Are you considering ‘rent to buy’ as an affordable housing solution? There are many schemes available throughout the UK which provides you the opportunity to become an owner-occupier of your own home.

Ironically you could actually save money each month as shared ownership typically means that you'll be paying a lower monthly rent, enabling you to save the money to potentially buy further shares in your home.

Shared ownership properties are ideal for those who do not meet the lofty demands of a high street bank or building society. Yes, you do have to find a down payment or deposit; however in most cases prospective shared ownership buyers are looking to buy a share of a property (generally between 25 and 75% of a property) which means they need to fund a substantially lower deposit and mortgage.

Maybe one of the biggest advantages of shared ownership properties is that you are able to 'test-drive' your home and your neighbourhood before you commit to buying outright. If your plans change and you need to re-locate to another part of the country perhaps due to a job or you need to move closer to a family member it isn't a problem!

If you have any doubts it pays to do a little homework prior to agreements. Probably the first place to start is by registering with a HomeBuy agent and a Housing Association, this is a mandatory requirement, but don't panic - this is used to ensure you meet the criteria and have the need for affordable housing.

Choosing where you'd like to live may be on the top of your priorities, as mentioned you don't have to stay in the area you're currently living, you can move anywhere where there are shared ownership properties.

Once you have successfully met the eligibility criteria it may then be wise to take a look at the types of properties available and their current market value. Remember you will be living in a property which you have the potential to own in the future and it's also worth remembering that house prices can vary considerably depending on the location and the size.

Shared ownership properties are the ideal solution for many people to get onto the housing ladder. However, by using a fully authorised Housing Association you won't befall the potential pitfalls of trying to rent to buy from an unscrupulous person or company. The HomeBuy agents and Housing Associations work with local authorities and other reputable housing associations to ensure that you are given the opportunity to live and buy your own home..