Newcastle for Intermediaries said it expects its panel of for-profit registered providers to grow as demand for shared ownership increases.
According to its website, the firm will accept the following for-profit social landlords: Flint Housing Limited, HSPG (Park Properties Housing Association Ltd), Legal & General Affordable Home, Linden First Limited, M&G UK Shared Ownership Limited, ReSI Housing Limited, Sage Homes RP Limited, Simply Affordable Homes RP Limited and Sparrow Shared Ownership Limited.
The firm first introduced this proposition in 2022, and the range is available to new homebuyers and those looking to remortgage with a maximum household income of £80,000. This goes up to £90,000 in London.
The maximum loan amount available is 95% loan to value (LTV) of the borrower’s share and two- and five-year terms are available.
The range also offers £250 cashback on selected deals to help customers who need help with costs.
The growth of ‘just-off-high-street’ lending
Sponsored by Pepper Money
Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “Since Help to Buy ended, we’ve seen significant growth in demand for shared ownership mortgages, particularly within the for-profit market. With the government’s [ambitious] homebuilding target to deliver 1.5 million more homes in the next five years, this trend is set to continue.
“That’s why we’re delighted to extend our shared ownership proposition to for-profit registered providers – a move that broadens choice for our broker partners and their clients. By working together with both not-for-profit and for-profit providers, we can deliver even more flexible, affordable pathways onto the property ladder.
“The changes underline our ongoing commitment to innovation and responsible lending, and we look forward to expanding our list of preferred registered providers as the popularity of shared ownership continues to grow.”
