Barclays adds 85 per cent LTV mortgage and Newcastle BS extends JBSP range

There is a purchase only two-year fixed fee-free mortgage at 60 per cent LTV with a rate of 1.95 per cent for loans between £5,000 and £2m. 

The bank has also launched a two-year fixed product at 85 per cent LTV for purchase and remortgage customers with a rate of 2.94 per cent. This mortgage has a fee of £999. 

Additionally, Barclays has launched a three-year fixed mortgage at 60 per cent LTV for purchase and remortgage. This product has a rate of 1.49 per cent and a £999 fee. 

The bank has also reduced rates on its existing five-year fixed products at 60 per cent LTV and 80 per cent LTV, available for purchase and remortgage. 

Newcastle BS launches JMSP deal 

Newcastle Building Society has extended its joint mortgage sole proprietor (JMSP) with the addition of a five-year fixed product. 

The product allows family members to help relative to own their home by allowing them to jointly apply for a mortgage to boost the occupying borrower’s income.  

Affordability is calculated using both incomes, but the mortgage will only be in the name of the applicant living in the property.  

The mortgage has a rate of 3.55 per cent with £500 cash back and overpayments of 10 per cent a year are permitted.  

Early repayment charges (ERCs) apply at a rate of five per cent for the first year, before dropping by one per cent each year until the last year of the term. 

The product is available up to a maximum LTV of 80 per cent and those aged 18 to 80 are eligible.  

John Truswell, head of intermediary mortgages at Newcastle Building Society, said: “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.”