If you are over the age of 55, and meet the criteria for shared ownership, you may be able to access the OPSO scheme.
These types of homes may be smaller in size, yet they are designed for older people who are looking to downsize. They may contain special design features including communal and recreational areas. In some cases, specialist support, such as an on-site warden, may be available.
OPSO allows you to buy a share of between 25% and 75% of your home. You will pay rent on the share of the property that you do not own.
The amount of share that you can purchase is limited to 75%, to ensure that such properties remain available for older people in the future.
Once you own 75% of your home, you will not pay any rent on the share that you don’t own.
In addition to any mortgage and rent paid to the landlord, there may also be a service charge for the maintenance of any communal areas.