Newcastle Intermediaries has expanded its range of joint mortgage sole proprietor (JMSP) products.
The extension will see the introduction of a series of five-year fixed rate products available up to 95% loan-to-value (LTV).
The products are designed to support first-time buyers and borrowers purchasing a home later in life or following a change in circumstances by using the income of a family member to increase borrowing capacity.
The range includes a 90% LTV at 3.49% and a 95% at 3.59% and comes with early repayment charges, starting at 5%, and decreasing by 1% per year.
All fixed-rate products come with a free standard valuation on properties of up to £500k and allow 10% overpayments per annum for borrowers who want to make lump sum overpayments in addition to the £499 overpayments already permitted.
Newcastle Building Society head of intermediary mortgages Franco Di Pietro says: “All borrowers’ circumstances are different, and it’s important to Newcastle Building Society that our approach to affordability adapts accordingly.”
“Our competitive range of JMSP products are already being employed by brokers to meet their clients’ homeownership goals and now, as we introduce these five-year fixed rate products up to 95% LTV, borrowers who require family support have the opportunity to secure the home they have their heart set on,” Di Pietro adds.