Morgan Stanley launches new Flexishare mortgage

29-Aug-2006

In an effort to help first time buyers, Morgan Stanley has announced the launch of its Flexishare mortgage package, as a way to help first time buyers purchase a property despite the difficulties of the current boom.

The Flexishare mortgage is a single-charge mortgage for up to 80 per cent of the property's value, with an additional loan for between 15 and 35 per cent; in return, Morgan Stanley will receive a share of the potential appreciation or depreciation of the value of the property.

"As house prices have gone up, more and more families who could keep up with regular mortgage payments can't manage that first step onto the ladder," said Yvette Cooper, British minister for housing.

"That's why we think there is scope for more private sector companies to come forward and work with us to develop shared equity schemes to help families get started," she added.

Formed from the Merger of Morgan Stanley and Dean Witter, within the UK market, Morgan Stanley has traditionally acted as a securitiser and underwriter of residential loan portfolios.

The Flexishare package, represents the company's first move into the British residential mortgage market.

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