Who qualifies
All first-time buyers with joint incomes up to £60,000 are now eligible.

What is shared ownership?
You buy a share in a property — 25 per cent to 50 per cent — and pay rent on the part you do not own. As your financial situation improves, you can “staircase”, ie buy further shares up to 100 per cent.  On the upside, there is no need for you to raise a big mortgage, however you do not own the property outright and face restrictions when you come to sell.

What is an equity loan?
You pay part of the cost of your new home, usually 40 per cent to 50 per cent, and the Government lends you the rest.  Eventually, you own your home outright, you get an interest holiday of three to five years on the equity loan and there are no restrictions when you sell. It is not suitable for those on low incomes.

What is rent-to-buy?
This is a new product. You rent a new-build home for an agreed period, then get the chance to buy the property. If you decide against buying, you can carry on renting. You do not have to worry about negative equity and you get to “test-drive” the property. Keep an eye out as this is not widely available yet and schemes vary greatly.

As a singleton and therefore one wage, I would not have been able to get on the housing ladder if it had not been for shared ownership - I purchased a 30% share of a resale property in London 3 years ago, and although the property value has decreased, due to the percentage share I owe, my repayment mortgage has meant that I have not been significantly affected by negative equity - and on the plus side, my flat value is back on the rise! Lottie.