There are a few different schemes that may be of assistance if you are planning to buy a home in the near future. These include shared ownership schemes, where you part buy and part rent, a rent to buy scheme that will pay you a rebate on some of the rent you’ve paid and government backed savings schemes which will give you a bonus to add to your deposit.
A number of companies in Northern Ireland provide “rent to buy” schemes. Only one of these is backed by the government. This government-supported scheme is managed by OwnCo Homes, a private subsidiary of Co-Ownership Housing Association. This scheme gives people an opportunity to move into a new build home as private tenants with an option to purchase the property.
Shared ownership schemes allow someone to own a portion of a property and to rent the remainder from a housing association. For years, Co-ownership Housing has been the best known scheme for people who want to buy a home but who cannot afford to purchase 100% of the property they’re interested in.
If you are interested in buying a new build home, but don't have enough money saved up for a deposit yet you should look into the Rent to Own scheme for Northern Ireland. It gives potential purchasers a three year tenancy of a new build property and then issues a 25% rent rebate to the tenant if the tenant decides to buy the property at the end of their tenancy.