The new shared ownership mortgage is part of the Suffolk HOLD (Home Ownership for Long term Disabilities) scheme which has been launched by Ipswich Building Society and Suffolk County Council in conjunction with Saffron Housing Trust and Orwell Housing Association.
It will allow vulnerable adults across Suffolk the opportunity to purchase their own home. The houses will be provided by both Saffron Housing Trust and Orwell Housing whilst Ipswich Building Society will be providing the mortgage. Suffolk County Council’s Adult and Community Services will identify those suitable for the scheme, and the Council will also provide an underpinning guarantee.
The first people to benefit from the Suffolk HOLD scheme will be adults with learning disabilities. Currently there are over 1 million people living with learning disabilities in the UK, and only 15% of them live in their own home compared to 85% of all other adults.
Paul Winter, chief executive of Ipswich Building Society said: “We are absolutely delighted to be part of the Suffolk HOLD scheme. We firmly believe that everybody should have the right to own their own home no matter the circumstances, and this scheme is a great example of how local organisations can come together to support a vulnerable part of society.”
Councillor Colin Noble, Suffolk County Council’s portfolio holder for adult and community services added: “I am so delighted that Suffolk is leading the way in providing this fantastic opportunity to members of our community who would otherwise be disadvantaged.
“Getting onto the housing ladder is hard enough without having a lifelong disability, so to be able to offer increased independence to those who would normally struggle to purchase their own home, really is something spectacular.”
“Saffron is delighted to be working in partnership with Suffolk County Council and Ipswich Building Society. Saffron already has a number of HOLD properties within its housing and is pleased to support those who would otherwise find it difficult to secure their own properties.” said John Whitelock, Saffron’s Director of New Business.
The scheme will be supported by an independent deputy who will be assigned to make sure that the individual applicant’s best interests have been fully assessed in the decision to purchase her or his home. The deputy can then sign the mortgage contract on behalf of those individuals who may be unable to do so due to their disability.
