HOLD is a HomeBuy shared ownership scheme which allows people with a long-term disability to buy a share of a property on the open market.
Who qualifies for HOLD?
Only people with a long-term disability qualify for this scheme. The scheme may help a disabled person to move closer to family and support networks.
How does HOLD work?
This is a shared ownership scheme - you buy a share of a property on the open market. A housing association buys the remaining share and you pay rent this share as you would to any other landlord.
You have to buy a minimum share of 25 per cent of your home using savings and/or a mortgage, and can buy anything up to a 100 per cent share in the property.
Most homes in the scheme are leasehold. It is important to be aware that people who buy leasehold properties have to pay service charges for repairs and improvements. You will also have to pay for all the other costs of owning a home.
Selling a property bought through HOLD
When you come to sell the property, your landlord has the chance to buy it back from you. The property will still be sold at the full market value, and you will benefit from any increase in the value of your share. If the landlord decides not to buy the property, you will be free to sell it on the open market. The proceeds of the sale will be split between you and the landlord according to the proportions you own.
More information on HOLD
Further financial advice on HOLD
It is important to get independent financial advice before you decide to go ahead with any property purchase. An independent financial adviser will be able to help you choose the best scheme for you and work out what you can realistically afford. Independent financial advisers should be registered with the Financial Services Authority. They usually charge for their services.
Alternatively, your local advice centre may be able to help you. Use our directory to find one.
Last updated: 1 January 2014