Co-Ownership is a not-for-profit organisation that helps people become homeowners and they currently have over 10,000 co-owners throughout Northern Ireland.
In order to detail what Co-Ownership is all about and to dispel any misconceptions, one of the group’s representatives explained the basics:
‘In a nutshell, Co-Own is a shared equity scheme or shared ownership plan, so you buy the share that you can afford, between 50% and 90%, and Co-Ownership covers the rest.
‘You then pay the mortgage on your bit and pay rent to Co-Ownership on their bit. Because the rent is set lower than the rent you would pay if renting privately and the mortgage you need is smaller, your monthly repayments could be less than they would be if you’d bought it with a full mortgage.
‘Also, when you’re able to, you can increase your share in your home bit-by-bit at any time until you own it all (average time to ‘buy out’ Co-Ownership is 8 years). And don’t worry – just because we’ve bought a place together doesn’t mean we’re moving in! It’s 100% your home!’ explains the rep.
Darren Farnan, Marketing Manager at Braidwater Homes set out how important it is to understand what Co-Ownership is all about before making any pre-determined judgements.
He explains: ‘The perception over the years is that Co-Ownership is not suitable for people in the north west and north coast for a variety of reasons. That is not true and it is a real viable option if all the boxes are ticked.
‘We have a few new home owners in Beech Hill View in Derry/Londonderry who have availed of Co-Ownership and it has set them up perfectly, they couldn’t be happier.’
Darren added: ‘Typically, on a £170,000 mortgage you could be making repayments directly to your lender of £779 per month. Through Co-Ownership, it’s possible your mortgage share on your percentage could be in the region of £429 with rent of £177 to Co-Ownership, giving a total repayment of £606*.
‘It’s difficult to get your head round it at first, so if anyone is seriously interested in financing like this, they will have the ideal opportunity to speak to Niall from Co-Ownership at our Roe Wood Information Evening. No appointment is required, you can just turn up on the day.’
Information Evening and Co-Ownership
An information evening will take place Roe Wood (Limavady) on Wednesday 1st March from 5pm to 7pm along with representatives from Bensons, Co-Ownership and Smart Mortgages.
On release are a number of Roe Wood homes including the Violet 3 bed detached, Sorrel 3 bed detached, Rosebay 3 bed detached and the Orchid 4 bed semis.
7 step buyer’s guide
Click here to find out more about Braidwater’s 7 step buyer’s guide
For information ahead of the launch, speak with our selling agent Bensons, 9 Dunmore St, Coleraine BT52 1EL. Phone: 028 7034 3677.
*example figures for illustration purposes, you must talk to a financial advisor