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About Co-ownership

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2 min read

Co-Ownership helps you get on the property ladder by allowing you to buy a share of a property, rather than buying it all at once. You rent the other share, at a discounted rate.

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Mortgage IQ Team
Mortgage IQ team

Last updated: 25 January 2022

How co-owning your home works

There’s a cap on the value of the property you can buy as a co-owner. The cap is £190,000.

You can start with as much as you can afford from 50 per cent up to 90 per cent of the property’s price. This is usually set at the maximum percentage you can afford.

You can increase your share at any time in five per cent amounts. This is known as ‘buying out’ or “staircasing”, you can do this by increasing your mortgage (subject to affordability criteria) or through savings.

Renting some of the property

You pay rent on the share of the property that Co-Ownership owns. For example if your own 75 per cent of the property, you pay rent on Co-Ownership’s 25 per cent. The Department for Communities (DfC) sets the rent and any annual rent increases.

Buying some of the property

You generally buy as much of the property as you can afford. You’re responsible for making payments. You choose the lender and arrange a mortgage. Co-Ownership doesn’t ask for a property deposit but your lender might.

As an owner occupier, you will also be responsible for the property costs such as:

  • insurance
  • rates
  • service charges
  • maintenance
  • repairs


You and the property need to eligible for co-ownership, you can check criteria on the co-ownership webiste.

Applicant criteria

Home criteria

Applying to co-own your home

You apply online to Co-Ownership. You must pay £100.00 application fee.

Co-Ownership assesses your financial circumstances to check you’re eligible for co-owning your home. The application fee isn’t refundable.

If you’re successful, Co-Ownership will ask you to upload information about the property you want to co-own. You must pay £475 fee for the property survey and some of your legal fees.

To read more about co-ownership, go to Shared Ownership Northern Ireland – Affordable Housing – Co-Ownership.

The property on which a mortgage is secured may be repossessed if repayments are not maintained.

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