Newcastle Intermediaries raises Joint Mortgage Sole Proprietor LTV to 95%

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The intermediary arm of the building society revealed it had also added several new products to the range of JMSP deals.

The new launches come following the lender’s re-entry into the residential high LTV market last week, extending its support for a variety of low-deposit borrowers.

JMSP 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 occupying borrower will own the property and will be the sole name on the title deeds.

John Truswell, head of intermediary mortgages at Newcastle Building Society said: “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.”

The JMSP range includes a five-year fixed rate product at 3.99%.There is also a two-year fix available at 3.90% (4.0% APRC).

All fixed-rate products in the JMSP range come with a free standard valuation on properties of up to £500k 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.

All product details and the full range of available products can be found at www.newcastleis.co.uk