What if you could purchase 75% of your next home—with nothing to pay on the rest*?
Join retirees who are reaping the rewards of Older Persons Shared Ownership with McCarthy Stone. It’s an affordable way to enjoy retirement living to the full and many people are surprised to learn they’re eligible. The Older Persons Shared Ownership scheme is not a charity. It’s not a handout. It’s simply what you deserve to help you make the most of your retirement.
See Moya and Norman’s Shared Ownership story
The Older Persons Shared Ownership scheme is backed by Homes England and allows you to reduce the costs of buying a McCarthy Stone retirement property, so you can enjoy a safe, secure and independent lifestyle for less.
Moya and Norman moved into Elderton Place, Whitley Bay in their late 80s and say, “Had it not been for Older Persons Shared Ownership and McCarthy Stone, our options would have been significantly less as we didn’t have the equity in our property... It’s allowed us to retain home ownership as well as providing access to a range of services we didn’t have previously.”
Learn how Older Persons Shared Ownership works
If you buy a 75% share of your retirement property, then there’s nothing to pay on the remaining 25%. If you buy 50%, you pay affordable rent on the outstanding share. It means a £300,000 home would cost £225,000 based on 75% ownership* or £150,000 based on 50% ownership* with an affordable monthly rent.
To apply for the Homes England Older Persons Shared Ownership scheme you need to:
You can find more information about eligibility for the Older Persons Shared Ownership scheme on the Government website.
We aim to make every move as straightforward as possible, so you can enjoy independent retirement living sooner. If one of our Older Persons Shared Ownership properties has caught your eye, there are four simple steps you’ll need to follow to make the home your own.
How much you pay for a McCarthy Stone Older Persons Shared Ownership property will vary depending on the share and the price of your chosen home.
As mentioned, if you buy a 75% share of your retirement property, there’s nothing to pay on the rest. But how much do you pay on a 50% share? Your consultant will help you with this, but you can calculate your annual rental payments by working out 2.75% of the outstanding balance on the property. Divide this number by 12 for the amount you will pay every month. Note: a service charge is paid separately in addition to the rent.
We've put together an example based on a one-bedroom apartment priced at £255,000 in Exmouth, Devon.
50% shared ownership
For a retirement home worth £255,000, you’ll pay £127,500 for a 50% share. You’ll then pay £292.19 in monthly rent to contribute towards the remaining balance of the property.
75% shared ownership
If you buy a 75% share of a retirement property valued at £255,000, you’ll pay £191,250 for your home. Your monthly rent will be £0.
The Older Persons Shared Ownership scheme is designed to make retirement properties more attainable for all. That’s why your rent will be reviewed annually using the Consumer Price Index (CPI) for the previous 12 months plus 1%. This ensures that rent remains affordable, despite external costs rising.
The Housing Ombudsman’s Complaint Handling Code sets out requirements for McCarthy Stone which detail how we must handle complaints.
*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.
**This covers items in the home that supply water and electricity such as basins, baths, toilets and also cables, but not fixtures, or appliances such as ovens or washing machines. Pipes and drainage items for heating and hot water are also included.
