Shared ownership is a part-buy, part-rent initiative and is designed for people who can not afford to buy a home at full value on the open market in the area they wish to live.

Due to high property values in many areas, buying your own home has become unaffordable. Shared ownership therefore has been hailed as the new way of getting on to the property ladder and achieving home ownership.

Through shared ownership you buy a share of the property and pay an affordable rent on the remaining share that you do not own. Although you do not own the property outright initially, you enjoy the normal rights of an owner occupier.

You can purchase a 40, 50, or 75% share dependent on your income or savings. The higher the share you purchase the less rent you will have to pay. If you purchase 75%, there is no rent payable for 5 years.

Through shared ownership you can buy your property on your own, with a partner, family member or friend if you wish.

After a 12 month period you can buy further shares until you own the property outright. Buying further shares is called ‘staircasing’.

You are free to sell the property at any time if you wish.

For further information on affordable housing mortgages, you can give Best Advice a ring on the following free phone number: 0800 018 2378 or alternatively you can visit their website: www.bestadvice.co.uk