HOME OWNERSHIP FOR PEOPLE WITH A LONG TERM DISABILITY (HOLD) David Abbey – Director MySafeHome...
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Transcript of HOME OWNERSHIP FOR PEOPLE WITH A LONG TERM DISABILITY (HOLD) David Abbey – Director MySafeHome...
![Page 1: HOME OWNERSHIP FOR PEOPLE WITH A LONG TERM DISABILITY (HOLD) David Abbey – Director MySafeHome Limited Tel: 024 76 402211 davidabbey@mysafehome.info .](https://reader036.fdocuments.us/reader036/viewer/2022062620/551bc425550346be588b4c8e/html5/thumbnails/1.jpg)
HOME OWNERSHIP FOR PEOPLE WITH A LONG TERM DISABILITY
(HOLD)
David Abbey – DirectorMySafeHome Limited
Tel: 024 76 [email protected]
www.mysafehome.info
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OBJECTIVESBy 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
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AGENDA• History of HOLD • Benefits to owner • How it works • HOLD Mortgages • Timeline• Criteria • Questions • DVD – James & Tina’s story• Summary & Next steps
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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
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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)
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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
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HOW IT WORKS• 18-80 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
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Tim and Annie
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Property Value £160,000
Shared Ownership
60% 40%
Sale Rent
£96,000 £150/m
Service Charge – Housing Association (Repairs & Maintenance) £130/m
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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
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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
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Tina and James
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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
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TIMELINE
• Open Market purchase 5 – 9 mths. Depends if Court Appointed Deputy required
• HOLD is not for people in crisis!
QUESTION TIME
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Fran...with mum and support worker
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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.
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NEXT STEPS
• Contact David Abbey 02476 402211 or email [email protected]
• Complete eligibility form to see if qualify for the HOLD scheme
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More happy homeowners...