Shared ownership with ForLiving makes dream come true for Murphy family
Ruth Murphy and her young family had all but given up on their dream of owning their own home.
The Salford born mum-of-two and her husband Paul, 29, who works as a joiner, had spent more than six years trying to save enough money for a deposit on a property, but had finally given up all hope of ever buying a home after the bank refused them a full mortgage.
“We were heartbroken,” said 27-year-old Ruth. “We’d spent six years constantly saving every penny we could towards a deposit. We tried everything. I had two jobs to bring in extra money and we even moved in with Paul’s parents for a while to save on rent.
“Our target was to save £5,000 for a 5% deposit for a house in Salford. Looking back we were very naïve. Every time we got close something would come up. Paul’s van would breakdown, or we’d have a big expense with the kids and we’d have to start over again. I am sure we were in the same situation as lots of other families.”
The couple, who have two children – Abbie, five, and six-month-old Grayson – first moved in together six years ago, renting a housing association property in Eccles, before getting married in 2014.
“It felt like the natural next step,” added Ruth. “We had just moved in to a rented house together and had a young family on the way, so we wanted a place of our own. After so many years of saving it was a big blow to hear that the bank wouldn’t give us a full mortgage. We had pretty much given up on the idea until we heard about shared ownership.”
It was only when Ruth and Paul heard about a series of shared ownership developments by ForLiving, part of the ForViva housing group, that their world changed completely.
Ruth explained: “Before we moved out of our home to move in with Paul’s parents’ house we had a flyer about ForLiving’s shared ownership homes. I work at as a welfare assistant at a school close to one of the sites, and I could see these homes being built every day.
“We didn’t have anything to lose so we enquired, and found out that we could actually afford one of the properties. We were so happy. The homes were beautiful and in a great location. It was better than we ever imagined.”
Within a few weeks the family had agreed a deal to move into a three bedroom property at ForLiving’s Barton Canalside scheme taking a 40% stake in the home under the shared ownership deal.
“It’s hard to put into words how delighted we are,” said Ruth. “We have a beautiful home that is much nicer than what we could have afforded had we been able to buy a house outright. The house is right next to the Bridgewater Canal and we have a lovely back garden. It’s an amazing place for the kids to grow up.
“We have the best of both worlds. We own a bit of the home so feel like we have a long term investment. The plan is to keep buying bits of equity in the home, so we own more and more. I am so happy here and don’t ever want to move. The process was very easy and the team at ForLiving were fantastic in explaining our options.
“We spent six years trying to save for a house, but it only took about six weeks to get the deal done using shared ownership.”