home ownership for people with a long term disability (hold) david abbey – director mysafehome...
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HOME OWNERSHIP FOR PEOPLE WITH A LONG TERM DISABILITY
(HOLD)
David Abbey – DirectorMySafeHome Limited
Tel: 024 76 [email protected]
www.mysafehome.info
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
AGENDA• History of HOLD • Benefits to owner • How it works • HOLD Mortgages • Timeline• Criteria • Questions • DVD – James & Tina’s story• Summary & Next steps
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
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)
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
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
Tim and Annie
Property Value £160,000
Shared Ownership
60% 40%
Sale Rent
£96,000 £150/m
Service Charge – Housing Association (Repairs & Maintenance) £130/m
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
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
Tina and James
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
TIMELINE
• Open Market purchase 5 – 9 mths. Depends if Court Appointed Deputy required
• HOLD is not for people in crisis!
QUESTION TIME
Fran...with mum and support worker
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.
NEXT STEPS
• Contact David Abbey 02476 402211 or email [email protected]
• Complete eligibility form to see if qualify for the HOLD scheme
More happy homeowners...