Launch of JMSP mortgage products
We're delighted to launch a revised two year Joint Mortgage Sole Proprietor (JMSP) product as well as extending product availability to include a five-year alternative. Both products are available up to 80% LTV and can support a wide range of borrower's circumstances including first time buyers, home movers resulting from a marital split or later life lending (with support from children).
These products can increase borrowing capacity by adding a family member onto the mortgage and taking their income into consideration for affordability. Importantly, this family member isn't named on the deed of the property.
Key features
- Competitive 2 and 5 year products available
- Free standard valuation on properties up to £500k
- No product fees and £500 cashback on these products
- 10% overpayment allowed per annum
- Available on loans from £25,000 and up to a maximum of £1,000,000
- Affordability will be calculated using combined income from the occupying and non-occupying borrower
- Maximum age is 80 years at the end of the mortgage term based on the oldest applicant
- A family member is defined as a close family relative, normally a parent or step parent
Product details
2 Year
- 2.99% Fixed Rate until 31.03.2023 (5.2% APRC), with no product fees
- Early repayment charge of 2% until 31.03.2022 and 1% until 31.03.2023 for this product
- 3.55% Fixed Rate until 31.03.2026 (5.1% APRC) for loans up to 80% LTV, with no product fees
- Early repayment charge of 5% until 31.03.2022, 4% until 31.03.2023 for this product, 3% until 31.03.2024, 2% until 31.03.2025 and 1% until 31.03.2026 for this product
All new 80% LTV product rates can be found on our website.
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Contact us
We will be delighted to discuss any new enquiries or any other queries you might have about existing applications. Call our Intermediary Support team on 0345 602 2338 or email us at intermediary.lending@newcastle.co.uk. Alternatively, you can contact your dedicated Business Development Manager.