What is HOLD?
HOLD means home ownership for people with long-term disabilities. The government can help people with a long term disability, buy any home for sale on a shared ownership. You can only apply for the HOLD scheme if the homes in the other shared ownership schemes don’t meet your needs.
You could buy a home through this scheme if you meet the following criteria:
- Anyone living in the property earns a total of £80,000 a year or less
- You are a first time buyer
- you used to own a home but can't afford to buy one now
- you are an existing shared owner looking to move
You will need to contact a registered provider to find out about low cost home ownership in your area. The registered provider will go through what size, value and other rules that apply. You will have the choice of buying a new or a second hand property already available. There are different choices and the scheme can help a disabled person get the right type of property that suits them.
If you claim certain benefits, you may also be able to claim additional help, called Support for Mortgage Interest (SMI). This benefit helps to pay most of the interest on a mortgage up to £100,000. You will still need to pay 10% for a deposit on your shares and any other cost that you may have, for example, solicitor costs.
When you sell the house, the money is then used to pay off the mortgage. If the house sells for less than what you bought it for, then the housing association covers the loss, so the mortgage will always be paid off.
Please note that any care and support required for supported living arrangements is determined by an assessment from Adult Social Care. If you meet the criteria for care and support, any services provided will be subject to a financial assessment. This will determine how much contribution you will have to make towards the cost of your care. If you do not meet the criteria for services and support from Adult Social Care, you can make your own arrangements, and will pay full costs for your care and support.