Newcastle for Intermediaries relaunches range to help more customers
Newcastle for Intermediaries has relaunched its Joint Mortgage Sole Proprietor (JMSP) range in order to help more customers get on the property ladder.
The range is aimed at first-time buyers and those with sufficient income support available but who may struggle to meet affordability requirements solo.
Changes to the range include expanded eligibility, with support no longer limited to close family members. That means customers can be supported by family members, friends or wider support networks, without those helping them having to be named on the property’s title deeds.
Enhanced affordability
Up to 95% LTV is on offer, as well as enhanced affordability through a dedicated Affordability Boost option. The company says it’s also offering flexible underwriting to support a wider range of customer situations and no maximum age at the end of term, including that of a non-occupying borrower.
Francesco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “Affordability remains one of the biggest barriers facing aspiring homeowners today. We’ve listened carefully to brokers and customers and have redesigned our JMSP proposition to make it more accessible, flexible and relevant to the challenges borrowers face.
“Alongside expanding eligibility beyond close family members, introducing up to 95% LTV and enhancing affordability support, we’ve also made important changes to our age criteria as we understand that the non-occupying borrower will tend to be older. The maximum application age has increased to 78 and there is now no maximum age at the end of term for repayment mortgages, giving brokers greater flexibility to support a wider range of customers and family arrangements.
“We’re also pleased to introduce a long-term fixed rate Affordability Boost option, building on the success of the feature within our standard mortgage range. It provides increased borrowing potential for customers choosing longer mortgage terms, helping even more people overcome affordability barriers and take their next step onto the property ladder.”
