More people in Derry are interested in Co-Ownership as interest rates rise

Co-Ownership, Northern Ireland’s shared ownership provider, is experiencing a broader range of potential homeowners in Derry reaching out for support, many of whom would have been able to buy a home without Co-Ownership’s help before the recent increase in interest rates.

Mark Graham, Chief Executive of Co-Ownership, said: “We are acutely aware that potential homebuyers are feeling the pressure of the cost-of-living crisis. As a result, an increasing range of aspiring homeowners are considering Co-Ownership.

“Fortunately, we are well-positioned to support those who need our help. For instance, with support from the Department for Communities our Property Value Limit has recently been increased to £190,000 to accommodate last year’s property price rises.

“Our role remains the same - to support those who want to become homeowners to achieve their goal. We continue to be integral to the delivery of affordable housing in Northern Ireland. Since 1978 we have helped over 30,000 people who, without our help, would not have been able to own their own homes. Our product is geared to help as many people as we can throughout the province - if someone is eligible, we will support them. Last year alone we helped buy over 1,100 homes.”

Glynis Hobson, Director of Customer Services at Co-Ownership said: “Our team are committed to helping people become homeowners. We can see the impact that becoming a homeowner has on individuals and families every day. Customers tell us about the problems of being trapped in rented accommodation with spiralling costs and no long term security. We can see the difference home ownership can make and we work with customers to understand their circumstances and help them. Customers can talk to us online, on the phone, via Zoom or in person it’s up to them but we are here to help.”

Potential buyers can visit the Co-Ownership website to book a virtual or face-to-face meeting with a customer adviser to better understand Co-Ownership’s products. In addition, a range of helpful videos are available to view on the Co-Ownership YouTube channel that focus on a wide range of topics including the application process, and how Co-Ownership can support people returning to the market.

Co-Ownership is available on properties up the value of £190,000 anywhere in Northern Ireland. Successful applicants buy the share of a home they can afford between 50 per cent and 90 percent through lenders offering Co-Ownership mortgages. Co-Ownership covers the cost of the remaining share.

Should they become able to co-owners can choose to increase their share bit-by-bit until they own all of the property.

Last year, Co-Ownership introduced a product specifically tailored to support Northern Ireland’s aging population. Co-Own for Over 55s helps people move to a home that better suits their needs as they age, if they can’t afford to do so on their own. Anyone interested in finding out more about Co-Own for Over 55s can attend an open day at Co-Ownership offices in Moneda House, Belfast on Thursday 23rd February anytime between 11am and 3pm.

Mark sid: “There are many reasons why people over 55 may want to move - to be nearer friends and family, reduce their energy bills or have a smaller property with less maintenance. As we get older, it’s common to find that our home is no longer suitable for our needs. Living in a comfortable and suitable home is crucial to enjoying an active and healthy lifestyle. Our homes should never be a cause of worry or anxiety at any stage of our lives.”

For more information on Co-Ownership, visit co-ownership.org.