Owner occupation is another potential route to finding a
suitable house. Normally this will involve obtaining a mortgage to
pay for the house. Disabled people can experience barriers to
entering into owner occupation, for example there are a variety of
reasons why it can be more difficult to get life insurance or a
mortgage. Disabled people still encounter barriers to accessing
employment and therefore many disabled people rely on income from
benefits. Added to this, the economic downturn has meant that it is
more difficult to obtain a mortgage unless you are able to provide
a large deposit.
However you can explore home-ownership even if most or all of
your income is from welfare benefits by considering
LIFT (formerly Homestake). LIFT is a shared equity scheme
introduced in Scotland in September 2005 aimed at helping people on
low incomes who wish to become homeowners but cannot afford to pay
the full price for a house. The scheme is run by the Scottish
Government housing and investment division except in Edinburgh and
Glasgow where the scheme is run by the local authority housing
section.
Individuals purchasing a property from an RSL will generally be
required to take an equity stake of between 60% and 80% of the
market value of the property as set by the district valuer. With
the agreement of the grant provider, however, the maximum equity
stake can be reduced to as low as 51%. This is likely to apply
where a housing market is particularly pressurised, or where people
with particular housing needs have identified additional housing
costs.
LIFT aims to assist first-time buyers into home ownership, but
it can also be used by other people, such as disabled people who
own a house which is not suitable for their needs and need help to
move to a more suitable house.
You may also be able to use the benefits system to pay for a
mortgage. If you need to buy a house that is more suitable to your
needs, and you depend on state benefits as your main source of
income, you may well qualify for help with the costs of buying a
house. Housing Options Scotland have produced a useful publication
for disabled people interested in buying a house called "Benefits
Based Borrowing, a Guide for disabled people to buying property
more suited to their needs using their benefits."
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