Newcastle Intermediaries will be launching a revised two-year Joint Mortgage Sole Proprietor product as well as extending product availability to include a five-year alternative. Both products are available up to 80% LTV and are available for first time buyers, home movers and customer’s re-mortgaging.
Our JMSP products could help your clients get onto the property ladder or even purchase a home later in life or following a change in circumstances, by using the income of a family member to increase borrowing capacity.
The revised products will launch on Tuesday 27th October 2020 and include the following 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
- 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
The existing product will therefore be withdrawn from close of business Monday 26th October and any existing illustrations will be honoured until close of business Wednesday 28th October 2020.
Full product details will be found on http://www.newcastleis.co.uk/products.aspx upon launch
Launch of 80% LTV mortgage products
Great news! With continued strong demand in the mortgage market, we’ve enhanced our portfolio by adding competitive two and five year fixed rate products to our 80% LTV mortgage range.
Both products come with 10% overpayments per annum, which supports your clients who require the flexibility to make lump sum overpayments. In addition to £499 monthly overpayments already permitted.
- 1.89% Fixed Rate until 31.01.2023 (5.1% APRC) with £999 fee
- Early repayment charge of 2% until 31.01.2022 and 1% until 31.01.2023
- 2.29% Fixed Rate until 31.01.2026 (4.6% APRC) with £999 fee
- Early repayment charge of 5% until 31.01.2022, 4% until 31.01.2023,
3% until 31.01.2024, 2% until 31.01.2025 and 1% until 31.01.2026
All new 80% LTV product rates can be found on our website.