BELFAST CITY CENTRE: 028 9013 7392 | EAST BELFAST OFFICE: 028 9560 9410 | ORMEAU ROAD, BELFAST: 028 9521 9349 | LISBURN RD BELFAST: 028 9521 9351 | DROMORE: 028 9210 6060 | LISBURN: 028 9279 4300 | GLENGORMLEY: 028 9072 7636 | ARMAGH: 028 3743 0770 | LURGAN: 028 3898 4004 | DUNGANNON: 028 8747 0270 | COALISLAND: 075 6180 7334 | COOKSTOWN: 028 8673 1055 

Contact Your Local Branch

BELFAST, CITY CENTRE: 028 9013 7392
BELFAST, EAST OFFICE: 028 9560 9410
BELFAST, ORMEAU ROAD: 028 9521 9349
BELFAST, LISBURN ROAD: 028 9521 9351
DROMORE: 028 9210 6060
LISBURN: 028 9279 4300
GLENGORMLEY: 028 9072 7636
ARMAGH: 028 3743 0770
LURGAN: 028 3898 4004
DUNGANNON: 028 8747 0270
COALISLAND: 075 6180 7334
COOKSTOWN: 028 8673 1055

The Benefits of Co-Ownership with The Mortgage Clinic Lurgan

by | Jun 6, 2024 | Uncategorized | 0 comments

Finding a place to call your own is an exciting journey, but it can also be challenging, especially in today’s property market. At The Mortgage Clinic Lurgan, we understand that buying your first home can feel like an uphill battle. Affordability issues and rising private rents often make it harder to save for a deposit, leaving many potential homeowners feeling stuck.

That’s where our Co-Own product comes in. Designed to offer a practical and affordable route to homeownership, Co-Own helps you bridge the gap between renting and owning. With shared ownership, you can purchase a share of your home, making the process more accessible and less financially daunting.

In this blog, we will explore the numerous benefits of purchasing a home through shared ownership with The Mortgage Clinic Lurgan. From lower costs to increased flexibility, we will highlight how our Co-Own product can help you achieve your dream of owning a home. Join us as we delve into the advantages that make Co-Ownership a viable and attractive option for many aspiring homeowners.

We Make Co-Ownership Simple

Before you even start viewing or bidding on any property, it’s crucial to speak with us. You need to know how much you can borrow and what your monthly costs will be. Our free initial planning consultation will help you set your budget, saving you time on viewing houses that might be outside your price range. We can inform you about how much you can borrow, what costs and fees to expect, and the size of the deposit you will need.

There’s no need for you to check all the banks and building societies yourself – we handle that for you, all under one roof. Because we work with all the major UK lenders, as well as local ones, you can be assured of receiving independent advice that is best suited to your needs. Each lender has its own criteria, but our expert knowledge ensures we find a solution tailored to your specific circumstances.

Lower Costs

One of the standout benefits of purchasing a home through The Mortgage Clinic Lurgan’s Co-Own product is the significant reduction in costs. Additionally, because you only need a mortgage for a portion of the property, your monthly repayments could be substantially less than if you had bought the home with a full mortgage.

With Co-Own, you can buy between 50% and 90% of the property, either with a mortgage or savings, and pay rent on the remaining share owned by Co-Ownership. This approach means you need a lower deposit (depending on the lender), a smaller mortgage, and you benefit from reduced monthly payments compared to purchasing a property outright.

Shared ownership is particularly beneficial for individuals and families with limited savings or lower incomes, as it provides an accessible pathway to homeownership. For many people, the prospect of saving for a large deposit while managing monthly rent payments can seem insurmountable. Shared ownership alleviates this burden by allowing you to buy a portion of the property, reducing the initial financial outlay required.

This approach makes homeownership attainable for those who might otherwise be excluded from the property market due to financial constraints. By lowering the deposit and mortgage amounts needed, shared ownership opens the door to a wider range of potential homeowners. It offers a practical solution for young professionals, single parents, and families who are striving to secure a stable and permanent home environment but are hindered by the high costs associated with traditional property purchases.

Increased Choice

Choosing The Mortgage Clinic Lurgan’s Co-Own product not only makes homeownership more affordable but also significantly expands your options. This increased purchasing power means you can consider homes in areas that may have been previously out of reach when you were trying to buy on your own.

With Co-Ownership through The Mortgage Clinic Lurgan, you can explore a wider range of properties in desirable locations, ensuring that your new home not only meets your budget but also your lifestyle needs. 

Flexibility to Increase Your Share

Another significant benefit of choosing The Mortgage Clinic Lurgan’s Co-Own product is the flexibility it offers in increasing your ownership over time. With Co-Ownership, you have the option to gradually purchase more of your home, in increments that suit your financial situation. 

Each time you increase your share of the property, the amount of rent you pay decreases, bringing you one step closer to full homeownership. This incremental approach allows you to manage your finances more effectively, making it easier to adapt to changing circumstances and improve your equity position in the property over time.

This flexibility means you are not locked into a fixed mortgage rate or term, providing you with the freedom to increase your share as your financial situation improves. To learn more about how you can increase your share in your home, visit The Mortgage Clinic in Lurgan for detailed information and guidance.

Making Homeownership Achievable with The Mortgage Clinic Lurgan

If you’re searching for an affordable and flexible route to homeownership, consider exploring Co-Ownership with The Mortgage Clinic Lurgan. Our Co-Own product is designed to make the dream of owning a home accessible to more people, offering numerous benefits that cater to various financial situations and lifestyle needs.

From lowering your initial costs and monthly payments to expanding your choice of locations, Co-Ownership offers a practical solution to the challenges many face in today’s housing market. Additionally, the flexibility to gradually increase your share and the ability to benefit from home improvements ensure that your investment grows with you over time.

At The Mortgage Clinic Lurgan, we are committed to helping you navigate the path to homeownership. Our team of experts is here to guide you through every step of the process, providing the support and information you need to make informed decisions.

Ready to take the next step towards owning your home? Contact The Mortgage Clinic Lurgan today to learn more about our Co-Own product and how we can help turn your homeownership dreams into reality.

Helmut Elstner

Managing Director – Independent Mortgage Broker and Insurance Advisor

Helmut started working in financial services in early 2012 and founded The Mortgage Clinic in Belfast in early 2015. He specialises in all types of mortgages from First Time Buyer, Co-ownership, Self Build, Home Movers, Remortgages, Debt consolidation, to Buy to Let.

Three Best Rated Winner 2021
Winner Mortgage Broker of the year 2020
Top Rated Advisor 2021 on Vouchedfor