HOLD – Home Ownership for people with Long-Term Disabilities
How does it work?
This scheme gives people with long-term disabilities an opportunity to purchase a Shared Ownership home and live independently.
In the same way as standard Shared Ownership, you buy an initial share that you can afford, helping you get into home ownership in manageable stages. However, the main difference is that if none of our available Shared Ownership properties meet your needs, you may be able to buy a property on the open market.*
The Housing Association or Registered Provider will offer initial shares of between 25% - 75% of the full purchase price. You pay a subsidised rent on the remaining share that the Housing Association or Registered Provider still own.
In the future you can simply sell your share for its value at the time or alternatively you can purchase further shares in your home.
More information on HOLD
Am I eligible?
- You must have a long-term disability to apply for this scheme.
- Your annual household income can be no more than £80,000.
- You should be unable to purchase a home suitable for your needs without assistance.
- You cannot be a current home owner (or be named on the deeds of another property).
- You must not have any outstanding credit issues (i.e. unsatisfied defaults or county court judgments).
How do I apply?
You will need to fill out the Help to Buy East and South East application form.
Online application form or Downloadable PDF version
You can then search for available properties on our website, and contact the Housing Association or Registered Provider selling the property to let them know you are interested.
Search for a property
If there are no shared ownership properties available in a particular area or the existing shared ownership properties are unsuitable, purchase of a property on the open market may be considered. This is fully dependent on a participating Housing association.
In these cases if a provider is known, the Help to Buy agent will be able to refer you to this specialist Registered Provider who may be able to assist you further.
This will also be dependent on the specialist provider being able to financially support the purchase. Applications HOLD funding in these cases will require a letter of support from the applicant's Local Authority, stating that the applicant has a specific disability that means that standard new build SO properties are unsuitable in their area, or that an applicant needs to live in a particular area where no suitable shared ownership properties are available.
If HOLD is not available in your area your Local Authority will be able to discuss the other housing options available to you to meet your needs, this may not be linked to home ownership but may be via alternative options such as local authority rental schemes.
Important Additional Information
HOLD is a voluntary scheme, and a specialist RP offering HOLD assistance within a particular area is required.
Applicants need to be able to sustain the cost of home ownership. This will require applicants to either have a lump sum sufficient to cover the initial purchase without the need for a mortgage, or an on-going source of income sufficient to secure mortgage finance. Applicants must be able to raise a minimum 50% share for the majority of HOLD sales on the open market. Where mortgages are not available savings are required to bridge this gap.
Please note that there are currently limited lenders providing Interest Only mortgages for applicants intending to cover their mortgage repayments solely through the Support For Mortgage Interest (SMI) benefit.Applicants wishing to explore the mortgage options can visit www.mysafehome.info
Applicants are strongly advised to get independent financial advice on what assistance may be available to them, and their ability to afford shared ownership.