Property value limit rise 'will help more into home ownership'
AN upwards move on value limit by Co-Ownership is set to help more first time buyers into home ownership.
The shared ownership provider has increased the property value limit for its Co-Own and Rent to Own products from £165,000 to £175,000.
The change, which has been approved by Department for Communities, will apply to applications submitted to Co-Ownership from December 1.
“This increase is welcome and provides access to more homes across Northern Ireland, broadening an applicant's options,” Co-Ownership chief executive Mark Graham said.
“Our products have helped more than 30,000 people to own their own home in Northern Ireland and, with on-going support from Department for Communities, remain committed to helping those who may not otherwise be able to afford a home of their own.”
Co-Ownership, which has been supporting people into home ownership since 1978, has an active share in 10,000 homes across the north through its Co Own product.
Its Rent to Own product allows prospective home owners to choose a new build house anywhere in Northern Ireland up to the property value limit.
If the property is suitable, Co-Ownership (www.co-ownership.org) will buy it and rent it to the prospective home owners for up to three years, with the owner able to purchase it any time after the end of the first year.
Communities Minister Deirdre Hargey said: “The decision to increase the value limits is to support prospective home owners as they seek to secure a home in partnership with Co-Ownership.
“My housing reform is wide ranging and includes increasing affordable housing options for those who wish to own their own home. This move will increase the availability of the shared ownership option.”
Co-Ownership was awarded £13 million recently which will see around 400 more people into home ownership. The money was allocated due to the pandemic and a tightening criteria by lenders, making it more difficult for some people to get a mortgage.