Standalone products available to support Shared Ownership
As a Building Society, we are committed to supporting our communities and helping customers achieve their dream of homeownership. We recognise that this can feel out of reach to a large number of customers and so we spend a lot of time enhancing our propositions to support our borrowers with taking that first or next step onto the property ladder.
That's why we have launched a range of standalone two and five year mortgage products to support the Shared Ownership market!
What is Shared Ownership?
Shared Ownership enables those on joint incomes up to £80,000 (£90,000 in London) to get onto or up the property ladder. The scheme allows them to purchase an initial share of a property and pay rent on the remaining share. Buyers only need a small deposit and can increase their share in the property over time.
Key highlights
- Available to borrowers with a maximum household income up to £80,000 (£90,000 in London)
- The minimum initial share of the property to be purchased is 25% and the maximum is 75%
- The borrower must contribute at least 5% deposit from own funds or via family gift
- Product rates up to 95% LTV (of borrower's share)
Stuart Miller, our Chief Customer Officer, said: "We're committed to helping people in our communities achieve their dream of home ownership and providing as many options to buyers as possible.
"With the Help to Buy scheme closed to new applications on the 31st October, and the Government committed to delivering 300,000 new homes a year by the mid-2020s, we believe the demand for Shared Ownership will continue to grow which is why we're introducing two new high LTV products, aimed at borrowers with smaller deposits."
Our Shared Ownership Proposition
Watch this short video from Francesco Di Pietro, our Head of Intermediary Mortgages, to find out more about our new Shared Ownership proposition.
We will keep you up-to-date as this proposition expands, so watch out for further communications in the coming months.
Further information on our Shared Ownership proposition can be found on our website.
Talk to your dedicated Business Development Manager or contact your Intermediary Support Team at Intermediary.lending@newcastle.co.uk or 0345 602 2338.
4 Star Mortgage Provider!
We are delighted to share that we have received 4 stars in the Mortgage Providers category at the 2022 Financial Advisers Service Awards!
If you voted for us, thank you. We are proud to have continued delivering excellent services and support to our intermediary partners in 2022.