ANOTHER high profile lender has signed up to the Government's Open Market Homebuy Scheme.
Advantage, part of the Morgan Stanley group, has joined Halifax, Bank of Scotland, Nationwide and Yorkshire Building Societies, as a private sector partner.
The scheme, due to launch in October, increases lenders' purchasing power by around 25 per cent by topping up a regular mortgage with an equity loan.
Currently, a family on a combined income of £35,000 could borrow around £122,500 independently. Using the Open Market Homebuy, they could potentially buy a home valued at between £150,000 and £180,000. It will be available to local authority and housing association tenants and key public sector workers including nurses, teachers, social workers and police officers.
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