How does shared ownership work?
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 share of the property that you can afford, from as little as 25% and pay affordable 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.
Is shared ownership worth it?
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.
Do I qualify for shared ownership?
Find out if you are eligible for Older Person Shared Ownership (OPSO) here. If you don't meet the eligibility criteria for OPSO, then don't worry as our Platinum Skies Shared Ownership (PSSO) scheme still allows homeowners to enjoy all the benefits of shared ownership.
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.
For more information about buying a home in one of our communities in Dorset, Somerset, or Wiltshire with our shared ownership scheme, get in touch.
