Dudley Building Society has partnered with My Safe Home to help people with long-term disabilities become homeowners.
Dudley Building Society has partnered with My Safe Home to help people with long-term disabilities become homeowners.
My Safe Home has helped well over 1,400 individuals to become homeowners through a government initiative called HOLD (Home Ownership for People with Long-Term Disabilities).
The initiative is similar to a shared ownership deal, applicants purchase a share of their home (between 25% and 75%) and pay rent on the remaining share.
The mortgages are interest-only and the society will lend up to 90% of the share with a term that can exceed 30 years.
Mortgages are redeemed when the properties are sold.
Sam Ward, commercial director at Dudley Building Society, said: “Working closely with My Safe Home helps us honour one of the fundamental cornerstones of our social strategy and underlines our efforts to serve those parts of the population that aren’t served by the wider lending market.
“We have been hugely impressed with the work being done by My Safe Home to provide the means by which people with a long term disability can own their own home and feel that we can help My Safe Home to make a real difference.”
David Abbey, managing director at My Safe Home Limited, added: “We’re delighted to be working with Dudley Building Society.
“Its invaluable support really will help to change the lives of people with disabilities forever.
“Saying you’re there for everyone in the communities you serve is one thing but truly living up to this commitment is what matters and by supporting HOLD, Dudley Building Society is doing just that.”
