How Does Co-Ownership Work?

Overview

Co-Ownership is a shared ownership scheme designed to help individuals buy a home. It involves purchasing a share of a house that the buyer can afford, while Co-Ownership buys the rest. The buyer pays a mortgage on their portion and rent on Co-Ownership's portion, with the option to increase their share over time.

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Applying for Co-Ownership

1. Check Credit Report: Ensure there are no surprises before applying.
2. **Application Process: **Apply online at co-ownership.org, with a £100 non-refundable assessment fee.
   • Applications not submitted within 90 days will be deleted.
3. Approval: Involves a credit check with Experian. Approval is valid for 4 months.
   • If unsuccessful, reasons will be provided.
4. Mortgage: Discuss potential mortgage amounts with a bank or adviser.
5. Finding a Home: Match with Co-Ownership Approval amount. A £575 property fee applies, covering assessment and most legal fees.
6. Property Approval: Assessment ensures the property is a good standard and value.
7. Formal Offer: Co-Ownership provides an offer to purchase a share of the home.
8. Legal Process: Solicitors finalize the paperwork.
9. Move In: Co-Ownership communicates rent details after moving in.

Increasing Your Share

• Buyers have the option to increase their share, aiming for full ownership eventually. However, there is no obligation to do so.

Tools and Resources

• Affordability Calculator: Helps determine how much one can afford.
• Repayments Calculator: Estimates costs of buying a share.
• Budget Planner: Assists in financial planning.

Contact and Support

• Co-Ownership offers various support options, including help with application processes, legal inquiries, and financial advice.

Newsletter and Updates

• Users can sign up for a newsletter to receive updates and marketing materials from Co-Ownership.

Additional Information

• About Us: Details on Co-Ownership's mission and social responsibilities.
• Partners: Information for developers, estate agents, lenders, and solicitors.