FairShare Northern Ireland

FairShare key rules

FairShare is shared ownership for approved new-build homes in Northern Ireland. It is not a general open-market scheme for any property.

• buyer share is usually 50% to 90%;
• rent on the unsold share is stated as 2.5% per year, subject to annual review;
• from 12 April 2018, FairShare is limited to new-build properties;
• the full purchase price normally must not exceed £160,000;
• you normally need a mortgage for at least 50% of the property.

How FairShare works

You buy a share of an approved new-build property through the FairShare route and pay rent to the housing association or provider on the share you do not own. The mortgage covers your share, not the full property value.

The scheme is provider-led. That means the property, provider, lender and buyer eligibility all need to align before the purchase can progress.

Who may qualify

Published FairShare criteria exclude people who own a property or a share in one, whether in the UK or abroad. Published criteria also require that you cannot afford either to buy a suitable home outright or to rent suitable accommodation on the open market within reasonable commuting distance of your workplace. The FairShare home must be your only residence. Ask the provider to assess your circumstances, including any property interest in Poland.

You normally need a mortgage for at least 50% of the home. The official eligibility page also refers to income multiplier checks: single gross income multiplied by 4, or joint gross income multiplied by 3.5, should be greater than the mortgage sought.

Mortgage, deposit, rent and future costs

FairShare examples may show a deposit on the buyer share, but deposit requirements are lender-led. Do not rely on a fixed deposit percentage unless a lender confirms it for the specific case.

Budget separately for valuation, legal fees, moving costs and any Stamp Duty Land Tax due. Ask for details of ongoing charges as well as the mortgage and rent. Our home-buying costs guide can help you plan the wider budget.

Rent is 2.5% of the unsold share per year, subject to annual review. Additional shares are bought in 10% blocks. Published guidance prices additional shares using the higher of current market value and the original purchase price. The same valuation floor applies when settling the provider’s remaining share on sale, so falling property values do not proportionately reduce that payment. Ask your solicitor to explain the lease before buying.

How to apply

1. Check current approved homes with FairShare. If you have found another new-build home, ask whether it can be assessed through the alternative-property route; inspection and provider approval are required.
2. Confirm whether the property is eligible new-build and normally within the £160,000 purchase price rule.
3. Check buyer eligibility with the provider or scheme route.
4. Review mortgage affordability, deposit and lender choice with an adviser.
5. Complete the provider/scheme process separately from the mortgage application.
6. Proceed with lender application, valuation, legal work and completion only once both routes are clear.

What to watch out for

• availability is tied to approved new-build properties and participating providers;
• the £160,000 normal purchase-price rule matters for eligibility;
• rent and service charges must be included in affordability;
• lender participation can change;
• provider approval does not guarantee mortgage approval.

How FairShare differs from other NI schemes

• Co-Ownership: shared ownership in Northern Ireland, usually with a 50–90% buyer share. Current property limits are £215,000 for existing homes and £230,000 for new builds; affordability determines your individual limit.
• FairShare: shared ownership for approved new-build properties through participating housing associations, with rent on the unsold share.
• Equity Sharing: tenant-only part-buy route within the House Sales Scheme, not an open-market buyer scheme.
• House Sales Scheme: for eligible Northern Ireland Housing Executive tenants. The statutory route for registered housing-association tenants closed to new applications on 28 August 2022.
• Help to Buy Mortgage Guarantee: this historic scheme is closed to new loans. Current low-deposit mortgage options must be checked separately with lenders.

How a mortgage adviser can help

Extend Finance can help with the mortgage side: affordability, lender choice, documents and understanding how the scheme affects the application. We do not decide scheme eligibility, allocate properties or approve the scheme application.

An adviser can check whether lenders support the FairShare structure, calculate affordability with rent and service charges, review deposit evidence and compare FairShare with Co-Ownership or a standard mortgage.

Alternatives to compare

If FairShare availability is limited, compare Co-Ownership, a standard first-time buyer mortgage, or tenant-only routes such as House Sales Scheme if relevant.

Official sources

Check current official FairShare pages before applying: FairShare overview, how FairShare works, eligibility and staircasing.