Sheltered Shared Ownership Schemes keeping over 60s on Property Ladder
The over 60s are keeping their feet firmly on the property ladder with sheltered shared ownership housing schemes.The Notting Hill Housing Association home ownership scheme for older people is giving over 60s the chance to own their own home for as little as £50,000.
Home Ownership for Older People (HOOP) scheme is offering one and two bedroom flats and bungalows at three locations in the London borough of Ealing. The shared ownership schemes are ideal for the over 60s that need to downsize but would still like the security of their own home.
Couples over 60 or individuals can pay as little as 25% of the property value and pay rent on the remaining 75% and relax knowing that they own their own home and that it is affordable.
The rent paid on the remaining share is minimal and each of the shared ownership developments benefit from a 24 hour emergency call system, ensuring that all who require care or assistance have it on hand.
These shared ownership schemes mean that people over 60 can live in and own homes that they can realistically afford and increase their share in the property over time.
The Notting Hill Housing Association is really behind the scheme and helping those over 60 who are keen to downsize to free up some money but still stay on the property ladder.
The shared ownership scheme gives older owners more choice, security and a significant nest egg to leave their dependants.
The difference between this shared ownership scheme and other New Build Homebuy schemes is that the share that you buy has to be bought out-right without a mortgage and that the maximum share that you can buy is between 70-75%. All is dependent on the development and once the percentage is reached no more rent is paid.
The Housing Association will retain 25% of the property in order to keep it as a shared ownership scheme and enable them to pass it onto to other older people looking for affordable housing.
The HOOP scheme is ideal for those who have paid off their mortgage and need to downsize and want to release a sizeable cash lump sum now.
A one bedroom flat at one development in Sunnymead Court, Ealing would usually cost £205,000. A 25% share in the property costs £51,250, which is bought outright and then £172 is paid in rent on the remaining share.
Shared ownership schemes have been championed by first time buyers, but now Councils are opening them up and seeing the need to make sure that older people are given the same life line and advantages in their retirement.
If you would like to know more about shared ownership schemes for you, a friend or a relative, then contact Click n go Mortgages, and we will search the market for the best shared ownership deal.
