Local couple take advantage of new government approved scheme which has allowed them to live the retirement lifestyle they deserve 

There is now help for older people in Whitley Bay who may be struggling to manage their large family homes or battling rising household bills, to find them properties more suited to their needs. A government-backed scheme is now offered by McCarthy Stone in conjunction with Homes England.

The scheme which is available at Elderton Place is called Older Persons Shared Ownership (OPSO). It looks to provide a helping hand for those wanting to downsize by reducing the upfront cost of a new Retirement Living property, through providing a choice of home ownership options up to 75 per cent. 

For example, under the new scheme, you could purchase a one-bedroom apartment at a 50% share from £125,500, with a monthly rent of £288*. What’s more, if you purchase the maximum percentage of 75%, there is no rent payable on the remaining share. 

Amongst those who have already benefitted from signing up to the OPSO scheme are Norman and Moya Finlay, age 88 and 87, who moved to Elderton Place in June 2023. The couple had previously lived in a bungalow in Whitley Bay for almost four decades, but the responsibility of maintaining a larger home had recently become too much of a burden. 

“We reached a point where it needed a lot of work doing to it, and the time and cost involved in this was too much for us, our children became concerned for our long-term health”, says Moya a retired Civil Servant.

“With that, we decided to look for somewhere with fewer responsibilities where we could access professional care and support if we needed it.”

However, the couple unexpectedly found themselves at a crossroads when they had their bungalow valued, and to their disappointment, realised they didn’t have the level of equity needed to cover the cost of a new retirement apartment.

Norman comments: “We hadn’t really considered shared ownership before, but the more we looked into it, the more attractive it became. 

“Had it not been for OPSO and for McCarthy Stone, our options would have been significantly less, and I think this may have deterred us from moving altogether leaving us stuck in a property we were becoming fed up with, and which was having a negative impact on our wellbeing.”

Faced with lack of choice in the local housing market of retirement properties they could comfortably afford, when presented with McCarthy Stone’s Elderton Place, Norman and Moya soon realised they could experience all the benefits of Retirement Living they had been looking for. An increase in independence and a ready-made community was on their doorstep, simply by purchasing a percentage share which suited their finances. 

“The best bit”, says Norman, a retired engineer, “is that when you purchase at the maximum 75% there is no rent to pay on the remaining share which made this very attractive indeed as it allowed us to keep our monthly costs manageable.” 

For Norman and Moya OPSO offered a realistic and better alternative that meant they could afford a higher value retirement property and aspirational way of living than they initially thought possible.

“It’s been a great ‘half-way house’ for us. It’s allowed us to retain home ownership as well as providing access to a range of services we didn’t have in our previous home, something that has given our family great peace of mind. We were also keen not to have to sacrifice a second bedroom as part of the move, something we thought was going to be out of reach of our budget. 

“Using OPSO meant we didn’t have to compromise - we now use the spare bedroom for our hobbies, meaning I can knit until my heart’s content and my husband has somewhere safe to keep his modern railway sets,” tells Moya.

“I’m also part of the ‘knit & natter’ group here - although to be honest, I’m far better at the ‘natter’ part than I am the knitting. What I love most is being able to get to know the other homeowners while doing something I enjoy.”

With a wealth of social activities on offer, including exercise classes and themed luncheons, there are plenty of opportunities to experience the freedom and companionship that sits at the heart of Elderton Place.

Norman says: “There’s never a dull moment here. Moya and I especially enjoy the homeowner coffee mornings. The men get stuck into discussing the football, while the ladies put the world to rights.

“We’re living a better social life now than we ever did before we retired, it’s great!”

When he’s not catching up with neighbours over a brew, Norman can usually be found with his impressive modern railway sets.

“When we lived at the bungalow, I’d store them in the garage”, he says. “Although it was hard to say goodbye to some of them, I’ve kept two of my prized miniature ones on display in the apartment, and I take great pride and joy in these.” 

Keen to reassure other retirees about the different options available Moya says: “Living at a McCarthy Stone development is much more affordable than most people realise. Some of our old neighbours have been to visit and are now looking to move here too, having witnessed the vibrant lifestyle on offer. 

“It really is the best of both worlds. There are plenty of opportunities to get involved with the social aspects, but you can also enjoy the privacy of your own home. Moving to Elderton Place has made a world of difference to our retirement. It’s such a relief not having to manage a larger home, and knowing the finances are taken care of.”