Newcastle Intermediaries has introduced a range of intergenerational joint mortgage sole proprietor products, available for those from 18 to 80 years of age.
Joint mortgage sole proprietor mortgages increase the borrowing power of the purchaser by combining the income of both the borrower who will occupy the house, and the non-occupying family member.
Newcastle Intermediaries has outlined a number of two and five-year fixed rates on offer as joint mortgage sole proprietor mortgages, with LTVs from 60% to 95%, all of which are available with no fees to pay.
To help first time buyers, a two-year fixed rate at 3.89% (5.8%APR) is available at a maximum LTV of 95%, comes with free valuation, £500 cashback, 10% overpayments per annum and an early repayment charge of 2% until 30/11/2019 and 1% until 30/11/2020.
For those with a larger deposit to put down, a two-year fixed rate at 2.49% (5.4%APR) is available at a maximum LTV of 60%, which also comes with free valuation, £500 cashback 10% overpayments per annum and an early repayment charge of 2% until 30/11/2019 and 1% until 30/11/2020.
Steve Carruthers, head of mortgage distribution for Newcastle Intermediaries, said: “Introducing our joint mortgage sole proprietor product range strengthens our first time buyer and later life lending propositions. It recognises that a significant number of people are in the fortunate position to be able to provide financial support to help family members on their home owning journey. It’s flexible enough to enable them to come off the mortgage should the occupier be able to manage the repayments themselves.
“The majority of these mortgages will be used by parents to support first time buyer adult children, but the mortgage can also be used to support older generations.
“We’re proud to be one of the few lenders offering joint mortgage sole proprietor products, and helping more people own their own home.”
