HOLD Shared Ownership is offered to those who:
Require a home more suited to their needs
Have sufficient funds to purchase at least 25% of the property (see below)
Have a long-term disability (including long-term and enduring mental health issues, learning disabilities, physical disabilities or acquired brain injury)
Have a support package in place
Are able to pay start-up fees of approx. £4,000 (£2,000 if no mortgage required)
Be capable of living independently with support
Have sufficient income/benefits to pay for outgoings associated with home ownership
Live in an area in which there are shared ownership allocations (please enquire using the contact details below)
Priority will be given to those who are already living in Sussex.
They will need to pay for a share of the property and for the start-up fees, so the Scheme is suitable for:
Those who have some money saved, but not enough to buy outright, and a small income
Those with family who can provide enough capital to help buy a share of the home
Those with a Trust Fund sufficient to help purchase a share of the home
Those who have been claiming Income Support/Incapacity Benefit/Severe Disability Allowance for at least 13 weeks (Income Support Mortgage Interest payments available- not suitable if the person intends to return to work at some point)
Those who have start-up fees of up to £4,000 (£2,000 if no mortgage is required)
Although the purchase can be funded in a mixture of ways, applicants must always have start-up fees available before embarking on shared ownership.
There is a Support Mortgage Interest Scheme (SMI) available to those with long-term disabilities who have been on Income Support for at least 13 weeks, and can demonstrate that they require a home more suited to their needs. Currently, up to £100,000 can be borrowed using an interest-only mortgage, and a specialist broker can help with the application process. Please contact us if you would like more information with regards to this scheme.
Choice of property and area to suit needs
Long-term housing security
Freedom to decorate to own style
Reassurance that the essential repairs and maintenance are taken care of by Southdown
If you or somebody that you know may be interested in shared ownership, and to find out if there is an allocation for shared ownership in the area required, please click here for further information.