The older people’s shared ownership is a government scheme for people aged over 55 who are based in England. The scheme allows you to buy any home which is available on a shared ownership scheme.
The Shared ownership schemes work by allowing you to buy a share of the home then paying rent on the remaining equity, you can then buy up the remaining equity through a process called staircasing.
The older people’s shared ownership scheme works a bit differently than the conventional shared ownership scheme. Firstly, you are allowed to own a maximum of 75% then pay rent on the remaining 25%.
If the property is sold the 25% must be returned back to the council.
You can buy an old people’s shared ownership home if you are over 55 and meet the below requirements:
- Your combined household income is less than £80,000 outside London or £90,000 in London
- You are a first time buyer
- You are not a first-time buyer but don’t own a home and can’t afford to buy one.
- You are currently on a shared ownership and want to move property
- You cannot own any property to be eligible for this scheme
You can be added to a priority list if you are ex military or if your council chooses to add you based on your situation.
This scheme is also used fairly by pensioners looking to downsize. Always seek financial advice!
For more information see here.
You can find a list of shared ownership over 55 bungalows here
You can also find a list of shared ownership retirement properties here
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.