To be eligible for shared ownership, you must be at least 18 years old, have a combined household income of less than £80,000 per year (or £90,000 in London), and cannot afford a suitable home on the open market.

You are free to decorate your shared ownership home to your taste.

You may need permission from the housing association before making any alterations to the property.

Yes, you can sell your share in the property at any time. The housing association has the right to find a buyer for the property before you can sell it on the open market.

The buying process can take up to three months, but it may take longer if there are any issues with the mortgage or legal process.

The costs associated with shared ownership include a mortgage, rent on the portion of the property you don’t own, and service charges. You may also need to pay stamp duty and legal fees.

If you can't afford the rent or mortgage, contact the housing association as soon as possible. They may be able to offer you support or help you find a solution to your financial difficulties.

You can buy more shares in the property through a process called ‘staircasing’. This can be right up to 100% ownership and therefore reducing your rent to zero. You will need to get the property valued and pay for any legal fees and valuation costs.

Shared ownership is a scheme that allows buyers to purchase a share of a property, usually between 25% and 75%, with the remainder owned by a housing association. Buyers then pay rent on the share they don’t own.

Speak to an Independent Financial Adviser (IFA) with the specialist knowledge associated with part buy – part rent properties. If you and a partner are purchasing the property they will take into account your joint income when assessing your ability to cover a mortgage, the rent and any other charges.