New products including remortgage options now available to support Shared Ownership
Did you know that we have recently launched remortgage and staircasing products?
Since launching our Shared Ownership scheme in 2022, the ambition has been to continue to improve this proposition for brokers and their clients. The introduction of these new products will support existing Shared Ownership borrowers looking to secure new deals, or increase the share on their existing Shared Ownership homes.
Key highlights:
- Product rates up to 95% LTV (of borrower's share);
- The minimum initial share of the property to be purchased is 25% and the maximum is 75%;
- Staircasing available up to 100% of property value in increments of 5%;
- Available to borrowers with a maximum household income up to £80,000 (£90,000 in London); and
- The borrower must contribute at least 5% deposit from own funds or via family gift.
Shared Ownership supports those on joint incomes up to £80,000 (£90,000 in London) to get onto or up the property ladder. The scheme allows the buyer 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, making the initial home buying process simpler and more accessible.
Contact us
If you have any questions or would like to discuss a case, please talk to your dedicated Business Development Manager or contact your Intermediary Support Team at Intermediary.lending@newcastle.co.uk or 0345 602 2338.