Let us help you get on the property ladder.

In support of local government initiatives to boost the Northern Ireland housing market, we are offering a mortgage that allows you to buy a home through the Co-Ownership Housing® Scheme. If you’ve found the property, we’ll discuss your options to help you get ‘mortgage ready’.

--------------------Start of Accordion Container---------------------------

Click on edit button to enter Accordion Header

Co-ownership mortgages

  • --------------------Start of Accordion---------------------------

    Features and benefits

    Why choose Co-ownership through First Trust Bank?

            

    • If Co-ownership Housing provide more than 25% of the value of the property, the mortgage application can be for the remainder of the purchase price, this means that you may not need any deposit
    • Up to £1000 Cashback*
    • The same great rates that we offer other first time buyers
    • No application fee or booking fees
    • Free valuation for switchers and first time buyers
    • We lend to customers buying through Northern Ireland Co-ownership Housing Association only
    • Staircasing for Co-ownership buy-out
    • Loan offer valid for 6 months
    • New Build Properties accepted
     
     

    Exclusions

    *Applies to new lending only - cashback is payable within one month of draw down, subject to the loan not being redeemed during that time. Cashback applies as follows: 5 Year Fixed Rate mortgage - £1,000; other new business products (e.g. short term fixed rates and discount variable products) - £500. Some exclusions apply: Further Advances, and loans less than £25,000.

    --------------------End of Accordion---------------------------

-------------------End of Accordion Container---------------------------

--------------------Start of Accordion Container---------------------------

Click on edit button to enter Accordion Header

All you need to know about Co-ownership

  • --------------------Start of Accordion---------------------------

    What is Co-Ownership?

    You buy a share of the property, and rent the remainder from Co-Ownership Housing®. The title to the property is in the name of Co-Ownership Housing®, which grants you a 99-year equity-sharing lease. You can buy more of the property over time, if you wish.

    --------------------End of Accordion---------------------------

  • --------------------Start of Accordion---------------------------

    Who are the Northern Ireland Co-Ownership Housing Association?

    Northern Ireland Co-Ownership Housing Association is Northern Ireland's regional body for housing shared-ownership and is funded by the Department of Social Development.

    --------------------End of Accordion---------------------------

  • --------------------Start of Accordion---------------------------

    Who is eligible for Co-Ownership Housing® funding?

    • Co-Ownership Housing® funding is available for first time buyers, or buyers returning to the market
    • If you currently own a property, you are not eligible to apply
    • Any residential property, up to a value of £160,000, can be considered for purchase under the scheme
    • Co-Ownership Housing® will provide from 10% to 50% funding of the purchase price
    • Further details are available directly from Co-Ownership Housing®

    --------------------End of Accordion---------------------------

  • --------------------Start of Accordion---------------------------

    What deposit do I need?

    If the mortgage is less than 75% of the value of the property, you do not have to pay a deposit.  For example, if you wanted to buy a house costing £100,000 and Co-Ownership Housing® agreed to fund 50% of it:

     

      % of total cost  Funded by Amount
    Rental portion 50%

    Co-Ownership Housing®

    £50,000
    Mortgage 50% First Trust Bank £50,000

    Deposit required

    None You £0

     

    If the mortgage is more than 75% of the value of the property, you will have to pay 5% deposit.  For example, if you wanted to buy a house costing £100,000 and Co-Ownership Housing® agreed to fund 10% of it:

     

      % of total cost  Funded by Amount
    Rental portion 10%

    Co-Ownership Housing®

    £10,000
    Mortgage 85% First Trust Bank £85,000

    Deposit required

    5% You £5,000

    --------------------End of Accordion---------------------------

  • --------------------Start of Accordion---------------------------

    Where to find out more

    Further details are available directly from Co-Ownership Housing

     

    Are you eligible?
     

    Co-Ownership Housing funding is available for first time buyers, or buyers returning to the market

       

    If you own a property, you are not eligible to apply

       

    Any residential property, up to a value of £160,000, can be considered for purchase under the scheme

     

    --------------------End of Accordion---------------------------

-------------------End of Accordion Container---------------------------

How do I apply?

You must first apply direct to Co-Ownership Housing®.  Their website www.co-ownership.org, gives a step-by-step guide to the process.  You can also phone them on 028 9032 7276.

 

Once Co-Ownership Housing® provides you with an offer, you can then contact us to apply for a mortgage to fund the remainder of the purchase price. Call us on 028 9082 1655 or drop in to any First Trust Bank branch and speak with a mortgage adviser today. They’ll explain exactly what’s involved, and answer any of your questions.

 

Alternatively, fill in our Mortgage Callback Request form and one of our mortgage advisers will call you to explain your options.

Help and guidance

 

Our mortgage rates

Have a look at our mortgages rates

 

Frequently asked questions

Whatever your mortgage question, you can bank on us

 

Tariff of Mortgage Charges

Your mortgage fees and charges explained

Important information

First Trust Bank reserves the right to withdraw or amend products at any time. Loans are granted subject to an appraisal of the applicant's financial standing. Applicants must be 18yrs or over. Minimum mortgage amount £25,000. Lending criteria, terms and conditions apply. An independent valuation will be required. Your mortgage will be secured against the mortgaged property. Primary residence only.

Related Products

3