What is Older People's Shared Ownership? Buying incentives for over 55's
Older People’s Shared Ownership (OPSO) is a government-backed scheme for people aged 55 and over who cannot afford to buy a home at full market value. Buyers purchase a share of a property and pay rent on the remaining portion. They can increase their share over time and once they reach 75% ownership, they are no longer required to pay rent, although ongoing costs like service charges and maintenance still apply.
Please note this information relates to Older People’s Shared Ownership in England only.
What is the Older People’s Shared Ownership (OPSO) scheme?
This scheme is aimed at those aged 55 or over at the time of purchasing a property. It allows you to purchase shares in a home as with Shared Ownership, up to 75% of the property value. Once you own 75% of the home, you no longer need to pay rent on the rest.
Am I eligible for the Older People’s Shared Ownership (OPSO) scheme?
The eligibility criteria for this scheme is the same as the regular Shared Ownership scheme, with 2 main differences:
- You must be aged 55 or over at the time of purchase (but there may be some instances where you’ll be able to purchase with a partner who is younger than 55
- You must be able to pay for your mortgage and rental portion if you are retired or will retire during the property ownership
To find out more about overall Shared Ownership eligibility criteria, please click here.
What other considerations are there?
- As with purchasing a home outright, you’ll need to fund a deposit on the mortgage portion, as well as legal fees, and other moving costs.
- You cannot purchase more than 75% of the home.
- You will need to pay rent for the portion you do not own, but this rent will be subsidised.
- You will still have to pay Council Tax, service charges (if applicable) and other living costs like insurance.
- You may not have to pay Stamp Duty.
Older people's shared ownership is a scheme aimed at those aged 55 or over. It allows you to purchase shares in a home, up to 75% of the property value. Once you own 75% of the home, you no longer need to pay rent on the rest.
Disclaimer
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All information included in our articles is accurate to the best of our knowledge at the time of publication. However, any references to dates, prices and availability are subject to change without notice.
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Publish date 13th May, 2025
Reading time: 3 minutes
Written by Vicki England
