The Belfast-based housebuilder raised £65m through private finance from Bank of Ireland, while a further £100m had already been secured as financial transactions capital from the Department for Communities.

Co-Ownership claimed that the combined amount represents one of the largest finance deals in Northern Ireland.

Paul Givan, minister for communities in Northern Ireland, said: “I am delighted that Co-Ownership Housing has secured additional funding to support first-time buyers and those returning to the market to gain and regain a foothold on the property ladder.

“It will also provide a boost to [the] local economy by supporting the construction industry to build much-needed new affordable homes and in providing new customers for local businesses of household goods and furnishings.”

The Co-Ownership scheme aims to help first-time buyers and those returning to the housing market who could not otherwise afford to buy a home.

Buyers can choose any property in Northern Ireland with a value of up to £150,000.

They then buy a starter share of between 50% and 90% and pay rent on the remaining share, with the option to increase their stake or purchase the house outright at any time.

The new deal will enable up to 4,000 people to get on the property ladder.

To date the firm has helped over 26,000 households on to the property ladder.

Ian Sheppard, regional director for Northern Ireland at Bank of Ireland, added: “Co-Ownership Housing is an important means of helping people in Northern Ireland realise their ambitions into home ownership.

“We are delighted to continue the longstanding relationship Bank of Ireland has with Co-Ownership Housing and this transaction underpins our ongoing commitment to the local housing market.”