HOLD uses shared ownership to enable disabled individuals with a range of different impairments to part buy (together with a Housing Association) a home of their own. The buyer can purchase a home from the open market or a Housing Association development. They’ll purchase a share (typically 25% - 75%) using an interest only mortgage (they can borrow up to £100,000), the Housing Association buys the remaining share and charges them rent (paid for by Housing Benefit). They’re free to remain in their home for as long as they wish, with the mortgage being repaid when the property’s sold. The mortgage itself is paid through Support for Mortgage Interest (SMI) with an additional top up payment being made from their other benefits (NB: In April 2018 SMI changed from a benefit to a loan which is repaid from any equity left on the buyer’s share when the property’s eventually sold, the sum repaid CANNOT exceed this remaining equity so any shortfall will be written off). To ensure that they have sufficient income to make these payments this model is only open to buyers on High or Middle Rate Care Disability Living Allowance (DLA). We also insist on a number of other strict qualifying criteria. They must be:
If you meet these criteria and are interested in exploring home ownership call us today on 02476 402211 to see if you may be eligible!
To find out more about the process involved in buying a home using this scheme please download a copy of a comprehensive MySafeHome Guide to Buying a Home of Your Own.
Learning Disability England and Housing LIN are writing two guides for NHS England to help people with disabilities to find the right home and they are seeking success stories.
We would like to wish all of our homeowners and supporters a very Happy New Year.
Have you, or someone you know, built a new life in the community after being kept in hospital for a long time?