Older Person’s Shared Ownership
Older Person’s Shared Ownership (OPSO) works in a similar way to shared ownership and allows you to buy a manageable share in your new property. The key difference is that this scheme has been specifically created for over 55s to add flexibility to living costs. The share of the home you can purchase will range from 25 per cent to 75 per cent, depending on your budget. Through this scheme, the maximum share you can own is 75 per cent.
How does Older Person’s Shared Ownership work?
You simply buy an initial share of the home you wish to purchase; this could be as little as 25 per cent. This smaller share means that in turn, mortgage payments are likely to be lower, helping you to save money. The remaining share of the property will be paid via affordable rent.
Can I buy a larger share of my home in the future?
You certainly can. You can buy more shares as and when you can afford them via a process called ‘staircasing’ – which put simply, means you can keep stepping up your share value in manageable stages. Once you own 75 per cent of the property’s value, you will no longer pay rent on the remaining share. Under the scheme you cannot own 100 per cent of your home; this is to ensure the home remains available as affordable housing for an older person in the future.
Is OPSO suitable for me?
As with the standard shared ownership scheme, the criterion for OPSO is relatively hassle-free. At the time of purchase, you must be over the age of 55 and your annual household income can be no more than £60,000. You will need to sell any existing property owned before buying through OPSO and must not have any outstanding credit issues. Help is on hand from Oriel if you have any additional questions about eligibility.
Who can I talk to for more information?
For more information on Older Person’s Shared Ownership and the homes available from North West housebuilder Oriel, please contact the customer service team on 0151 290 7891 or email email@example.com.