Older Persons Shared Ownership: Eligibility and prioritisation

What is the eligibility criteria for Older Persons Shared Ownership?

Who can apply for Older Persons Shared Ownership?

Older Persons Shared Ownership (OPSO) is a government-backed scheme designed to help individuals aged 55 and over on their home-buying journey. It allows buyers to purchase a share in a property while paying subsidised rent to a housing association on the remaining portion, providing a more accessible and flexible route onto the property ladder later in life. OPSO is also an option for those looking to downsize from their current property or if their existing home doesn’t quite suit their needs anymore.

Am I eligible for Older Persons Shared Ownership?

If you choose to apply for the Older Persons Shared Ownership scheme, the general eligibility criteria is:

• Age requirement: Applicants must be aged 55 or over. However, some OPSO developments will allow a couple where the main applicant is 55 but a second applicant is 50 or older.
• Non-homeowner status: You should not currently own another home. If you do, you must be in the process of selling it before purchasing through the OPSO scheme.
• Income threshold: Your annual household income must not exceed £80,000 or £90,000 in London.
• Affordability assessment: You must demonstrate that you are unable to purchase a suitable home on the open market but can afford the costs associated with OPSO, including mortgage payments, rent, and service charges.
•  Financial capability: You will need to be able to secure a mortgage or have sufficient savings to pay the share in full if retired.
• Good financial standing: Applicants must have a good credit history, with no outstanding bad debts or county court judgements (CCJs), and should be able to afford the ongoing costs of homeownership.

What are the allocation and prioritisation rules for Older Persons Shared Ownership housing?

While OPSO is open to individuals 55 and over who meet the eligibility criteria, certain groups may be prioritised by housing providers or local authorities. These prioritisation factors can include:

• Local connection requirements: Some properties may have eligibility criteria set by local councils, requiring applicants to have a connection to the area, such as living, working, or having family ties within the locality.

Where can I search for Older Persons Shared Ownership homes?

If you’re interested in Older Persons Shared Ownership and how it could help you onto the property ladder or buy a home that better suits your needs, you can head to our property portal where you can explore a selection of new-build and resale OPSO homes.

Want to widen your knowledge about the scheme and explore the costs and affordability involved? Head over to our OPSO scheme hub.