Fairoak Housing Association has successfully completed a number of shared ownership projects in Cumbria and the North East, helping people to realise a dream of owning their own home.
Shared ownership has been around for over twenty years and is an established method for people who cannot afford to buy a property outright to become homeowners.
People with learning disabilities and autistic people are often seen as having no prospect of enjoying the benefits of owning their own home.
This is usually because of limited income and therefore they have difficulty raising the money for a deposit or being able to qualify for a mortgage.
HOLD (Home Ownership for people with Long-term Disabilities)
Fairoak can help adults with a learning disability or autistic people to become homeowners through HOLD (Home Ownership for people with Long-term Disabilities) which is a proven Government funded affordable home ownership model.
Fairoak Housing Association can offer people with learning disabilities the option of becoming a homeowner by sharing the ownership of a property.
Shared ownership means that a property is owned partly by a housing association and party by an individual, with the individual or “shared owner” usually owning between 25% and 75%.
The “shared owner” would take out a mortgage on their share of the property and, in addition, would pay rent to the housing association on the remaining share.
An additional benefit called ‘Support with Mortgage Interest’ can, if individuals are eligible, be accessed to pay for such a mortgage.
If you are interested in more details on shared ownership and HOLD, please contact us on 01539 720082 or email enquires@fairoakhousing.co.uk or visit My Safe Home for further details.