Newcastle Intermediaries has added a joint mortgage sole proprietor (JMSP) product to its range.
The offering is an 80% loan-to-value (LTV) 5-year fix at 3.55%. The product offers £500 cashback, free standard valuations and 10% overpayments per annum.
The early repayment charges (ERCs) are set at 5% in the first year of the deal and decline by 1% each year until the product end date.
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This product is available to those up until the age of 80.
John Truswell (pictured), head of intermediary mortgages at Newcastle Building Society, said: “We are pleased to be extending our JMSP offer at a time when access to parental assistance mortgage products might be limited.
“Many would-be home buyers are looking to explore different options and I am confident these products will help brokers find the best solution for their clients.
“We would usually expect JMSP to be used by parents to support first-time buyer adult children, but they can also be used to support older generations who would benefit from the support of a family member to continue to live independently.”