Who is it for?
Co-Own could be for you if you really want to buy a home but, for whatever reason, are unable to at the present time.
The majority of our co-owners are first time buyers, but we can also help people who have owned a home before. We just ask that you do not own any property or land, or are named on any deeds before you apply. We also ask that all transactions from previous properties owned or previous relationships are settled before you apply.
There are some criteria we need our Co-Owners to meet, the key ones are:
- You over 18 and live in the UK
- You do not currently own any property or land anywhere (exception for Co-Ownership Portability cases)
- You will live in the property as your only residence and will not use the property for business purposes
- If you are married, civil partners, or couples living together or intending to live together in your new home, then you must apply together
- You have an adequate right to reside in Northern Ireland
- You have had no Payday Loans or Home Credit within the last 12 months
- Any Debt Relief Orders, bankruptcies or Individual Voluntary Arrangements must have been satisfactorily completed at least 6 years before applying
- You have no outstanding adverse credit at the time of making a Co-Own application e.g. CCJ’s, Defaults
- We use Experian to review your credit history and help us make the decision on the credit worthiness of your application.
If you have any queries about your eligibility for Co-Own, please contact us and a member of the team will be happy to discuss it further with you.
Who can apply to Co-Own?
People will apply to Co-Own for for all different reasons, have a look at some of the reasons below.
- Meet Amy
Amy is 26 and has been working as a full-time nurse for 3 years. She’s been keen to buy her own place for a while now as she currently rents with two friends, and she needs her own space. Amy recently bought a car to travel to and from work and between the repayments for that and the rent, she’s found it difficult to save for a deposit. She knows that her pay will increase in the future and she’ll be able to make mortgage repayments but is struggling to get started. Amy has been looking at properties online that are close to the hospital she works in and has seen an end terrace costing £110,000, she would love it but isn’t sure that she could afford it.
- Meet Dan & Jenny
Dan and Jenny are both 33 and have two young children aged 5 and 3. They have always rented and are currently living in an apartment.
Dan is a heating engineer and Jenny is a teaching assistant. The family need more space and would love a garden that the kids could play in.
They’re worried they’ve left it too late to buy a home of their own – with their outgoings for childcare, rent and loan repayments they’re struggling to save and don’t think they’ll ever be able to get a deposit together. They have seen a 3-bed house close to family that is for sale, they have £2,000 in savings and could put this towards a deposit. The house is selling for £150,000.