Co-ownership Scheme - Mortgages | Ulster Bank

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Co-Ownership

Shared Ownership for Northern Ireland

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 Co-Ownership which enables first time buyers to purchase a property with funding from us and Co-Ownership.

Co-Ownership is also available to returning buyers, the criteria is that they must not own land or a property at the time of application.

Co-Ownership is Northern Ireland's regional body for housing shared-ownership and is funded by the Department for Communities.

Co Ownership Housing logo

How does it work?

You buy at least half of your chosen property with a mortgage from us, Co-Ownership buys the rest, and you pay rent on this share.

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 agreed to fund 50% of it:

  % of Total cost Funded by Amount
Rental portion
50% Co-Ownership £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 agreed to fund 15% of it:

  % of Total cost Funded by Amount
Rental portion
15% Co-Ownership £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

 You can buy a new or existing property

 You can currently purchase a property up to a maximum of £165,000, this limit is reviewed every year

 For more information on Co-Ownership’s property criteria please visit: co-ownership.org

 

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Icon expand The borrower

 Co-Ownership enables first time buyers to purchase a property with funding from us and Co-Ownership.

 Co-Ownership is also available to returning buyers, the criteria is that they must not own land or a property at the time of application.

 The Co-Ownership application process is spilt into 2 parts. First Co-Ownership will assess your financial circumstances (£100 fee), then once you find the right property, a £450 property fee is payable which covers your Co-Ownership survey and most of your legal fees.  

 You must have a Co-Ownership Offer before we can start your mortgage application.

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Icon expand The mortgage

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 Co-Ownership?

If you are eligible and interested in shared ownership you must first apply via Co-Ownership to be accepted.

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

Go online to co-ownership.org and find out if Co-Ownership could be an option for you. If so, apply online and if you are approved, you’ll receive an Approval in Principle.

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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