So, what is Shared Ownership? Posted on October 14, 2019 (October 14, 2019) by Caitlin Marsh Learn about the smartest way you can fund your retirement. Loving life with Platinum Skies retirement living – Testimonials When you think of the term ‘shared ownership’, you probably imagine young first-time buyers being given a subsidised deposit to get on the property ladder. But there is also a scheme specifically designed to help over 55’s, which should make a better retirement more affordable. Shared Ownership is perfect for those at this age who may want to downsize to a smaller property or a home that is more suited to their needs. This scheme is also known as part- buy, part-rent and is the smart way to buy a property in retirement. You purchase a proportion of the property and pay rent on the remaining balance. The low purchase price means that you may be able to invest the released equity to supplement your income, make your budget go much further, and afford a better quality property compared to a straight downsizing move. As a homeowner, you’ll enjoy all the benefits of a brand new secure, low maintenance home, but typically only pay 50% of the purchase value. Why choose Shared Ownership? If you’ve owned your own home for a few years, it’s likely you’ve built up some equity in it. Perhaps you are thinking of downsizing or using a lifetime mortgage product to release some equity to pay for your retirement. Maybe you are searching for a property that’s more suited to your needs today, or for the future. Whatever your reasons, with Shared Ownership you can afford to buy a brand new property at a truly affordable price. If you were considering equity release, then you can access more capital with Shared Ownership than by using a typical equity release scheme, without suffering high interest rates and financial penalties that may erode your investment. A housing association or registered social landlord owns the remaining share and you will pay a reduced rent on that share. A fair deal, guaranteed As a registered provider of the Older Persons Shared Ownership scheme, all rental charges and fees are set by Homes England. Everything is transparent, there are no hidden charges. What you see is what you get, guaranteed.