We’ll try and keep this simple! In a nutshell, we buy a home together: You buy the share of a house that you can afford and we buy the rest. You then pay the mortgage on your bit and pay us rent on our bit.
When you’re confident that you can afford it, you can increase your share by buying back some of our bit. If your plan is to eventually own 100% of the house we’d encourage you to do this as soon as you can. Don’t worry though; although the majority of Co-Owners buy us out fully or sell on their property there’s no requirement for you to increase your share at all.
8 steps to home owning
- 1. Apply!
Once you’ve understood how Co-Own works, checked you meet our requirements and decided that it’s for you, go to Apply Now. Please talk to our team on 028 9032 7276 at any stage if there’s anything you’re unsure of. You will be asked for an assessment fee of £70 (non-refundable) when you apply. Apply before you’ve found a property so that once approved you can go house hunting with confidence knowing your finances are in order!
- 2. Get approved
The application process will include a credit check with Experian. If you are successful we will send you an Approval In Principle which you can share with lenders and estate agents to prove that you have been approved for Co-Own, subject to the home you choose meeting our property requirements. Your Approval in Principle is valid for 3 months.
If you are unsuccessful, we will give you as much information as possible as to why.
- 3. Get a mortgage
Talk to you bank or mortgage adviser to see how much of a mortgage you would be able to get. Remember, some lenders take our share instead of a deposit, while others will require one. Check out our FAQs for a current list of Co-Own lenders.
- 4. Find a home
Find your perfect home up to the amount in your Approval in Principle. Once you become sale agreed on a property, log back into your application and upload the house details. Remember to check our property requirements to make sure we can buy the home you have chosen. At this stage, you will pay the property fee of £430. This covers your valuation and most of the legal costs involved in buying your house.
- 5. Get your home approved
We’ll check it meets our requirements, carry out a survey and if all is in order we’ll agree the share we can purchase.
- 6. The offer
If all is okay, you’ll receive a formal offer for us to purchase a share of your new home.
We will also send you a Direct Debit Mandate which must be signed and returned to us before we are able to sign the contract. You can also download the direct debit form here.
- 7. The legal bit
Your solicitors will complete their bit and make sure all the paperwork is in order. Check out our FAQs for more info on our legal package.
- 8. Move in!
Congratulations, you’re now a Co-Owner!
We’ll send you a letter shortly after you move in reminding you how much rent is due for your first month, and then how much will be due each month after that.