Newcastle extends its Joint Mortgage Sole Proprietor(JMSP)

Newcastle Intermediaries has extended its joint mortgage sole proprietor(JMSP) product. They have refreshed its Joint Mortgage Sole Proprietor range to include a five year fixed rate product.

The product allows family members to help relative to own their home by allowing them to jointly apply for a mortgage to boost the occupying borrower’s income.

Newcastle will calculate both incomes to check affordability. However, the applicant living in the property can own the mortgage.

The product comprises an 80 per cent LTV five-year fix at 3.55 per cent and includes £500 cashback. Moreover, free standard valuation and 10 per cent overpayments per annum.

ERCs apply at 5 per cent until 2022 and reduced by 1 per cent with each year passed. The product is available up to a maximum LTV of 80% and those aged 18 to 80 are eligible.

Would you like to take advantage of this incredible opportunity? OR need further advice on joint mortgage sole proprietor(JMSP)? Please call our office on 0113 2488181 OR click here for a free initial consultation.

Newcastle Building Society head of intermediary mortgages John Truswell says:

“We’re 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’m confident these products will help brokers find the best solution for their clients.

“We’d 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.”