Newcastle intermediaries has introduced a range of intergenerational joint mortgage sole proprietor products 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.
The society’s 2-year fixes include products at 2.49% to 60% LTV and 3.89% to 90% LTV, while 5-year fixes are priced at 2.95% to 60% LTV and 3.79% to 90% LTV. The products come with no fee, a free standard valuation and £500 cashback.
Steve Carruthers, head of mortgage distribution, 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.”