Co-Ownership in seven year funding deal with BoI
REGIONAL shared ownership provider Co-Ownership has signed a private finance deal worth £65 million with its corporate funding partner the Bank of Ireland which will help more than 1,000 new customers a year into home ownership.
The financial support, together with funding from the Department for Communities, will enable Co-Ownership to provide 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: “This agreement provides corporate funding for the foreseeable future and makes us well-resourced to help even more people into home ownership.
“In 2021/22 we helped 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, so Bank of Ireland's support is welcome.”
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.
“We are delighted to help it continue its good work by providing £65 million in funding over the next seven years.”
Under the scheme, 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 home-owner 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 in that time. There are currently over 10,000 Co-Ownership homes in the north.