Over 550 homeowners in Lisburn supported by co-ownership

It is well-documented that home ownership has a positive impact on people’s wellbeing greatly improving a person’s financial, physical and psychological health.

A recent study revealed that 78 per cent of those who bought a home through Co-Ownership reported improved health and wellbeing, whilst 79 per cent said they feel more financially secure. Almost 70 per cent of the co-owners reported that they feel they have become part of the community where they now live.

Director of Customer Services at Co-Ownership, Glynis Hobson, said: “We are really proud to be able to support so many homeowners in the Lisburn area. There is a growing range of people who need our help to become homeowners - from young families to single professionals of all ages.

“It’s wonderful to assist people on their journey into home ownership and see the knock-on effect this has on their wellbeing.

“Most of us aspire to own our home, and we can all benefit from putting down permanent roots.

“We continue to adapt our product and enhance our service, with the support of the Department for Communities, to ensure we can continue to make home ownership a reality for as many people as we possibly can.”

The Co-Own model offers people the opportunity to purchase a property in a location of their choosing up to the value of £175,000.

The property value limit recently increased from £165,000 to support people across Northern Ireland as they seek to become homeowners, whilst responding to rising property prices.

Successful applicants take out a smaller mortgage on the share of a home they can afford, between 50 per cent and 90 per cent.

Co-Ownership covers the cost of the remaining share. Should they want to, co-owners can increase their share at any time in 5 per cent steps or all at once, until they own it all.

It is anticipated that the majority of co-owners across the Lisburn area will buy Co-Ownership out of their arrangements, meaning they will no longer need Co-Ownership’s support and own their home either outright or with just the mortgage share.

In the 43 years that Co-Ownership has been active in Northern Ireland it has supported over 30,000 people into home ownership proving how successful and effective the model is.

Chief Executive of Co-Ownership, Mark Graham, said: “Of the 10,000 households across Northern Ireland that are currently co-owners, over 550 are in the Lisburn area alone, detailing the scale of our footprint across the province.

“We play a significant role in the housing market – supporting around ten per cent of the first-time buyer market across Northern Ireland.

“Those who wish to own a home can take confidence knowing that Co-Ownership is already present within their community.

“We encourage any individual who thinks that owning a home isn’t on the cards for them to think again.

“We provide an alternative route into home ownership, a route specifically designed to support people to overcome barriers such as low income or limited savings.”

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