The Older Person's Shared Ownership scheme

Posted 5 April 2016 by Keith Osborne

Government-backed schemes aren't just aimed at younger homebuyers. WhatHouse? takes you through a purchase scheme specifically for people over 55...

As the popularity of the Shared Ownership scheme continues to grow throughout the UK, so does a related initiative called the Older Person's Shared Ownership scheme (OPSO). Here's more information about this government initiative aimed at older people.

What is the Older Person's Shared Ownership Scheme?

This scheme is specifically aimed at people 55 and over who want to buy a new home but cannot afford a suitable one on the open market. OPSO works the same way as the main Shared Ownership scheme, with the initial share that can be purchased between 25% and 75% of its market value. A subsidised rent is paid to on the remaining share, owned by a housing association.

The difference between Shared Ownership and Older Person's Shared Ownership

The main difference is that although buyers can purchase further shares, the maximum they can purchase is 75% (as opposed to 100% in the main Shared Ownership scheme), with the remaining 25% staying in the ownership of the housing association. Another difference with OPSO is that when the owner gets to 75% ownership, they don’t have to pay any rent on the remaining 25%.

Am I eligible for the Older Person's Shared Ownership Scheme?

You have to be aged over 55 to qualify for this scheme. Otherwise, the criteria is the same as that for the main Shared Ownership scheme. The maximum household income allowed is £80,000 outside London and £90,000 inside London, and you have to be able to put down a deposit of 5% of the property price. There are also a number of other criteria needed such as having a good credit history and not being allowed to own another property.

How to apply for the Older Person's Shared Ownership scheme

In order to apply for this scheme, you need to contact your local Help to Buy agent in your area. This government-appointed agent can see if you qualify as well as giving you other information such as suitable properties in your area. They can also inform you of properties specifically designed for OPSO that have additional care and support services.

Click here for more on Shared Ownership

Jason Howes, Sequence Land & New Homes
29 April 2020
Industry expert Jason Howes on how the homebuying and selling process successfully continues in spite of lockdown...Read more
Advice
Guide to buying
17 May 2018
Our guide to each step of buying a new build property...Read more
Advice
What is Shared Ownership?
22 September 2017
To simplify Shared Ownership, WhatHouse? has created an infographic which covers everything you need to know about the scheme Read more
Advice
The keys to your new home
10 October 2016
Help to Buy: Equity Loan and Shared Ownership are two government schemes to help people get on the property ladder but what is the difference bet...Read more
Advice
Shared Ownership Eligibility Criteria
8 April 2016
If you want to make the most of the government-backed Shared Ownership scheme, you'll need to meet a list of criteria before finding a property w...Read more
Advice
6 April 2016
A Help to Buy agent is the registered provider of Help to Buy for the region you are buying in, an organisation to guide you through the whole pr...Read more
Advice
Search  
A Guide To Part Buy Part Rent
With Home Reach you buy a share of your chosen newly built home and pay a monthly rent on the part you don’t buy. Your budget will decide the size of the share you buy, rather than the size of your home. So, you might decide to buy a bigger share of a lower priced home or a smaller share of a more expensive home.

You are able to purchase your share in either cash savings or by taking out a mortgage. If you are taking out a mortgage to finance your share, you will need to allow for a minimum of 5% deposit. The larger your deposit (typically 10%) the lower your mortgage repayments are likely to be.

Click here to see your activities