Shared Ownership for the Elderly
This scheme is basically the same as new Build HomeBuy, and is only for people aged 55 or over. Shared ownership for the Elderly is designed to assist eligible applicants to purchase up to a maximum 75% of a newly built property on shared ownership terms.
How the scheme works
Once your application has been accepted, your Local HomeBuy Agent will direct you to developers offering SOE schemes in your area. Once you have selected a property from those available, you will fund your share of the property through a conventional mortgage or from the proceeds of selling your existing property.
If you do purchase the full 75% of your property allowable under shared ownership for the elderly (either outright or through staircasing at a later date), you will not have to pay rent on the 25% share that you do not own.
Eligibility criteria
Eligibility is restricted to individuals over 55 years of age. Otherwise, the eligibility criteria are the same as the other HomeBuy products.
How to Apply
You should contact your Local HomeBuy Agent if you are interested in purchasing a property using shared ownership for the elderly. Your LHBA will be able to confirm your eligibility and conduct a headline affordability check to ensure that you can afford to sustain home ownership long term.
Last updated: 4 November 2009