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Think carefully before securing other debts against your home.

Your home may be repossessed if you do not keep up repayments on your mortgage

Magherafelt Mortgage Centre

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 ownership.

Q. I don't have a deposit, can I still apply?

A. 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?

A. 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

A. Magherafelt 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 any specific information about Co-Ownership or would like to speak to an adviser about how this scheme can help you then please fill in the form below and we will get in contact with you as soon as we can.

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This quotation is for illustrative purposes only and is subject to change. Contact us for a quote tailored to your individual circumstances.
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The Financial Conduct Authority do not regulate Buy to Let Mortgages

Magherafelt Mortgage Centre is a trading style of Neil Allan who is an appointed representative of Quilter Financial Planning, which is authorised and regulated by the Financial Conduct Authority. Quilter Financial Planning is entered on the FCA register ( under reference 440718. The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.

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