AIB Northern Ireland (NI) has teamed up with Co-Ownership to offer a mortgage without the need for a deposit to first-time buyers (FTBs) in Northern Ireland.
This move helps overcome the barrier of saving for a deposit as house prices continue to rise.
Approved buyers can borrow 100% of the share of their property they choose, between 50% to 90%, with Co-Ownership covering the rest.
Richard Martin (pictured, left), business development manager at AIB NI, said: “We’re proud to partner with Co-Ownership, giving potential buyers more options and support to secure their first home.
“We understand how challenging it can be in the current climate and through the Co-Ownership model, we can help customers achieve the life they are after.”
Successful Co-Ownership applicants can pick a home up to £210,000 anywhere in Northern Ireland.
Glynis Hobson (pictured, left), director of customer services at Co-Ownership, said, “We believe that everyone that wants to become a homeowner should have the chance to, but for many people saving for a deposit while paying rent is simply too difficult.
“Too often people rule themselves out thinking that it is too much of a stretch.
“We’re delighted to welcome AIB on board as our third no-deposit lender alongside Danske Bank and Progressive Building Society.
“Their support means we can work together to help more people take that crucial first step onto the property ladder, and we look forward to working together to support local customers becoming homeowners.”
Hobson added: “As a not-for-profit organisation, when people do buy us out, the money goes to helping other people start their home ownership journey.
“We’ve helped more than 34,000 into home ownership since 1978, last year alone helping 771, of which almost half were renters.
“We would encourage anyone who dreams of owning a home to not rule themselves out we’ll do our best to help and signpost how home ownership can happen.”
