People aged 55 or over can buy into a special older Persons Shared Ownership scheme (OPSO) which is aimed at people approaching retirement age.

This scheme is based on the Shared Ownership scheme and the buyer uses a mortgage or savings to buy shares of 25% – 75% of the home. They then pay rent on the remaining percentage that the housing association owns.

Just as with the Shared Ownership scheme, the buyer can purchase more shares in the property through ‘staircasing‘. The difference between OPSO and the normal Shared Ownership scheme is that once the buyer owns 75% of the property, they cannot purchase any more shares. However, they will also no longer have to pay any rent while living at the property from then on.

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Whether you're a first-time buyer or already a property owner you could buy a new home with a small deposit of 5%, heres how.

How Help to Buy Equity Loans Work

  • First time buyers and those already on the property ladder can apply.
  • To qualify a 5% deposit is required.
  • A 75% mortgage must be secured from your bank or building society.
  • The remaining 20% of the property’s value is funded by an equity loan provided by the Government.
  • House prices can’t be more than £600,000 in England and £300,000 in Wales.