Taking the first steps on the housing market has been made a realistic opportunity for many people from all walks of life, by the introduction of shared ownership. You may have heard of this affordable housing scheme as 'part buy, part rent' because that's the main principles of how the scheme works.

You buy a share in your home and then pay a reduced rent on the remaining shares. The amount you buy and the amount you pay rent on is variable according to your own individual needs. The scheme also enables you to buy further shares and if you wish you can buy all of the shares so that you own your home outright, which of course means you won't have to continuing paying rent!

This affordable housing scheme is open to people who don't already own a property and have an household income of less than £60,000 per year. The percentage of the shares you buy are usually funded by a mortgage in the same way as other house owners. It's a great way of becoming a home owner without having to shoulder all of the finances responsibility on your own.

Whether you're a couple, or want to become an owner-occupier with up to four other people, as long as each person meets the eligibility criteria its possible to become part of the shared ownership scheme.

The scheme works in partnership with Housing Associations and HomeBuy agents, so you'll have to register with both if you wish to take advantage of the scheme and all the benefits it has to offer for people with a housing need.

Under the ownership terms you'll be granted a lease, usually for 99 years, which entitles you and any other joint owners to live in your home as an owner-occupier, along with the chance to buy more shares if you wish. You can even sell the property, as set out in the terms, so you're not tying yourself down to remaining in your home if you don't want to or your circumstances change.

Finding affordable housing has been made easy with shared ownership schemes, providing you the opportunity to buy your own home with a little help along the way. You may even find that you'll pay less per month than renting, as the rent on the shares you don't buy will be subsidised making shared ownership an affordable housing choice.