Northern Ireland’s regional shared ownership provider, Co-Ownership, has announced a new private finance deal worth £65 million in conjunction with its corporate funding partner, the Bank of Ireland.
This financial support, together with funding from the Department for Communities, will enable Co-Ownership to help over 1,000 new customers per year into home ownership, by providing an affordable option to people who otherwise would not be able to afford a home of their own.
Andrew Shott, Finance Director at Co-Ownership, said, “We are delighted to announce this seven-year funding agreement as it provides corporate funding for the foreseeable future and makes Co-Ownership well-resourced to help even more people into homeownership.”
“In 2021/22 Co-Ownership helped just over 1,100 people into home ownership. We know how important it is to our customers to own their own home and the positive difference it makes to their day-to-day lives. Therefore, Bank of Ireland’s support is welcomed as we continue to help people become homeowners.”
With house prices increasing and household budgets squeezed by inflation some people might see home ownership as being out of reach. However, Co-Ownership continues to provide an affordable and unique route to home ownership by making the cost of owning your own home more affordable.
Adrian Carville, Associate Director at Bank of Ireland, said, “Co-Ownership provides a vital service to society, enabling those who may not otherwise be able to afford to, to enter into home ownership.
“At Bank of Ireland, we are delighted to help Co-Ownership continue its good work by providing £65 million in funding over the next seven years. This will support more people across Northern Ireland to realise their dream of owning a home.”
Co-Ownership is designed to help people who would not otherwise be able to do so, to own a home of their own. Co-owners buy a share of a home up to the value of £175,000 anywhere in Northern Ireland and Co-Ownership buys the rest. The co-owner pays the mortgage on their share and then a small rent to Co-Ownership for the remaining share. When able to, the homeowner can choose to increase their share until they own it all.
Co-Ownership has been supporting people into home ownership in Northern Ireland since 1978 and has supported over 30,000 households right across the province in that time. There are currently over 10,000 Co-Ownership homes in Northern Ireland.
Find out more about Co-Ownership by visiting co-ownership.org