It’s no secret that we live in challenging economic times and the benefits system isn’t immune to cuts or radical change. As a result it’s now essential that buyers have some significant financial support behind them to ensure that they can make a serious, long-term contribution to their mortgage payments (this is currently around £83 per month based on a maximum mortgage of £100,000). Failure to make this contribution could result in the buyer losing their home and finding it difficult to get another mortgage in the future, not to mention all of the upheaval and costs associated with finding a new home. Naturally our process now takes this ‘new world’ into consideration and we won’t support mortgage applications from any buyer who we feel would be unable to meet their obligations.
If you’re able to work in any way this scheme won’t be suitable for you.
The benefits received by disabled people towards their mortgage payments could also be reduced or cancelled if they live with people over 18 years of age – including children or older relatives. However this may not be the case with a live in carer or support worker.
There are a range of other risks associated with this form of home purchase which we’ll talk through with buyers and their families during the application process. The good news is that, through the services and support we offer at MySafeFuture, we can help manage them!
If you have subscribed to our newsletters you will have seen that our shared ownership scheme is now up and running again across parts of the UK.
It is with regret that we have to announce that our main lender, KRBS (now part of The One Savings Bank plc), has decided that it can no longer consider supporting the HOLD (Home Ownership for people with a Long-term Disability) scheme.
Whilst we continue to work tirelessly to launch our new shared ownership model we are still unable to announce when this might be available.
Join our mailing list
what is shared ownership?