Newcastle Intermediaries has added a joint mortgage sole proprietor (JMSP) product to its range.
The offering is an 80% loan-to-value (LTV) 5-year fix at 3.55%. The product offers £500 cashback, free standard valuations and 10% overpayments per annum.
The early repayment charges (ERCs) are set at 5% in the first year of the deal and decline by 1% each year until the product end date.
This product is available to those up until the age of 80.
John Truswell (pictured), head of intermediary mortgages at Newcastle Building Society, said: “We are pleased to be extending our JMSP offer at a time when access to parental assistance mortgage products might be limited.
“Many would-be home buyers are looking to explore different options and I am confident these products will help brokers find the best solution for their clients.
“We would usually expect JMSP to be used by parents to support first-time buyer adult children, but they can also be used to support older generations who would benefit from the support of a family member to continue to live independently.”