Newcastle Intermediaries has revealed the details of its new Joint Mortgage Sole Proprietor (JMSP) range, with maximum LTVs increased from 80% to 95%.

The broker arm of Newcastle Building Society has added several new products to the JMSP range, including a five-year fix with a rate of 3.99% and a two-year fix at 3.90%. Early repayment charges apply on both and free valuations are offered on properties up to £500K, with 10% overpayments allowed per annum.

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.

Newcastle Building Society head of intermediary mortgages John Truswell says: “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 launch follows the lenders’ re-entry into the residential high LTV market last week.