Shared Ownership Products in Northern Ireland

At present there are three shared ownership products available in Northern Ireland via the Co-ownership Housing Association, which can be summarised as follows: Co-Own: A form of equity sharing whereby purchasers select a property on the open market and, by means of a 99-year equity sharing lease, takes ownership of between 50% and 90% of the purchase price, depending on how much they can afford. They then pay rent on the unowned portion, which is purchased by the Co-Ownership Housing Association. The expectation is that, over time, shared owners will buy a greater share of the home (sometimes referred to as 'stair-casing'), until they own the whole property. Co-Own for Over 55s: A new product designed for those in later life who wish to move to another home. The challenge that such people may face is that often their current home may not have the value (equity) they need to buy a new home or their savings aren't enough and getting a mortgage to cover the difference isn't an option. Under Co-Own for Over 55s, that we buy the property together with the customer – the customer uses the equity from the sale of their current home or savings and Co-Ownership provides the rest of the funding. The customer takes a share in the property (50% to 90%) and pays a rent of 2.5% of our investment in the home. The home can be anywhere, an existing or a new build property, and it should be suitable for their needs now without further immediate adaptation. Rent to Own: Aims to help those who want to own their own home, but aren't quite in the position to buy yet, onto the property ladder. Under the scheme, an individual is provided with a fixed-term rental commitment whilst they take steps to improve their mortgagability. During the rental period, the individual will either pay reduced rents, allowing them to save for a deposit, or will receive a proportion of the market rent paid back at the end to be used as a deposit if they avail of the option to buy the home (either through straight sale or shared ownership). 'Rent to Own' is operated by OwnCo Homes Limited, which is subsidiary of Co-Ownership HA. This is only available for the rental of new build homes and the option to buy can be exercised any time after the end of the first year, up to the end of the third year.