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What is OwnCo Housing?2nd March 2018

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As mentioned in our recent blog exploring the Co-Ownership Housing scheme, which you can access by clicking here, there are various options available to potential homeowners here in Northern Ireland.

One of those options is Rent to Own, or OwnCo, and we will answer some of the key questions below.

What is OwnCo Housing?

Rent to Own Housing, also known as OwnCo Housing, is a government supported house buying scheme designed to support those wanting to own their own home but not currently able to secure a mortgage, for whatever reason.

The scheme is essentially a “Rent to Own” agreement that enables applicants to first rent their chosen property and then, eventually own it after paying rent and saving towards an acceptable deposit.

The agreement is a 3-year payment plan during which applicants become standard renting tenants. To begin the agreement applicants must pay a down payment of £2500. This down payment will then be added to each month with 25% of the monthly rent going towards a lump sum that will eventually become a mortgage deposit.

Throughout the 36 months the applicants will be considered normal tenants but will have the choice to buy the property at any time during the second and third years of the agreement.

Please be aware that rent won’t change during this term of 36 months.

Who Qualifies for OwnCo Housing?

To qualify and be eligible for the Rent to Own Housing scheme applicants must:

Work (can include self-employed and temporary positions) Be able to pay monthly rent requirements Be able to manage money/finances Be unable to obtain a mortgage, Co-Ownership property and housing benefit

If you’re unsure about your own situation, we would recommend that you contact OwnCo Homes directly via clicking here

What Type of Property is available through OwnCo Housing?

The Rent to Own, or OwnCo Housing, scheme has specific guidelines for eligible houses or properties. These guidelines include:

Property can be worth a value up to and including £160,000 Property must be a new build starter home Property must have a 10-year warranty Property must be turnkey ready and have more than 1 bedroom Property can’t be a flat, apartment or 1 bedroom dwelling

How to Apply for OwnCo Housing

To apply for an OwnCo, or Rent to Own, home you will have to fill out their specific contact form and await further instructions from them directly.

You can access the Rent to Own contact form via clicking here


Like the Co-Ownership scheme, Rent to Own is an important part of the Northern Ireland property market for many and we would recommend exploring it as a potential option depending on your circumstances.

For more information feel free to get in touch with our team in the Glengormley office. Together we combine years to Northern Ireland property experience and, as a result, understand relevant schemes and how they operate in a practical sense.

Alternatively, for detailed answers to further questions, we recommend viewing the OwnCo Homes FAQ section by clicking here.