Newcastle expands range of joint mortgage sole proprietors

Newcastle Intermediaries has expanded its range of joint sole proprietorship (JMSP) mortgage products.

The extension will see the introduction of a series of five-year fixed rate products available at up to 95% loan to value (LTV).

The products are designed to support first-time buyers and borrowers buying a home later in life or as a result of a change in circumstances by using a family member’s income to increase their borrowing capacity.

The range includes an LTV of 90% to 3.49% and 95% to 3.59%, as well as prepayment charges, starting at 5% and declining from 1% per annum.

All fixed rate products come with a free standard valuation on properties up to £500,000 and allow overpayments of 10% per annum for borrowers who wish to make lump sum overpayments in addition to overpayments of £499 already authorised.

Franco Di Pietro, Head of Intermediate Mortgages at Newcastle Building Society, said: “Every borrower’s situation is different, and it’s important to Newcastle Building Society that our approach to affordability adapts accordingly.

“Our competitive range of JMSP products are already used by brokers to meet their clients’ home ownership goals and now, as we introduce these five-year fixed rate products up to 95% LTV, borrowers who need family support have the opportunity to get the home they care about,” adds Di Pietro.

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