Shared Ownership for Retirement Properties Explained

What is Older Persons Shared Ownership?

Shared ownership, a welcome home

You might have thought Shared Ownership was simply for first-time buyers. But as part of the government-backed initiative, another part of the scheme is available exclusively to people aged 55 or over.

Buying your new home with Platinum Skies couldn’t be easier or more affordable. You get more home for your money and you get to unlock the money tied up in your old home.  It’s all thanks to our partnership with Homes England and our government approved Older Persons Shared Ownership scheme.

How does Older Persons Shared Ownership work?

Find your ideal new home in a perfect location. So how does it work? Well, with a Platinum Skies property, you purchase a share – typically 50% of the property – then pay a low rent on the remaining share.

Of course, it may be that shared-ownership doesn’t suit your particular circumstances. In which case we also offer the option to purchase a property outright.

platinum skies shared ownership

Pay for half of your new
Platinum Skies home

shared ownership explained platinum skies

And pay a low rent
on the other half

equity release platinum skies

Enjoy the financial freedom
to live life to the full

As you only pay 50% of the full market value, you can use the freed-up money for things that matter most. Maybe that’s a long overdue holiday, a new car or simply helping out your family – how you use it is entirely up to you.

More importantly, you retain property ownership, so you’ll still benefit from a secure asset that could appreciate over time.

Shared ownership – What’s the catch?

As unlikely as it sounds, there really isn’t one. Along with a small service charge for upkeep and maintenance, the rent can be paid from your pension, or by investing any spare capital from the sale of your current home.

The rental charges and fees are regulated by Homes England, the government provider of shared ownership schemes. And maintenance services are delivered on a not-for-profit basis so charges are kept as low as possible.

If you’re moving from a large home, you’ll probably make a saving on Council Tax. Fuel bills are likely to be cheaper too, thanks to the energy-efficient quality of our homes.

How do I apply?

There are some general eligibility requirements that anyone wishing to buy a Shared Ownership home must meet. The criteria for purchasing through the ‘older person shared ownership’ (OPSO) scheme are as follows:

  • You must be at least 55 years old
  • Your annual income must be less than £80,000 per household
  • Shared ownership requires that the property you purchase is your only property
  • We have other purchasing options available to suit most circumstances and budgets – please speak to one of our customer advisors for futher details.

Hear from our homeowners…

Customer testimonial at Platinum Skies

“It’s great to share!”

“Platinum Skies’ part-buy, part-rent concept has meant we’re able to move into a modern, brand new apartment with more space than we thought we could afford and still be mortgage free!”

Homeowners at Monterey, Christchurch

Enjoying social events at Platinum Skies

“My nest egg is unlocked”

“I’ve been able to unlock considerable equity, real money, through using Platinum Skies’ part-buy, part-rent scheme. I’ve been on once-in-a-lifetime holidays, and helped my children financially – it changed my life for the better.”

Homeowners at Chapters, Salisbury

The key benefits of Older Persons Shared Ownership with Platinum Skies

long term partners shared ownership

Together, we’ll be long-term partners with the same shared interests

equity release platinum skies

Paying just a fraction of your home’s value makes it truly affordable

government backed shared ownership scheme

Peace of mind from the fact that we’re government-backed and regulated

enhance your retirement through shared ownership

Enhance your retirement income immediately and plan for the years ahead

make your money go further shared ownership

Make your money go even further by saving thousands on stamp duty costs

lifestyle options

Live life to the fullest whilst knowing support is there if you need it

partners logos

Call Us Now

Bring that healthier, wealthier, dream retirement into reality.

01202 805 546

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