Shared ownership
Helping you get onto the property ladder by buying a percentage of your home.
What is shared ownership?
With shared ownership, you buy a percentage of your home and then pay rent to a landlord on the part you don't own. There are lots of different models and providers.
Where to start?
The Government website about affordable home ownership is a great place to start understanding your options.
It includes information about how shared ownership works and details of providers offering shared ownership in your area, including some aimed at older people.
Older Persons Shared Ownership (OPSO)
The Older Persons Shared Ownership scheme (OPSO) is only available to over 55s. It works in the same way as standard shared ownership - you buy a percentage of your home and pay rent on the rest. But the maximum share you can own is 75%. If you own 75% of your home, you won't need to pay rent on the remaining 25%.
Eligibility
You can apply for a home through OPSO if you:
- are over age 55
- have a household income of no more than £80,000 a year - or £90,000 a year if you live in London
- cannot afford the deposit or mortgage payments for a home that meets your needs.
You'll also need to sell any existing property you own before you can complete the purchase of your shared ownership home.
How to apply
To apply for a home through OPSO, you'll need to find an organisation in your area that provides shared ownership homes.
You can start your search for homes outside London on the government website.
If you plan to live in London when you retire, you can use the Homes for Londoners site to search by area or postcode.