The Dudley Building Society has partnered with My Safe Home, a provider of help and support for people with a long term disability who want to buy their own home, to be a mortgage provider.
My Safe Home was set up in 1997 and has helped over 1,400 individuals to become homeowners through a government backed initiative called HOLD (Home Ownership for People with Long-Term Disabilities).
Essentially 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 Dudley 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 the 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, 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.”