Lender allows existing shared ownership borrowers to remortgage and provides buyers the opportunity to increase their share in the property
Newcastle Intermediaries has added new products for remortgage and staircasing to its shared ownership proposition.
The move allows existing shared ownership borrowers to remortgage to Newcastle Building Society and provide shared ownership buyers the opportunity to increase their share in the property up to 100% of the value in increments of 5%.
As part of the updated range, a five-year fixed rate at 6.5% is available and comes with a £999 product fee. There is also a five-year fixed rate at 6.7% with a free standard valuation and no product fees. Both products come with 10% overpayments and early repayment charges.
The products are available to those with a maximum household income of up to £80,000 (£90,000 in London), with a maximum loan amount available being 95% loan-to-value (LTV) of the borrower’s share.
Newcastle introduced its shared ownership proposition to the market late last year, offering a range of products that supported first-time buyers or other borrowers with limited affordability.
“Given the current mortgage market and inflationary pressures, innovative solutions that help address borrowers’ affordability challenges are even more crucial to enabling people to achieve the dream of homeownership,” commented Franco Di Pietro (pictured), head of intermediaries at Newcastle Building Society.
“Since launch, we have supported many borrowers onto the shared ownership scheme. The introduction of our remortgage and staircasing proposition will provide brokers and their clients the opportunity to support even more shared ownership customers.”
All Shared Ownership product details can be found at www.newcastleis.co.uk.
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