First time buyers who are resident in Northern Ireland and who wish to purchase a property in Northern Ireland which has a maximum price of £175,000. It is not restricted to new developments.

If you are eligible and interested in the Co-Ownership Mortgage you must first apply via Co-Ownership Housing to be accepted into the scheme. Co-ownership Housing can be contacted by via freephone* 0800 333644 or via their website www.co-ownership.org.

Co-Ownership Housing will ask you to complete an application form and if your application is accepted you will receive a Co-Ownership Letter of Offer. This Letter of Offer must be presented by you to Ulster Bank before we can commence a Co-Ownership Mortgage application.

The scheme allows you to buy at least half of a property (which is valued up to a maximum of £175,000). The remainder is financed by Co-Ownership Housing and in return you pay Co-Ownership Housing a monthly rent for this portion. There is no need to save for a deposit.

Over time you can increase the percentage share of the property you own by buying out Co-Ownership's share.

We have a range of Co-Ownership mortgages which includes fixed and discounted variable rates. We can provide Co-ownership mortgages for up to 85%, Loan to Value (LTV). Co-Ownership Housing provides the remainder of the funds required. For LTVs higher than 75% a deposit of 5% is required.

It's easy - you pay for your share in your Co-Ownership home by borrowing up to 85% Loan to Value (LTV) of the property with an Ulster Bank mortgage. If you are looking for a mortgage of up to 75% LTV from Ulster Bank, we'll lend the full amount and for all loans over 75% LTV a 5% deposit will be required. The table below shows how this works.