Your home may be repossessed
if you do not keep up repayments on your mortgage
Derry Mortgage Centre - In Partnership with
and First Buy NI
Centre is proud to be a registered adviser with Co-Ownership.
Let Co-Ownership (NI) help you to buy your new home.
Co-Ownership bridges the large gap that has arisen between the rent payer and homeowners
allowing younger applicants and lower income applicants to get a foot on the housing ladder through a very simple and
cost effective method.
Q. What is Co-Ownership?
A. Co-Ownership is a partnership
between yourself as a homebuyer and the Co-Ownership Housing Association to help you to buy a property on the housing
market where you may not have previously been able to buy on your own.
Q. What does Co-Ownership Do?
A. Co-Ownership will
buy your house. You will then take on a certain percentage of the property value (minimum 50%) for which you will place
a mortgage (minus deposit) against your part of the property and you will pay rent to Co-Ownership based on their value of
Q. I don't have a deposit, can I still apply?
While it is highly recommended that you have a deposit to hand there is still currently a lender that will allow mortgage
applications without a deposit in place. (100% Loan to Value mortgage on your share of the property)
Q. Can I buy more of the property back from Co-Ownership?
You can buy back any amount you want at any time. You will have to buy in minimum 5% tranches up to a maximum of 90% but do
remember that you will buy back at the current market value.
Q. What if I want to sell my house?
A. You can sell
your house any time you want but the Co-Ownership portion of the house will increase in value along with your portion. If
you bought your house on a 50/50 basis for £100,000 and your house doubles in value, this would mean that the
Co-Ownership portion of the house will also double in value and will now cost £100,000 to buy out.
Q. Who can I speak to regarding Co-Ownership
Mortgage Centre has placed many applications with Co-Ownership through the years and is familiar with the staff and practices,
along with a wide experience of the mortgage market it makes us the perfect partner to take you through the Co-Ownership process
Please note that Co-Ownership also has
options for previous home owners who are finding it hard to get onto the housing market again.
If you would like more information on the Co-Ownership
program or would like to arrange a consultation to discuss a potential application then please contact
Derry Mortgage Centre on 028
71417295 or visit the Co-Ownership website at http://www.co-ownership.org or contact Co-Ownership on 028 9032 7276