How does the OPSO scheme work?
Older People's Shared Ownership (OPSO) works in a very similar way to shared ownership - the buyer purchases a share in a property (normally between 10% to 75%) with a mortgage or with their savings, and then pays a subsidised rent on the remainder.
This means that monthly costs are frequently much smaller than they would be if you had a a full mortgage or were renting a home privately.
What's the difference?
Other than differences in the age criteria, the main difference to regular shared ownership is that the maximum share that you can buy is normally capped at 75%, rather than the usual 100%.
However, on most Older People's Shared Ownership homes, once a purchaser owns 75% there is no rent payable on the remaining 25% share.
Some of our OPSO developments also offer a scheme called Extra Care. This is designed to provide you with the ability to live independently in your own home while still having access to care and support services tailored to your individual needs.
Can I buy more shares?
Just like with shared ownership, you can choose to buy more shares in your home as and when you can afford to. This is known as staircasing.
As you buy more shares your rent will decrease, while your mortgage (if you have one) will increase.
If you choose to staircase to the maximum 75% share of an OPSO home, you will continue to pay your mortgage (if applicable) but will no longer pay any rent on the remaining 25%.
Am I eligible?
You may be able to buy a home through OPSO if you’re aged 55 or over and meet the following criteria:
your gross annual household income is £80,000 or less outside London, or your household earns £90,000 or less in London
you're a first-time buyer OR you used to own a home but can’t afford to buy one now OR you're an existing shared owner looking to move