The JMSP increases the borrowing power of the applicant by allowing them to apply for a mortgage using the supporting income of a family member, with affordability 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. 

The two-year fixed rate JMSP is available at 80 per cent loan to value (LTV) with a rate of 2.95 per cent or 5.2 per cent with £500 cashback. 

There is also an allowance of 10 per cent overpayments each year. The deal has an early repayment charge of two per cent until 31 December 2021 and a one per cent early repayment charge until 31 December 2022. The product is available to those aged 18 to 80. 

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John Truswell (pictured), head of intermediary mortgages at Newcastle Building Society, said: “We know that for many would-be home buyers, circumstances will have changed over the last few months, meaning a re-think and possibly a different approach when it comes to their borrowing.  

“We’re delighted to reintroduce our JMSP mortgage to give more options for people wanting to own their own home.”  

He added: “We’d usually expect these mortgages to be used by parents to support first-time buyer adult children, but the product can also be used to support older generations who would benefit from the support of a family member to continue to live independently.”