Co-Ownership: what is it?

Find out how Co-Ownership could be another route to home ownership for you

How does it work?

Co-Ownership helps you get on the property ladder by allowing you to buy a share of a property, rather than buying it all at once. You rent the other share, at a discounted rate.

If you're interested you'll need to contact Co-Ownership, choose your property and apply to buy it through them.

How does it benefit me?

First, you only need a mortgage for the share that you buy. So if you want to co-own a house valued at £100,000 and you’ve agreed to buy a 50% share of that house, then you'll only need a £50,000 mortgage.

Second, in some cases we may not ask you for a deposit, as Co-Ownership’s share acts as one.

Third, your total monthly outgoing is still lower than if you had a mortgage.

What if I want to buy the entire property at a later date?

Then you can. You can increase your share of the property from a minimum of 50 up to 100 per cent ownership.

To do this you can either save the rest of the funds yourself or ask us to lend you the difference.

Remember you’ll need to show that you can afford the new, higher repayments, and we may also want to value the property again.

What else do I need to know?

Until you own 100 per cent of the property you won’t get the full proceeds if you sell it.

Plus if you buy any additional percentage, you'll pay the market rates that apply at that time, and there are also eligibility criteria.

But Co-Ownership could be an excellent route into the property market.

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