Co-Ownership Housing has secured £50 million private finance investment over the next three years. Barclay's Bank and Bank of Ireland have both announced a commitment to provide £25 million each to help people take the first step on the property ladder.
The provision of good quality, affordable housing is a key priority for the Executive. Through the Co-Ownership scheme, government and the private sector are working together to facilitiate a better future for those who want a stepped approach into home ownership.
Last year, along with my colleague Finance Minister Sammy Wilson, I was able to announce £100 million funding for Co-Ownership until 2014/15. Together with this private investment, some 2,500 homes will be able to be purchased, mainly by first-time buyers, over the next four-year period.
Co-Ownership Housing is a registered housing association and Northern Ireland's regional body for shared ownership, operating since 1978. The Co-Ownership scheme is a low cost route into home ownership aimed at people who could not otherwise afford to buy a home. Purchasers buy a share in their property of choice (from 50% up to 90% initially). Every case is assessed individually and all properties are subject to valuation before purchase.
I would encourage anyone who thinks that they might benefit from the scheme to consider availing of this new funding package. Co-Ownership offers a free, confidential informationm service and you can contact them on freephone 0800 333644 or www.co-ownership.org.
It is far to expensive a way to purchase a house,looks good at the start until you get into it and then you find out how expensive it really is to use it
ReplyDeleteI don't understand what you are saying. Co-Ownership has enabled many people to get started in home ownership and they have found it extremely helpful. This is a good model, which works well for many people, indeed in the past the scheme was over-subscribed. That is why I am so pleased about this additional money. It means that we will be able to help more people.
ReplyDeleteOh yes at the minute with the banks not lending as they should be because they lent to much to people who really should'nt have got the morgage in the first place.If you purchase a property share, this could leave you with high repayments at the end of the loan period. You should carefully consider the length of the repayment period for both your first share and then the co-ownership share of the property.It is yes a easier way to purchase a property with so little a desposit thats the only reason it is over subsribed,but l feel if far to many of these morgages are taken out we are storing up trouble for years to come.l feel co-owership should have a condtion were as the buyer should have to have at least a percentage of a deposit before they can make a application,to make sure we are not storing up for trouble for later
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