What is Shared Ownership?
Shared Ownership isn’t just for first-time buyers. Older Persons Shared Ownership (OPSO) specifically offers older people a more affordable way to buy a suitable home for retirement.
For people over 55, Older Persons Shared Ownership allows homeowners to buy up to 75% of a property with no rent to pay on the rest*. This flexible approach lowers the upfront costs associated with the outright purchase of a new retirement property. [ Find Shared Ownership homes ]
What are the benefits of Shared Ownership for retired people?
- The biggest benefit of Shared Ownership is that it offers a more affordable way to own a retirement property.
- With the option to buy 50% or 75% of your McCarthy & Stone retirement home, Older Persons Shared Ownership offers a flexible solution to suit your finances.
- With the money freed up by an Older Persons Shared Ownership property, you can relax knowing your future financial needs are taken care of.
- You can claim up to £500 a year to help with essential repairs in the first 10 years.**
- You can afford to enjoy the McCarthy & Stone lifestyle, amenities and services, like landscaped gardens and on-site bistros.
Many seniors aren’t aware that they’re eligible for OPSO, and the potential cost-saving benefits.
Is Shared ownership worth it? Ruth explains the benefits for older people
Ruth was one of the first to benefit from Shared Ownership with McCarthy & Stone, when she moved to Kingfisher Court in October 2023 in her late 70s. Prior to moving, the former bank and NHS worker already had some knowledge of Shared Ownership, but our friendly team were able to shed more light on its benefits.
Ruth spoke to us about her experience and explains why she’d recommend Shared Ownership to older people. Ruth says, “I’d heard of similar schemes and opportunities before, but nothing quite matched what Older Persons Shared Ownership could offer, especially given that I was able to purchase at the maximum 75%.”
Downsizing to a manageable property
Our retirement years should be as hassle-free and relaxing as possible. Keeping on top of the maintenance and housekeeping in a larger home can be very time-consuming, and may not be easy as we age. Moving into a smaller retirement property with fewer rooms, and potentially access to domestic support, means you can worry less about housework and focus on the things you want to do.
Born in Somerset, Ruth already lived close to the retirement community, but was keen to downsize so she could spend more time doing the things she enjoys the most.
“Maintaining a larger home comes with so much responsibility, meaning you have little time to do anything else. I wanted to find somewhere that would require less upkeep, so I could spend less time tidying and more time seeing friends and family among other things I enjoy,” she says.
Choosing where you want to live
The lower costs of Shared Ownerships opens up more options for locations to retire to, whether you want to live close to your children and grandchildren, stay in your hometown, or follow your dreams of retiring to the coast.
Ruth told us why she decided to settle in Taunton after an exciting life of travelling, “I’ve travelled all over the world and lived in lots of amazing places, including Germany, Holland, Australia, and Papua New Guinea, but my heart belongs to Somerset. My family and friends also live close by, so it made perfect sense for me to be here.”
An easier way of life
Shared Ownership has allowed Ruth greater flexibility, not just in terms of time, but peace of mind and enjoyment too. Ruth said, “What I really like about Shared Ownership is that I can pay for my home, while living my retirement to the fullest. Not only has the move to Kingfisher Court given me a new lease of life, allowing me the opportunity to create new memories and relive my youth, it’s also given me that all-important reassurance.”
Paying for care in the future
Whether you are looking for yourself or supporting elderly parents seeking Shared Ownership properties the reduced purchase costs frees up funds to pay for care now or in the future.
Ruth recognises how her Shared Ownership home has future-proofed her life, “It’s useful to know there’s always support on hand should I ever need it. Whilst I’m very active and healthy now, having the option of support in the future puts my mind – and my family’s mind – at ease.”
Community, company, and convenience
Inside our retirement communities, you’ll be able to enjoy a variety of (totally optional) social events. Our developments also are located close to the local community, where you can join hobby groups, spend time volunteering, or anything else you fancy doing within a stone’s throw of your front door.
As a result of her move to Kingfisher Court, Ruth is now able to experience all the benefits of Retirement Living Plus, which includes a wealth of amenities designed for a full and varied lifestyle. A spacious communal lounge sits at the heart of day-to-day life and is home to regular clubs and get togethers, while well-maintained gardens offer the perfect setting for a summer soiree or stroll.
Our on-site bistros serving freshly prepared meals daily are the place to be if you want a break from cooking - as Ruth says, “Often when I’ve lost track of time or I’m not up to cooking, I walk down to the bistro and grab a bite to eat. There’s lots of different dishes to try and it’s nice that you can enjoy the company of friends while filling up on delicious food.”
Sense of security and relaxation
Living in a retirement community empowers you to maintain your independence, while providing security services so you can feel safe and confident when you’re at home or away on holidays. Our developments have a range of security features, including alarm, door-camera entry systems, and 24-hour emergency call systems.
Ruth told us, “I love that I can go away for the weekend or go on trips with my family and not have to worry about my apartment.” She continued, “Since moving here, I’ve felt so much more relaxed. It’s such a relief to no longer have to worry about the upkeep of a larger home and better yet, I still have the luxury of outdoor space. Growing up in the countryside, I’ve always loved being outside, so having the communal gardens on my doorstep is a real treat.”
New connections
Our developments are full of friendly faces and opportunities to socialise with the other homeowners. With more time on her hands, Ruth has even found love again, “It’s a relatively new relationship, but we really enjoy spending time with one another and often go fishing together,” she explained, “Feeling lonely certainly isn’t an issue at Kingfisher Court, but what’s nice is that we each respect one another’s privacy, so it never feels intrusive.”
Stress-free moves
Moving house is challenging at the best of times, and we understand the emotional and practical impacts of moving from a home you’ve lived in for years to a new one. Our Smooth Move service and support makes moving easier.
Ruth provides some reassurance when talking about her move to her new retirement home, “The McCarthy & Stone team really helped to simplify the buying process and went above and beyond, even going as far as to help me pack my belongings at my previous house during the move. It got me really excited for what lay ahead.”
Hear more Shared Ownership stories
If you’re wondering ‘is there an age limit on shared ownership?’, the answer is no! Meet Christine who also used Shared Ownership to move to her property at Kingfisher Court in her 90s - proof that it’s never too late to find your perfect home.
Retirement lifestyles at our Shared Ownership Developments
We believe that you should live retirement your way. That’s why our retirement developments offer a range of different amenities and assisted living services to suit your needs. Choose from our two options to find your perfect fit:
Retirement Living - independent living for the over 60s
Our elegant low maintenance apartments offer independent living for people aged 60 and over. With a House Manager on-site, a friendly community on your doorstep, and the freedom to live life the way you want it.
Retirement Living PLUS - assisted living for the over 70s
Our Retirement Living PLUS developments are exclusively designed for the over 70s. The thoughtfully-designed apartments are set among state-of-the-art facilities, with domestic help and care packages available if needed.
Find Retirement Living PLUS homes
How to find Shared Ownership homes
McCarthy & Stone has affordable Shared Ownership retirement homes available in locations all over the UK, where you can enjoy retirement living to the full, without paying in full.
If you think Shared Ownership sounds like a good idea, call our friendly team on 0800 201 4811, contact us online, or browse available properties below.
*Other shares available, with monthly rent. Qualifying criteria apply. Shared Ownership is available on selected apartments at participating developments only. Not available with Part Exchange.
