Many people now feel trapped despite major provider’s guidance that mortgage, rent and service charges should not exceed 40% of take-home pay

Residents who bought shared-ownership properties promoted as “affordable homes” say they now feel trapped because they have to spend more than half of their net salaries on mortgage repayments, rent and service charges.

Campaigners say residents have become the victims of financial abuse after buying properties promoted as a step on the property ladder, only to be told of dramatic increases in service charges. Some residents face annual charges of more than £5,000 a year.