The limit on the value of properties available via Co-Ownership in Northern Ireland has increased, making getting on the property ladder easier for first time buyers.
What is Co-Ownership in Northern Ireland?
Co-Own is a shared ownership plan set up by the not-for-profit organisation Co-Ownership.
How it works is you invest in a share of the property depending on how much of a mortgage you can afford. This will be 50% to 90% of the property's price.
Then, Co-Own steps in to buy the rest of the property. You can gradually increase your share of the property over time until you are the full owner.
This helps reduce the upfront costs and how much of a loan you will need to buy a property. Currently, there are over 10,500 homes in Northern Ireland supported by Co-Own.
Property value limit increases
Previously the maximum value for a property to be bought under the Co-Own scheme was £195,000.
Effective from the 1st of April 2025, the maximum property value has increased to £210,000.
This increase will make more properties available under the Co-Own scheme, providing buyers with more options.
Furthermore, Financial Transactions Capital (FTC) are providing £153 million to develop 4,000 properties, and 1,200 of these will be new build properties.
Now is a great time to buy a property in Northern Ireland, especially if you are a first time buyer. Get started with an initial mortgage consultation with our partner Embrace Financial Services.
They search for deals from over 70 lenders and can secure you a Mortgage in Principle in just 15 minutes. Book an appointment today to start exploring your options.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Reeds Rains E-marketing Executive
