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The many benefits of a shared mortgage and co-ownership

If you have spotted your dream home but then realise it’s out of your reach due to affordability or lack of deposit, it still may be possible through shared ownership.

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There are currently two shared ownership schemes available in Northern Ireland. The most instantly recognisable and longest established is Co-Ownership, who have been helping people get onto the housing ladder since 1978. Co-ownership is a facility where you buy a share of your home (between 50% – 90% of the home’s value) and pay rent on the remaining share. For your share you’ll need to have a mortgage, which our adviser will arrange, along with helping with the Co-Ownership process.

The second shared ownership scheme available is called FairShare. It works in a similar way to Co-Ownership, whereby you purchase between 50% – 90% of your home’s value and pay rent on the remaining share. However it is only available on new builds and is restricted to 3 major housing associations – Apex, Clanmil and Choice. There are currently only 3 major UK mortgage lenders providing mortgages for the FairShare scheme and again our advisers will help you with all aspects of this.

This may only be the start of your journey. Further down the line you may be in a position to buy an increased share or indeed all of the Co-Ownership or FairShare elements. This process is known as staircasing and when you are ready to make this step our advisers will always be at hand.

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experts discussing
experts discussing
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experts discussing

With 19 branches located all around Northern Ireland, you’re sure to find a local The Mortgage Shop near you! Visit us today for all your mortgage needs.

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Important information

The Mortgage Shop (NI) Limited undertakes credit broking and is not a lender. Think carefully before securing other debts against your home.  Your home may be repossessed if you do not keep up repayments on your mortgage. Typically we do not charge a fee for mortgage advice, however if we do, depending on your circumstances, it will be a maximum of £250. You may have to pay an early repayment charge to your existing lender if you remortgage.