FairShare is a new shared ownership scheme for Northern Ireland. It has been created to provide an affordable path to home ownership for homebuyers who are unable to purchase a home outright. The key requirements for eligibility are that you don’t own a home, you cannot afford to buy the kind of home that you need outright. But you could afford to purchase at least a 50% share.
You are likely to qualify for FairShare if you:
- do not own a home in the UK or abroad
- do not own a share of a home or property in the UK or abroad
- are applying to buy a new-build property with a full purchase price not normally exceeding £160,000
- need the assistance of the FairShare scheme to buy a home that is suited to your housing needs
- cannot afford to buy a 100% share of a home suited to your housing needs within a reasonable distance of your place of work
- cannot afford to rent a home suited to your housing needs on the open market within a reasonable distance of your place of work
- are eligible to obtain a mortgage for at least 50% of the full purchase price
- can show that you can afford to buy a minimum 50% share of and run the property by providing details of your income and credit history
- are an individual applicant with a gross income which when multiplied by 4 is greater than the amount of the mortgage being sought;
are joint applicants with a combined gross income which when multiplied by 3.5 is greater than the amount of the mortgage being sought
Other restrictions may apply at time of purchase.
How do I provide the information required
You will be required to make an application to FairShare using the online application form. The FairShare team will carry out an assessment of your application to establish if you meet the eligibility criteria.
What kinds of properties are eligible?
From 12th April 2018, applicants to the FairShare scheme must be seeking to buy a new-build property. Existing homes / second-hand properties are no longer eligible under the FairShare qualifying homes criteria.
All homes advertised on the FairShare website are available to buy through the FairShare shared ownership scheme.
An alternative property
All properties listed on the FairShare website have been approved for purchase under the FairShare scheme.
You can also apply to buy a new-build property with FairShare that is not currently listed. If you have identified a new-build property, it will have to be inspected and approved as suitable by your FairShare partner.
The property purchased must be your only residence. FairShare is not available to assist buy-to-let investors, or those who will own any property other than their FairShare property after completing their purchase.
You cannot rent out your existing home and buy a second home through FairShare.
Applicants who make fraudulent claims for FairShare assistance will be liable to criminal prosecution.
Fraudulent claims will always require immediate repayment of the FairShare investment assistance.