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Newcastle Intermediaries launches joint mortgage sole proprietor products

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  • 30/08/2018
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Newcastle Intermediaries launches joint mortgage sole proprietor products
Newcastle Intermediaries has launched a range of intergenerational joint mortgage sole proprietor products, available for those from 18 to 80 years of age.

 

The lender said these products were proving a popular vehicle for families who wished to lend a financial helping hand across the generations.

“They increase the borrowing power of the purchaser by combining the income of both the borrower who will occupy the house, and the non-occupying family member,” it said.

Newcastle Intermediaries has outlined a number of two- and five-year fixed rates deals as part of its offering with loan to values (LTVs) from 60% to 95%, all of which are available with no fees to pay.

Deals include a two-year fixed rate at 3.89% available at 95% LTV, while for those with a larger deposit to put down, a two-year fixed rate at 2.49% is available at 60% LTV.

Both products come with free valuation, £500 cashback, 10% overpayments per annum and an early repayment charge of 2% until November 2019 and 1% until November 2020.

Steve Carruthers, head of mortgage distribution (pictured), said: “Introducing our joint mortgage sole proprietor product range strengthens our first time buyer and later life lending propositions.

“It recognises that a significant number of people are in the fortunate position to be able to provide financial support to help family members on their home owning journey. It’s flexible enough to enable them to come off the mortgage should the occupier be able to manage the repayments themselves.

“The majority of these mortgages will be used by parents to support first time buyer adult children, but the mortgage can also be used to support older generations. We are proud to be one of the few lenders offering joint mortgage sole proprietor products, and helping more people own their own home.”

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