Newcastle Intermediaries bolsters Joint Mortgage Sole Proprietor range

Newcastle Intermediaries has added several new products to its portfolio of Joint Mortgage Sole Proprietor (JMSP) products.

The lender has also increased its maximum LTV on the range from 80% to 95%.

The JMSP launch follows the lenders’ re-entry into the residential high LTV market last week, which extended its support for low-deposit borrowers.

JMSP products enable family members to help close relatives own their own home, increasing the borrowing power of the applicant by allowing them to apply for a mortgage using the supporting income of a family member. Mortgage affordability is calculated using income from both the occupying and non-occupying borrower. Although the mortgage will be in joint names, the occupying borrower will own the property and be the sole name on the title deeds.

Newcastle Intermediaries’ JMSP range includes a five-year fixed rate product at 3.99%, and a two-year fix is also available at 3.90%. All fixed rate products in the lender’s JMSP range come with a free standard valuation on properties of up to £500,000 and allow 10% overpayments per annum for borrowers who want the flexibility to make lump sum overpayments, in addition to the £499 overpayments already permitted.

Newcastle Building Society head of intermediary mortgages, John Truswell, commented: “We know not all borrowers are the same and some would benefit from a different way of thinking when it comes to affordability.

“It’s up to us to help provide those options and JMSP is an innovative product which many brokers have accessed enthusiastically over the past 12 months. I’m pleased that by increasing the maximum LTV to 95% we’re extending support to include those borrowers who can rely on that family support but don’t have access to big deposits.”

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