Shared equity scheme for Lincolnshire first-timersShared equity scheme for Lincolnshire first-timers
George Wimpey is offering first-time buyers in Grantham the opportunity to use Morgan Stanley's Advantage Flexishare home ownership plan.
It allows homeowners to borrow more than usually allowed through conventional mortgages in return for the bank's taking a share of the potential capital appreciation of the property.
Under the plan, first-time buyers on a joint income of £25,000 are now able to buy a new home at George Wimpey's Spring Grove estate.
The mortgage payments are based on a rate of 7.49 per cent and the advantage share part is at 3.99 per cent making the repayments more affordable for purchasers.
In addition, George Wimpey will pay the deposit, which means the buyer can move as soon as they like.
Lynne Hartshorn, sales director, said: "By offering the Advantage Flexishare product to our customers we aim to make our homes even more affordable for first-time buyers and families looking to increase their living space."
Prices for the three and four-bedroom houses range from £159,995 to £224,995.
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