Morgan Stanley to aid first time buyers

01-Aug-2006

With the new Flexishare mortgage, first-time buyers will sacrifice a share of the property's future price increase to the bank in return for being able to borrow more.

Flexishare offers aspiring homeowners a standard mortgage of up to 80 per cent of the house's value and an additional residential ownership loan between ten and 35 per cent of the value.

Operated by the bank's new mortgage department, Advantage, Flexishare offers mortgages to those first time buyers who can only raise 60 per cent of the purchase price on their income.

The launch follows government pressure for mortgage lenders to develop schemes that would aid those first-time buyers priced out of the market.

British Housing Minister, Yvette Cooper, said: "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."

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