The range of two and five-year mortgage products is available up to 95% LTV
Newcastle Intermediaries has launched a range of standalone two and five-year mortgage products aimed at supporting the shared ownership market.
The products are available to borrowers with a maximum household income of up to £80,000 (£90,000 in London), and the minimum initial share of the property to be purchased is 25% and the maximum, 75%.
The borrower must contribute at least 5% deposit from their own funds or through a family gift. The range is available up to 95% loan-to-value of the borrower’s share.
The lender reiterated its commitment to supporting communities and helping customers get onto the property ladder by enhancing its propositions and improving affordability for homebuyers.
“We’re committed to helping people in our communities achieve their dream of home ownership and providing as many options to buyers as possible,” said Stuart Miller (pictured), chief customer officer at Newcastle Building Society.
"With the Help to Buy scheme closed to new applications last October 31, and the government committed to delivering 300,000 new homes a year by the mid-2020s, we believe the demand for shared ownership will continue to grow, which is why we’re introducing two new high LTV products, aimed at borrowers with smaller deposits.”