New first time buyer mortgage form Morgan Stanley

28-Sep-2006

US-based investment bank Morgan Stanley has launched its Flexishare product, which it claims will help first time buyers who are struggling to get onto the first rung.

The mortgage will allow first time buyers to borrow more money than they could through a traditional lender in exchange for forfeiting a part of the future increases in the value of their property.

Yvette Cooper, housing minister, said: "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."

Flexishare will be available to all first time buyers who cannot raise enough cash through traditional mortgage providers and will be sold through Morgan Stanley's mortgage arm Advantage.

The loan is a single-charge mortgage made up of 80 per cent of the value of the house, along with an additional 15 to 35 per cent loan.

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