If you'd like to own your own home, but can't afford to buy on the open market, shared ownership could be for you. You will have sole occupancy rights - you do not have to share your home with anyone else.

Shared ownership allows you to buy a share of a property (usually 50 per cent) from a housing association and pay rent for the remainder. Your monthly outgoings will include repayments on any mortgage you have taken out, plus rent on the part of the property retained by the housing association.

Later, when you can afford it, you can increase your share until you own the whole property. The purchase of further shares is based on the current market value of the property, whether it has gone up or down.

Where to find shared ownership schemes

The Housing Corporation's offices can give you the names of housing associations that are developing shared ownership or other home ownership schemes, in the area in which you wish to buy. Priority for the shared ownership scheme may be given to existing tenants of housing associations and councils, or those on the local authority or housing association waiting lists.

Your local housing advice centre or Citizens Advice Bureau should be able to give you helpful advice and more detailed local information. Your local council may be able to help, and some fund their own shared ownership schemes or have home ownership departments. Other organisations (eg building societies) also offer schemes, but without government funding.

Bear in mind that demand for shared ownership houses is high and that there are relatively few houses available. In some areas there may be none. Even if you are accepted as a suitable applicant, you may have to wait some time before a property becomes available.