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Co-Ownership Housing: A Place to Call Home

Published on: 15 August, 2014

As David settles into to his new home in Portaferry he shares his experience of trying to get on the property ladder with Co-Ownership Housing’s Chair Sid McDowell and Director David McCallum.

(L-R) Co-Ownership Housing Operations Director David McCallum, Homeowner David Mason and Co-Ownership Housing Chair Sid McDowell.

(L-R) Co-Ownership Housing Operations Director David McCallum, Homeowner David Mason and Co-Ownership Housing Chair Sid McDowell.

David looked into Co-Ownership as a result of recommendations from friends in work. David explained: “I wanted somewhere to keep and stay in. Co-Ownership was the obvious way for me to do it. I was renting before and thought I would never be able to buy. Then friends of mine got their home through Co-Ownership. I thought, if they can do it I can.

My apartment was the last one on the development, so I got the best property at the best price. It is so much nicer than any of the properties I rented and paid more for on a monthly basis – it’s home.

Sid McDowell, Chair of Co-Ownership Housing comments, “Around 1 in 5 first time buyers in Northern Ireland are now buying their homes through the Co-Ownership scheme. Buying a home is a long term commitment and we stand beside people who have made that decision. We are delighted to be operating a scheme that has helped so many people like David become home owners.”

Further details on who qualifies for Co-Ownership and how to apply can be found on the Co-Ownership website at co-ownership.org or by calling 9032 7276.

ENDS

Notes

  1. The Co-Ownership scheme is the Department for Social Development’s flagship low cost home ownership scheme in Northern Ireland and its key delivery mechanism for affordable homes. A low cost route into home ownership for people who could not otherwise afford to buy a home, it is operated by Co-Ownership Housing.
  2. The Co-Ownership scheme has been operating since the 1970s and to date has helped more than 24,000 NI households to buy a home.
  3. In the 12 months ending 31 March 2014 the NI Executive provided £50m in housing association grant to support the purchase of 1,200 homes through the Co-Ownership scheme.
  4. Funding is already in place to enable at least another 750 homes to be purchased through Co-Ownership in the year ahead.
  5. Two properties out of every 5 purchased through Co-Ownership are currently new build.
  6. Purchasers buy a share in the property of their choice (from 50% up to 90% initially). Every case is assessed individually, and all properties are subject to valuation before purchase. Co-Ownership Housing provides up to 50% of the funding to the purchasers, who then contribute the balance towards the home of their choice, usually through mortgage from any one of several market suppliers. Purchasers start off with the percentage share in the property that they can afford and can then increase that initial share by buying part or all of the remaining equity in the property from Co-Ownership Housing at a later date.
  7. Co-Ownership Housing is a registered Housing Association, an Industrial and Provident Society, and is accepted as a charity by the Inland Revenue.
  8. Further details on who qualifies for the Co-Ownership scheme and how to apply can be found on the Co-Ownership website at co-ownership.org or by calling 9032 7276.
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