TL;DR
FairShare Northern Ireland - key points
FairShare is a limited-availability Northern Ireland shared ownership route for approved new-build homes. Official guidance says buyers usually purchase 50% to 90% and pay rent on the rest.
FairShare states rent on the unsold share is 2.5% per year, subject to annual review. Eligibility guidance says the full purchase price should normally not exceed £160,000.
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.
Status: limited availability - verify before publication
FairShare is shown by official scheme-provider pages, but live property supply, provider participation and lender arrangements can change. Verify current availability before treating this as a live promoted route.
Rules can vary
Rules can vary by lender, provider, landlord, development or local authority. Always check the current criteria before reserving a property or applying.
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
FairShare eligibility guidance says the route is for people who need help to buy, do not currently own another property and can obtain 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.
Rent is charged on the unsold share at 2.5% per year, subject to annual review. If you buy more shares later, official staircasing guidance says purchases are in 10% blocks.
FairShare confirmed figures
- Buyer share
- 50-90%
- Rent on unsold share
- 2.5% p.a.
- Staircasing
- 10% blocks
Current property availability, lender participation and deposit terms must be checked case by case.
How to apply
- Check current FairShare-approved properties and participating housing associations.
- Confirm whether the property is eligible new-build and normally within the £160,000 purchase price rule.
- Check buyer eligibility with the provider or scheme route.
- Review mortgage affordability, deposit and lender choice with an adviser.
- Complete the provider/scheme process separately from the mortgage application.
- 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: NI-wide shared ownership for eligible buyers, usually 50% to 90% buyer share, with a current property cap of £215,000.
- 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 Housing Executive or qualifying tenants buying all or part of their social home.
- Help to Buy Mortgage Guarantee: the old NI-linked page is closed to new loans and is now relevant mainly for existing borrowers.
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.
FAQ
Frequently asked questions
Is FairShare open in Northern Ireland?
FairShare scheme-provider pages are live, but this page treats it as limited availability because current properties, providers and lender arrangements need checking before applying.
What share can I buy through FairShare?
Official FairShare guidance says buyers can normally buy between 50% and 90% of an approved property.
What rent is charged on the unsold share?
FairShare states rent on the unsold share is 2.5% per year, subject to annual review.
Can I use FairShare for an existing home?
FairShare eligibility guidance says that from 12 April 2018 FairShare is only open to new-build properties. Existing or second-hand homes are not eligible.
What is the FairShare property price limit?
The official eligibility page says the full purchase price should normally not exceed £160,000.
Do I need a mortgage and deposit?
You normally need a mortgage for at least 50% of the property. Deposit requirements are lender-led, so the exact amount depends on the lender and mortgage product.
Can a broker approve my FairShare application?
No. A broker can help with the mortgage side, but the provider or scheme route decides FairShare eligibility and property availability.
What are the main alternatives?
Co-Ownership is the closest shared ownership alternative in Northern Ireland. Standard first-time buyer mortgages or tenant-only House Sales Scheme routes may also be relevant depending on your situation.