CO-OWNERSHIP
IS THE WAY TO GO FOR
FIRST TIME BUYERS!!
Most of us fee the urge to 'get on the property ladder' and for first time
buyers it has been getting tougher and harder than ever. The recent slump
in house prices has been due to interest rate hikes and levels of
uncertainty in the industry and media speculation of a market decline.
However, its now the PERFECT OPPORTUNITY FOR FIRST TIME BUYERS to take
advantage as not only will they be able to now pick up a possible bargain
property but the flexibility offered by CO-OWNERSHIP will enable them to get
'one foot on that ladder'
What is it?
It's a scheme run by the Northern Ireland Co-Ownership Housing Association
Limited (NICHA) and funded by the Department for Social Development.
How does it work?
YOU, THE BUYER, will own your own home but share equity with co-ownership.
This basically means that you PART-BUY AND PART-RENT YOUR HOME. The
Mortgage Shop will arrange your mortgage and your co-ownership application
all done under one roof.
The scheme is geared towards people who would not normally be able to buy
their home with a full mortgage and works out CHEAPER PER MONTH THAN A FULL
MORTGAGE would. You have the option of buying NICHA's share at any time,
whenever you can afford it.
What can you buy?
You can buy any kind of property you want on co-ownership. You view the
houses and its only when you have decided on one, that the NICHA will get
involved. However there are limits in each council area on the value of the
properties. THE CURRENT LIMIT IN THE STRABANE AREA IS £180,000, which
includes a lot of available property options to choose from.
Information Evening at The Mortgage Shop
On Thursday 20th September from 7pm-9pm at The Mortgage Shop, Strabane there
will be mortgage advisers at hand, representatives from co-ownership and
building societies. There will be light refreshments and a chance to browse
through suitable properties in the area. EVERYONE THINKING OF TAKING THAT
FIRST STEP TOWARDS GETTING THEIR DREAM HOME SHOULD COME ALONG!
