Co-ownership Scheme - Mortgages | Ulster Bank

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Co-Ownership

A shared equity scheme

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

 

Ulster Bank mortgages are available for over 18s.

We are proud to offer mortgages under the Co-Ownership scheme which enables first time buyers to purchase a property with funding from us and the Co-Ownership Housing Association.

Northern Ireland Co-Ownership Housing Association is Northern Ireland's regional body for housing shared-ownership and is funded by the Department of Social Development.

Co Ownership Housing logo

How does it work?

In this scheme you buy at least half of your chosen property with a mortgage from us and then rent the rest from the Co-Ownership Housing Association.

 

If the mortgage is less than 80% of the value of the property, you do not have to pay a deposit.  For example, if you wanted to buy a house costing £100,000 and Co-Ownership Housing agreed to fund 50% of it:

  % of Total cost Funded by Amount
Rental portion
50% Co-Ownership Housing £50,000
Mortgage required 50% Ulster Bank £50,000
Deposit required None required
- -

 

If the mortgage is 80% or more of the value of the property, you will have to pay 5% deposit.
For example, if you wanted to buy a house costing £100,000 and Co-Ownership Housing agreed to fund 15% of it:

  % of Total cost Funded by Amount
Rental portion
15% Co-Ownership Housing £15,000
Mortgage required 80% Ulster Bank £80,000
Deposit required 5%
You £5,000

Am I eligible?

If you wish to benefit from the Co-Ownership mortgage scheme you will need to meet our affordability checks and the eligibility requirements outlined below:

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Icon expand The property

The property must be in Northern Ireland

The scheme is not restricted to new developments

There is a cap on the value of the property that can be purchased through this scheme

 This cap is reviewed regularly and currently sits at £150,000

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Icon expand The borrower

The borrower must be a first time buyer - which means at the time of buying you must never have owned a property before, either on your own or jointly with someone else

 At times Co-Ownership Housing operates a quota system for applications - which means that there may be a cap on the number of applications that can be taken in any given period

 You must have a Co-Ownership Letter of Offer before we can commence your mortgage application

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The maximum Loan to Value (LTV) is 85%

For Loan to Values (LTVs) higher than 80% a deposit of 5% is required

The table below shows how this works.

Mortgage from us (LTV)

Deposit required from borrower

Remainder share required from Co-Ownership (LTV)

50%

None

50%

55%

None

45%

60%

None

40%

65%

None

35%

70%

None

30%

75%

None

25%

80%

5%

15%

85%

5%

10%

How do I apply for the Co-Ownership Scheme?

If you are eligible and interested in the Co-Ownership Mortgage you must first apply via Co-Ownership Housing to be accepted into the scheme.

Find out more and apply
Co-Ownership Scheme How to apply for a co-ownership mortgage

Co-ownership Housing can be contacted by via freephone 0800 333 644 or via their website www.co-ownership.org. Calls from mobiles may not be free.

Co-Ownership Housing will ask you to complete an application form and if your application is accepted you will receive a Co-Ownership Letter of Offer.

Find out more and start your application

This link is to a non Ulster Bank website. Ulster Bank is not liable for the accuracy of the information provided on this website.

Getting started is easy Tools and calculators

Use our mortgage calculators to find out how much you could borrow and find a mortgage to suit you. Also see you much you could save if you make an overpayment.

The Money Advice Service's monthly budget calculator can help you see how much you could trim your spending and start saving for your new home.

This link is to a non Ulster Bank website. Ulster Bank is not liable for the accuracy of the information provided on this website.

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