| Outstanding property debt | You must not have any debt to any third party that was secured against a previous home. This does not include any mortgage finance you may have on your current home. |
| Deposit | No deposit is required for Co-Own for Over 55s, as there is no mortgage involved. Instead, your contribution towards the purchase of your share of your new home can be funded by savings, proceeds from the sale of your current home, or other assets. You may also use money that has been gifted to you to make up all or part of your contribution. You must tell us the name of the person making the gift, the amount and the purpose of the gift. We count this towards your starter share. You must be able to fund at least 50% of the property you wish to purchase. You will not be able to use your Co-Own for Over 55s home now, or in the future, as security for any mortgage or loan. |
| Previous relationships | You must have concluded any settlement arrangements from all previous relationships. If you've been married and are divorced or separated, this must be declared on your application. You'll need to provide evidence of your settlement arrangements such as a financial separation agreement. If you don't have this, contact us to discuss your circumstances. |
| Credit history | When you apply, we'll perform a full credit assessment using Experian. We look at your credit file, not your score. This includes whether you have credit cards or loans, the amounts and repayments, and if you have any missed or late payments. Your credit history shows how you've managed your money, and it forms part of our decision. We recommend you get a copy of your credit report before applying and check that everything is correct, including any previous addresses. If you have a query about something on your report, it must be resolved before you apply. Things that affect your credit assessment include the amount and type of credit you have, how much of your credit cards you're using, any late or missed payments, any defaults (number, amount and type), and court judgements, bankruptcies, or individual voluntary arrangements (IVAs). |
| Bank account management | We'll review 3 months of bank statements for all active current accounts. If these show any unauthorised overdrafts, returned Direct Debits, or bank charges for unauthorised usage, you won't be eligible for Co-Own for Over 55s. If you're heavily reliant on credit or an overdraft to pay your household costs and other outgoings, you may not be eligible. |
| Debt management | You cannot have adverse credit at the time of making an application. Before applying, the following arrangements must have been settled and shown as settled on your credit file for the stated period: - Debt Relief Order (6 years) - Bankruptcy (6 years) - Individual Voluntary Arrangement or IVA (6 years) - Payday Loans and Home Credit or equivalent products (12 months) - Money Judgements (12 months) The following also need to be settled in full and will affect your credit assessment: Debt Management Plans, Defaults, Missed or late payments. If you've had a minor default or debt management plan within the last 12 months and it's been settled, we'll take this into account. However, if the default or debt management plan involved a higher balance or there were multiple defaults or plans, you must wait 12 months after the last was settled before applying. If you've had a missed or late payment within the last 12 months, we'll take this into account. If you have regular missed or late payments, you must have 12 months of clear payments on that account before you apply. |
| Employment and retirement | It's not necessary to be in employment to be eligible for Co-Own for Over 55s. If you do have a job and want it taken into account for affordability, the following types and lengths of employment are acceptable: - Permanent (normally 6 months plus) - Fixed term (minimum of 6 months remaining on your current contract and able to supply most recent 2 years of P60s) - Temporary (12 months plus) - Zero hours contract (12 months plus) - Self-employed (see Income section below) You must not be under notice of termination or redundancy. If your position has changed, for example from fixed term or temporary to permanent, we may take this into account. If you are planning to retire or take voluntary redundancy within 6 months of your application date, you must let us know. We'll review your circumstances, and expected changes to income or savings, to assess your suitability. |
| Income | You must declare all household income at the time of application and provide evidence of the amount and nature of all income. We require payslips for at least the last 3 months of employment (if applicable). If you're self-employed and want it taken into account for affordability, you'll need to provide SA302 summaries for the last full year and your full tax return for your latest SA302. You must also have been trading with no breaks for at least the last 3 months. Company directors must provide 3 months of payslips. If you've experienced a significant change in your income or company income in the last 12 months, we may not be able to support your application. Contact us before applying to help us understand your situation. We may require further information such as your last 3 months of business bank statements. We may accept income from more than one employment, and our general criteria apply to all jobs. We accept income earned from overtime, bonuses, commission and allowances up to 50% where sustainable. |
| Benefits and other income | We'll consider the following other income: - Pension (both private and state pensions) - Pension Credit, Employment and Support Allowance (ESA) - Disability Living Allowance (DLA), Personal Independence Payment (PIP) - Incapacity Benefit - Child Benefit (for up to 2 children aged 14 or under at the time of application) - Universal Credit (we can consider child and disability elements if available, but not the housing element) - Maintenance (we may accept maintenance payments from a former partner for up to 2 children aged 14 or under, whether a private arrangement or court approved, with evidence of amount and payment history) - Carers Allowance - Foster carer fees We do not accept Housing Benefit as income. |
| Savings | You can keep up to £26,000 in savings, including money made from the sale of your current home. Anything above this must be put towards your contribution for your Co-Own for Over 55s home. Savings include cash, National Savings certificates, premium bonds, stocks and shares, money in any bank or building society accounts, trust funds, and other substantial assets. If you're selling your current home, you may allow £5,000 from the sale proceeds for sale expenses. |
| Affordable lifestyle | All applicants must prove they can afford their current lifestyle. Regular outgoings will be taken into account as part of the assessment. You must also prove you'll be able to afford the commitment of owning your home through Co-Own for Over 55s from your current disposable income. |
| Application accuracy | All application information must be correct and true. Any fraudulent, false or misleading information, statements or omissions may be sufficient grounds for the application being cancelled. For further information read our Terms & Conditions. |
| Previously declined applicants | Applicants who were previously declined are required to wait at least 3 months from the date of the decision before reapplying. However, if your application was declined due to information on your credit file that has since been corrected, we may waive this. Contact us to talk about this. Any fraudulent, false or misleading information or omissions, or a vexatious application, will mean you cannot make another application for any Co-Ownership products for 12 months. You will need to pay for a new assessment each time you apply, so make sure you meet all the criteria before you submit a new application. |
| Changes during application | If your circumstances change at any stage during an application, you must let us know. We will look at the new information, and this may mean your application is changed or withdrawn. |