How To Qualify For Co-Ownership (Requirements for Shared Ownership In Northern Ireland)

We look at how you can qualify for Co-ownership(Shared Ownership in Northern Ireland) under different personal and financial circumstances and the criteria required to use this shared ownership scheme.🏡
👉Check out our free guide to Co Ownership in Northern Ireland:
www.you1stmortgages.com/guide...
➡️Get in touch⬅️
Mark Anderson - DipFA MLIBF CeMAP Diploma
📞: 0333 224 9052
☎️: 028 389 88 276
💌: [e-mail]
How to qualify for Co-ownership:
You have to be 18 or over to apply.
Residency - You have to live in the UK. You may need to prove that you have the right to live in Northern Ireland and the property you buy must be your only residence.
Income and affordability - Co-ownership will multiply single and joint applicants’ income by three to work out affordability. The decision is based on all income. Co-ownership will not support you if they believe you can afford the property on your own.
Co -ownership will not accept applications from anyone who already owns or are named on a property in Northern Ireland or elsewhere including land and commercial property. If this doesn’t apply to you they will.
They may consider you if you have had a past relationship with them but this will depend on how your account was managed including rent and any other arrangements you may have had with them.
If you are in a relationship with someone, whether you are living or intend to live with them as a couple, whether married or in a civil partnership you must apply together.
Co-ownership may not consider you if they believe you can afford to save up for a deposit.
You cannot have any outstanding debt that was secured on a property from any third party.
You must declare all outgoings including loans, credit/store cards, maintenance, childcare, mail order debt and anything else when applying.
If you were in a previous relationship all settlement arrangements must be concluded before applying.

[@piarasharvey89]

Mark can I just say thank you your videos I've watched are the most clear I've come across myself and my wife are looking into shared ownership one of us has a very good credit score the other not great we have no defaults missed payments Iva's ccjs but do have 2 loans we pay religiously every month one account is used for our bills and sits empty every month and the other we use to save in so I'm guessing that doesn't work in our favour either