Newcastle Intermediaries has launched a new joint mortgage sole proprietor product.

It comprises an 80 per cent LTV five-year fix at 3.55 per cent and includes £500 cashback, free standard valuation and 10 per cent overpayments per annum.

ERCs apply at 5 per cent until 2022 and reducing by 1 per cent with each year passed.

Newcastle Building Society head of intermediary mortgages John Truswell says: “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.”