Older person's Shared Ownership EXPLAINED!

May 2019
If you’re over the age of 55, you may be eligible to buy a home with OPSO (Older Persons Shared Ownership).  Similarly to Shared Ownership, the scheme allows buyers over 55 to purchase shares in specific properties and pay rent on the remaining share.

 
 
How does it work?
 
It works the same as shared ownership, the only difference being you can only buy up to a 75% share. If you purchase 75%, you don’t have to pay rent on the remaining share. However, if you buy any amount under 75%, you do have to pay rent on the remaining share.
 
Am I eligible?
 
To qualify for the OPSO scheme, you should meet the following criteria:
 
  • Your household income is £80,000 or less per year.
  • If you currently own a home you need to sell your existing property before you can use Shared Ownership
  • You must be aged 55 or over
 
Whether you’re a first time buyer, you have previously owned a home but can’t afford to buy one now, or are an existing owner looking to move, you could be eligible for the scheme.
 
Is the scheme available on any Shared Ownership property?
 
If a property is available with the OPSO scheme, it will be advertised as either OPSO or, more commonly as the ‘Over 55s’ scheme. General shared ownership properties aren’t available under the scheme.
 

 
 
Are my savings and/or investments considered on my application?
 
A higher level of savings or investments to cover on-going living and care costs is allowed. Each application will be assessed independently by our team.
 
Can I staircase to 100%?
 
With OPSO, the maximum share you can own is 75%. When you do own 75%, you don’t pay rent on the remaining share?
 
Who can I contact to find out more?
 
If you have any questions or would like to talk about the scheme, you can contact us here.