The new measures aim to help more people get on the property ladder and allow them to increase their share at lower increments.

As a result, people will be able to buy their home in 1% chunks, rather than 10% at a time.

Ishaan explained that those on lower incomes often struggled to get any kind of a foothold on the housing ladder.

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“The government must ensure that this new initiative is financially beneficial for mortgage borrowers. 

“It’s important to remember that there are extra costs involved with remortgaging to purchase additional shares of a shared ownership property, known as ‘staircasing’. 

“Waiting to buy a larger share in the property, as opposed to buying in 1% chunks, could avoid paying more in fees than necessary.”

He claimed that those considering staircasing on their shared ownership property should speak to a broker to ensure they remortgage at the most suitable time.

“It’s important to consider any personal and future circumstances when securing a mortgage, and to seek advice so you’re aware of the available options.”