HOME OWNERSHIP FOR PEOPLE WITH LONG-TERM DISABILITIES (HOLD) David Abbey – Director MySafeHome Limited davidabbey@mysafehome.info 02476 402211
WHAT IS HOLD? • Home Ownership for people with Long-term Disabilities (HOLD) is a PROVEN Government funded affordable home ownership scheme • Shared Ownership purchases (part buy/part rent) • Open market property (ordinary house in an ordinary street) or • Housing Association general needs property for sale on a shared ownership basis
WHO IS IT FOR? • Over 18 years old, clean credit and no debts • DLA High/Middle rate care (or PIP equivalent) • ESA support group (or equivalent) • Mental capacity or Deputyship • Suitable care and support package • Have deposit and buying costs of c.£17,000 and able to contribute to housing costs c.£130per month
PROPERTY VALUE £200,000 Housing Association Shared Ownership 55% 45% Sale Rent £110,000 £206/m Service Charge – Housing Association (Repairs & Maintenance) £300/m
BUY ▲ Purchase fees £6,000 ▲ Mortgage £99,000 Deposit £11,000 Total £17,000 Rent = £206/m Housing Benefit > H/Ass Service Charge = £300/m Housing Benefit > H/Ass Mortgage top up paid by homeowner direct to B/Soc = £83/m (interest charged @ 3.61% - SMI payment @ 2.61%) Mortgage/benefit support paid by homeowner to MSH = £46/m
HOW IT WORKS / OPPORTUNITIES • Extra bedroom allowed with NO bedroom tax • NO Local Housing Allowance Cap • Affordable housing with security of tenure • Sustainable for people with higher care needs • Interest only - £100,000 maximum mortgage • Choose type of property and where it is through estate agent – we don’t have a list of properties • Ideal for people who find it difficult to live with others • Could be used to move people out of ATUs and prevent admissions • Bespoke care can be provided in bespoke housing
Picture
Background Diagnosis Education post-16 Reasons for independent supported living
Why we and TL wanted a home of his own TL does not like sharing space TL does not really like other people Transition team and their work Our reasoning for home ownership
Collecting a prize for completing a survey for Advance Housing
Impact on his and our lives TL proud of his home- calls it The Castle Developing independence skills slowly Beginning to make choices Language skills beginning very slowly to improve along with social skills A degree of peace of mind for us There are minuses but the benefits FAR outweigh them
Party time
Process Looking for suitable properties DWP battle Monetary considerations Keeping an eye on the property on behalf of TL Future concerns
My Safe Home and the process Meeting with Lee Abbey Talked about mental capacity and understanding mortgages. With prompts and images TL was deemed to have sufficient mental capacity Worked with Advance Housing alongside us And the rest is history- in a good way
Working with Advance Moved very quickly in our case as it had become a bit fraught Open and honest about the three properties we identified Made a quick decision. Now great when needed to do repairs One problem is that they will only write to our son- and so some communication never gets to us. Just set things in place to avoid this issue!
Things to bear in mind Ours is a family funded mortgage but they don’t have to be You’ll need an idea of suitable areas and facilities plus an idea of how much you can borrow . There is a cap for HOLD You will need some money for solicitors fees just as in a normal house purchase You will need to have a willing housing association and mortgage provider- not always an easy process
Our home is in Chalfont St Giles We are proud to be a Mutual Society owned by our members The Society was founded in 1907 and set up to enable local people to save to purchase their own properties. Our services have not changed since we founded
Our philosophy of "doing the right thing" means that our members are at the heart of everything we do and we see HOLD as a big part of Buckinghamshire’s ethos and what we believe in.
Charity & Community Over the year’s, the Buckinghamshire has been very proud to support many charities and causes; • The staff support lots of national and local charity events throughout the year, one example of this was at Christmas were we all donated to a local homeless charity instead of exchanging Christmas presents with each other • We have a charitable foundation account which generates income and every year we ask our members to vote for the charity they wish to receive this through our AGM information packs. Home Ownership for the Long Term Disabled • Buckinghamshire first started looking at the concept of HOLD in 2015, we understood there was a great need to look at supporting the long term disabled and discovered there were not many lenders supporting this type of lending.
Buckinghamshire chose to work with My Safe Home because : They had nearly 20 years experience supporting the disabled community to obtain a mortgage All the staff at My Safe Home fully empathised and understood the customers needs, and the way things worked at the DWP The support My Safe Home gave their customers continued after they had been given their mortgage
Buckinghamshire’s first HOLD mortgage completed in June 2016 since then, we have helped 60 customers obtain a HOLD mortgage as at the end of 2018 Staff and Director’s at the Buckinghamshire Building Society have been very proud to be part of the support for the disabled community throughout England and Wales
To help people achieve financial security by providing a safe home for their savings and helping them to buy a home of their own To be recognised as a respected and trusted independent building society renowned for exceptional service throughout England and Wales The member proposition will contain the values and ethos of a traditional mutual, combined with the enthusiasm and resolve of a dynamic forward thinking society fit for the future The Society will be acknowledged as the local provider of choice, a great place to work, where all staff are encouraged to achieve their full potential, and positively engage with the local community The Society wants to continue it’s support for HOLD and strategy over the next 3 years has allocated funds to continue to support this area of lending
Celebrating Success - Mortgage Finance Gazette Awards 2019 • Best Local Building Society Award was independently assessed by financial research company Defaqto between September 2017 and September 2018. Buckinghamshire was proved to be consistent in offering good, competitively priced mortgage products during the whole year. • Mortgage Product Innovation Award (for HOLD) Recognised the development of a unique mortgage product to help those with complex and profound disabilities to own their own home and allow them to lead an independent life. This product was developed in partnership with specialist broker My Safe Home. • Highly commend in the Savings Champion Awards. For best help to buy ISA provider, these are awarded to those with consistently improved rates or that have provided excellent customer service and promoted competition in the savings market over the last 12 months. So it was a fantastic achievement for us.
Thank you
Paul Sellers Referrals and Assessment Manager North Region HOLD in Sheffield
T wentywell Lane 10 years on since the closure
Re-provision What is a Suitable Do this in Service? collaboration! Presented with Person centred Staff thinking
Why Successful
THANK YOU FOR LISTENING.
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