Supporting you in looking at home ownership

A small number of mortgage providers understand the circumstances of clergy living tied accommodation, and so offer this option. It still usually comes with a 20% or 25% deposit requirement, but the financial terms are usually less challenging than conventional buy-to-let mortgages.

If you have some savings and want to own a home of your own, you might want to explore these options.

Examples include:

- Family Building Society
- Kingdom Bank with a case study within the webpage

See government guidance on how to let a property.

Shared Ownership works on the basis that you buy a percentage share of a home and then pay rent to a landlord on the share you do not own. There are various models and ways of entering shared ownership. Please see the Government website for more details.

This option may be suitable for clergy who are nearing or at retirement, have some capital, and looking for a retirement home. Noted that shared ownership property cannot be rented out unless the landlord grants permission under exceptional circumstances. 

OPSO is a form of Shared Ownership available to people aged 55 and over. It allows you to buy an initial share in an OPSO home and pay rent on the remaining share. You can only buy up to 75% of your home, but once you own 75%, you will not have to pay rent on the remaining share.

Please visit the dedicated government website for more information and begin searching.

RIO products allow you to put down a deposit, usually at least 50% of a property, and pay a monthly interest toward the mortgage. There is usually no end date to this arrangement until the homeowner passes away or goes into long-term care. RIO is usually only available to those over 55 years old.

A wide range of RIO products is available in the market. Examples include:

- Vernon Building Society
- Tipton and Coseley Building Society with a case study

Some banks or building societies offer later-life mortgages that are not open-ended, but would still provide interest-only arrangements based on individual circumstances.

Examples include:

- Loughborough Building Society

Some banks or building societies may be able to offer a repayment mortgage up until retirement, and then transition it into an interest-only arrangement at retirement. Speak to a financial advisor or an individual mortgage provider to explore these possibilities.