CO-OWNERSHIP MORTGAGE
WHAT IS CO-OWNERSHIP IN NORTHERN IRELAND?
This a scheme to help you get on the property ladder if you are unable to get a full mortgage for your dream home. This is ideal for individuals or couples who cannot afford to get together all the required deposit requested by lenders.
Co-Ownership allows you to purchase the share of the house that you can afford; anything from 50% to 90% and Co-Ownership will purchase the remaining share. You pay the mortgage on your share to the Bank and you pay rent to Co-Ownership on the part they purchased. The rent payable is well below market value.
HOW DOES IT WORK?
An application is made to Co-Ownership from the outset (no property details required) and they will assess your financial situation using Experian; a credit reference agency. They will check if you have any adverse credit history and that you meet their eligibility criteria. Manley Financial can help guide you through this application process.
You will then receive a decision on whether you have been approved or not. If approved, you can continue with the process of purchasing your dream home. There are a number of Banks in Northern Ireland and the UK who offer Co-Ownership mortgages and at Manley Financial we will be there every step of the way advising you on the best option for you.
IMPARTIAL ADVICE
Buying your first home is a major step and it is vital you are able to consult with professionals you can trust. Trying to do it by yourself could cost you time and money. Manley Financial offer impartial advice to help you avoid pitfalls with no obligation.
We want to help people and build trust so you consider using us should you decide to go ahead with a mortgage application. Our service is to provide convenience to our clients, so we will work around you by meeting at the office, remotely or at your home.
There will be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate that it will be £195 but may range from £0 to £495.
You will not receive a refund if your mortgage or loan does not go ahead but the fee paid will cover a second mortgage application if applied for within 6 months of the initial application.