If you have found your perfect home, but it is just out of reach of your affordability, it may be possible to purchase the home through a shared ownership scheme. There are two shared ownership schemes in Northern Ireland, Co-Ownership and FairShare. Mortgage Solutions has experience with both schemes, and our Mortgage Advisers can explain the differences and which is the right option for you.
How Does Shared Ownership Work?
Shared Ownership schemes allow you to buy a portion of a home (usually 50%-90%) and to rent the remainder. Co-Ownership has been the most recognised scheme for people who cannot afford to buy 100% of the home they are interested in. More recently, a new shared ownership scheme called FairShare started in Northern Ireland. This scheme allows you to partner with a housing association to buy a home.
Shared-Ownership offers many benefits, enabling people who are stuck renting or living with parents, or who are struggling to raise a deposit, to get on to the property ladder. We'll help you to get a mortgage to pay for your share of the home's purchase price. You can even increase your share in your home in the future once you become the owner!
Your home may be repossessed if you do not keep up repayments on your mortgage.
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