Newcastle Intermediaries has announced it is refreshing its joint mortgage sole proprietor (JMSP) range with the inclusion of a five-year fixed rate product.
The new product is available at 3.55% (5.1% APRC) and the product is available up to a maximum LTV of 80%, with those aged 18 to 80 eligible to apply.
The lender’s JMSP range enables 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 society said that the occupying borrower will own the property and will be the sole name on the title deeds.
Newcastle Building Society head of intermediary mortgages, John Truswell, commented: “We’re pleased to be extending our JMSP offer at a time when access to parental assistance mortgage products might be limited. Many would-be home buyers are looking to explore different options and I’m confident these products will help brokers find the best solution for their clients.
“We’d usually expect JMSP to be used by parents to support first-time buyer adult children, but they can also be used to support older generations who would benefit from the support of a family member to continue to live independently.”
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