Buying with co-ownership
Northern Ireland Co-Ownership Housing Association (NICHA) runs the Co-ownership scheme in Northern Ireland.
Co-ownership allows you to become a home owner through “equity sharing”. “Equity sharing” involves part-renting and part-buying the property.
The scheme is aimed mostly at first time buyers and people on low income. The Another Chance pilot scheme is open to second time or buyers returning to the market. You can buy any property in Northern Ireland worth £175,000 or less apart from Housing Executive or housing association properties.
If you are thinking of buying your first home, but you cannot afford it without help, then co-ownership may be a good option to explore. More
Applications and quotas
At times Co-ownership imposes a monthly quota and a draw system for all new applications. This quota is currently suspended and all applications are welcome. More
After you buy a property through co-ownership, you can increase your share and purchase more equity in your home – this is known as staircasing. More
Another Chance is a pilot scheme that Co-ownership is running between October 2011 and March 2012. This will allow second time or returning buyers an opportunity to buy a home with the assistance of Co-ownership. More