Here is the latest update from Newcastle for Intermediaries. For full details see their latest product information here. Access these product via our direct to lender mortgage club and get the benefits of payment on completion.
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
5 Year
- 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
Launch of 85% LTV Mortgage Products
I pleased to confirm that we will be launching replacement products for our Residential 2 year fixed 85% products with effect from Monday 2nd November 2020.
The product range include the following highlights;
- Choice of a competitive range of both two and five year fixed rates;
- Available to First Time Buyers, home movers and re-mortgages increasing our support in the market;
- A free standard valuation on properties up to £500k helping your clients with their costs;
- The products allow 10% overpayments per annum supporting clients who require the flexibility to make lump sum overpayments. This is in addition to a regular monthly overpayment allowance of £499;