The lender said that JMSP allows an applicant to apply for a mortgage using supporting income of a family member, but the mortgage will not be in joint names and the occupying borrower will own the property.
The range includes a five-year fixed product at 3.99 per cent and a two-year fixed rate of 3.09 per cent.
The five-year fixed includes an early repayment charge (ERC) of five per cent in the first year of the fixed term, before declining incrementally and reaching one per cent in the final year.
The two-year fixed is also subject to ERCs of two per cent in the first year and one per cent in the second year of the fixed rate term.
The products come with a free standard valuation on properties up to £500,000 and permits 10 per cent overpayments per annum in addition to the £499 of overpayments already allowed.
Newcastle Building Society’s head of intermediary mortgages John Truswell (pictured) said: “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 per cent we’re extending support to include those borrowers who can rely on that family support but don’t have access to big deposits.”
The new products follow the lender’s re-entry into the residential high LTV market last week, with two and five-year fixed 95 per cent LTV products. The lender originally retracted products at this tier in March last year in response to the pandemic.
The lender also relaunched its Help to Buy for first time buyers in April and cut rates for its 85 per cent LTV mortgage rates in January.
