The mutual said the updated range would address the challenges facing borrowers, such as affordability and the difficulty of raising larger deposits.
The JMSP is no longer limited to close family members and will now allow extended family members and friends on the mortgage. The product allows up to two borrowers on a mortgage, with the owner living in the property supported by the income of another borrower who will not own the property or live in it.
It is available up to 95% loan to value (LTV) and Newcastle Building Society will allow enhanced affordability through an Affordability Boost option.
The JMSP product is open to first-time buyers, homemovers and remortgagors with sufficient income who may struggle to meet affordability requirements on their own.
There is no maximum age at the end of term, including that of the non-occupying borrower, and Newcastle Building Society will apply flexible underwriting to support a wider range of borrower circumstances.
The next step towards a better home buying journey
Sponsored by Halifax Intermediaries
Francesco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “Affordability remains one of the biggest barriers facing aspiring homeowners today. We’ve listened carefully to brokers and customers and have redesigned our JMSP proposition to make it more accessible, flexible and relevant to the challenges borrowers face.
“Alongside expanding eligibility beyond close family members, introducing up to 95% LTV and enhancing affordability support, we’ve also made important changes to our age criteria as we understand that the non-occupying borrower will tend to be older. The maximum application age has increased to 78 and there is now no maximum age at the end of term for repayment mortgages, giving brokers greater flexibility to support a wider range of customers and family arrangements.”
He added: “We’re also pleased to introduce a long-term fixed rate Affordability Boost option, building on the success of the feature within our standard mortgage range. It provides increased borrowing potential for customers choosing longer mortgage terms, helping even more people overcome affordability barriers and take their next step onto the property ladder.”
The mutual’s Affordability Boost is available on initial terms longer than five years and enables people to borrow a larger mortgage.
