Newcastle for Intermediaries has relaunched its Joint Mortgage Sole Proprietor (JMSP) range with broader eligibility, revised age criteria and lending of up to 95% loan-to-value.
The lender said its refreshed proposition was intended to help first-time buyers and home movers who have access to financial support but cannot meet its affordability requirements using their own income.
A Joint Mortgage Sole Proprietor mortgage allows another person to support the application without being named on the property’s title deeds. Newcastle will no longer restrict this support to close family members, allowing borrowers to apply with friends or members of their wider support networks.
The range includes a dedicated Affordability Boost option and flexible underwriting for different customer circumstances. Newcastle has also removed the maximum age at the end of the term, including for the non-occupying borrower.
The maximum age at application has been increased to 78. The lender said the change reflected the likelihood that a non-occupying borrower would be older than the person living in the property.
Francesco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “Affordability remains one of the biggest barriers facing aspiring homeowners today. We’ve listened carefully to brokers and customers and have redesigned our JMSP proposition to make it more accessible, flexible and relevant to the challenges borrowers face.
“Alongside expanding eligibility beyond close family members, introducing up to 95% LTV and enhancing affordability support, we’ve also made important changes to our age criteria as we understand that the non-occupying borrower will tend to be older.
“The maximum application age has increased to 78 and there is now no maximum age at the end of term for repayment mortgages, giving brokers greater flexibility to support a wider range of customers and family arrangements.
“We’re also pleased to introduce a long-term fixed rate Affordability Boost option, building on the success of the feature within our standard mortgage range.
“It provides increased borrowing potential for customers choosing longer mortgage terms, helping even more people overcome affordability barriers and take their next step onto the property ladder.”