Derry dad Conor Clifford hails Co-Ownership after fulfilling dream and securing own home

With support from Co-Ownership, the regional provider of shared ownership, Conor, who works as a pest control technician, and his family now have a home to call their own – a four-bed terraced property.

Before applying for Co-Ownership, Conor lived in rented social housing with wife Orla, 36 and children Hannah, 13, and Jake, 9. Paying rent meant saving for a mortgage deposit wasn’t an option, and Conor and Orla felt stuck.

“Owning our own home is unbelievable,” said Conor, 35. “It’s something we’d hoped to do for a long time, but it didn’t seem like a possibility for us. I wasn’t aware of shared ownership, but I attended an event at Smart Mortgages and it clicked – there was an option for us after all.

“The team shared lots of information about the Co-Own option – what share of the property we would take on, and what share we would pay rent on, and it seemed at last that this was something we could manage quite comfortably.” he said.

“Initially, we hoped to buy a 50 per cent share of the house, but after the application we were over the moon to discover we’d be able to buy a 60 per cent share.”

Successful applicants choose a home anywhere in the North, up to the value of £195,000. They then buy the share of a home they can afford, anything from 50 to 90 per cent, through Co-Ownership’s partner lenders.

Danske Bank, Progressive and AIB are three lenders that offer no deposit mortgages to Co-Ownership customers, which presents a significant opportunity to people like Conor who struggle to save for a deposit in today’s climate.

Co-Ownership covers the remaining share, with the buyer paying the mortgage each month, along with a small monthly rent.

Conor continued: “We’ve been lucky as we already knew the area and some of our neighbours before we moved in. It was amazing we got to choose the property we wanted.

"Knowing we’re going to be here forever is reassuring – that gives a real sense of community and stability that isn’t always the case when you’re renting. We’re all so much happier and love being at home now. It’s really been a dream come true to provide this level of security for my family.”

Typically, more than 90 per cent of Co-Ownership customers are first time buyers. More than half of properties purchased were semi-detached houses, with an average value of around £150,000.

Glynis Hobson, Director of Customer Services at Co-Ownership, said: “With high rents and demands on our finances, it’s getting harder to save for a deposit. As Conor’s story shows there is growing demand for alternative and affordable ways to own a home, and we are proud to help.

“We often see people think home ownership won’t be possible for them. My message is simple: don’t rule yourself out.”

Buying a three-bed semi-detached house valued at £150,000 through Co-Ownership with a 30-year mortgage, would cost around £577 a month – that’s made up of £421 monthly mortgage payment, and £156 Co-Ownership rent (based on 5.4% interest and a 50:50 share).