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HOME OWNERSHIP FOR PEOPLE WITH A LONG TERM DISABILITY (HOLD) David Abbey – Director MySafeHome Limited Tel: 024 76 402211

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Presentation on theme: "HOME OWNERSHIP FOR PEOPLE WITH A LONG TERM DISABILITY (HOLD) David Abbey – Director MySafeHome Limited Tel: 024 76 402211"— Presentation transcript:


2 OBJECTIVES By the end of the session you will: Know that disabled people who rely on State Benefits can obtain a mortgage to buy their own home See that our shared ownership model makes home ownership safe, secure and affordable Discover 2 ways to access home ownership Watch a DVD that gives a parent’s view– how home ownership and personalisation can improve outcomes

3 AGENDA History of HOLD Benefits to owner How it works HOLD Mortgages Timeline Criteria Questions DVD – James & Tina’s story Summary & Next steps

4 BACKGROUND / HISTORY OF HOLD Nigel King’s book – Housing Options 1995 Team created in 1997 – 2 years of research First homeowner 1999 – helped over 1100 Another housing option, provides choice, independence and long term security Can buy ordinary homes in Northants Facilitates the personalisation agenda Our philosophy – home ownership won’t be right for everyone with a disability but they all have the right to choose

5 WHAT ARE THE BENEFITS? Homeowner can: Choose where and how they live Gain security by having a legal share in the property Stay in their own home for as long as they want Integrate into their local community (ordinary housing)

6 WHAT PEOPLE HAVE SAID Homeowner: “Living here helps my independence a lot and help me to grow in the community” Tim Parent: “It seems impossible that someone with such complex needs could have a mortgage… but he's got one, he's a home owner and it’s brilliant!” Tina Care manager: “the possibility of buying two one bedroom flats next to each other and within a mile of parents was a dream come true! The cost to social services has been a fraction of the cost of traditional care AND the outcome better” Valerie

7 HOW IT WORKS years of age Buy 25-75% share Rent the remainder from a Housing Association Individual chooses property already built on H/Ass site or a property on the open market through estate agent Housing in Partnership with Support Package

8 Tim and Annie

9 Property Value £160,000 Shared Ownership 60% 40% Sale Rent £96,000 £150/m Service Charge – Housing Association (Repairs & Maintenance) £130/m

10 BUY ▲ Fees approx £5,000 ▲ Mortgage £91,200 5% deposit £4,800 Total £9,800 Rent = £150/m Housing Benefit > H/Ass Service Charge = £130/m Housing Benefit > H/Ass Mortgage interest charged by B/Soc (4.63%)=£352/m Paid by SMI benefit direct to B/Soc (3.63%) = £276/m Top up - paid by homeowner direct to B/Soc =£76/m

11 HOLD MORTGAGES SMI (Support for Mortgage Interest) key points New home better suited to their needs In receipt of DLA Middle or High rate Care or Attendance Allowance for 60+ In receipt of other qualifying benefits Mortgages up to £100,000 Benefit pays interest only Families can choose to clear mortgages using savings, inheritance or from sale of property

12 Tina and James

13 OVERVIEW OF CRITERIA Middle or High rate DLA Care (under 60) Attendance Allowance (over 60) Clean credit history with no outstanding debts ESA - Support Group or Care Plan (under 60) Has Mental Capacity or Court of Protection Care & Support Package confirmed by Social Worker Ideally no other people living with them – risky! HOLD not suitable for people with the ability to do paid work. Have start up costs c.£10,000 Can afford housing costs of £30 pw

14 TIMELINE Open Market purchase 5 – 9 mths. Depends if Court Appointed Deputy required HOLD is not for people in crisis! QUESTION TIME

15 Fran...with mum and support worker

16 SUMMARY Home Ownership is possible - over 1100 people have done it since 1999 It gives people more choice about where they live, who with and provides security for life 2 ways to access HOLD MySafeHome helps families through the process making it safe, secure and sustainable after moving in.

17 NEXT STEPS Contact David Abbey or Complete eligibility form to see if qualify for the HOLD scheme

18 More happy homeowners...

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