Newcastle Intermediaries has launched its Shared Ownership proposition to the market, introducing a range of products that support first-time buyers or borrowers with limited affordability.
As the latest addition to the lender’s product portfolio, the Shared Ownership scheme enables those with smaller deposits to own a home by supporting them with purchasing a percentage of a property and to pay rent on the remaining share.
Available up to 95% LTV of the borrower’s share, the products are available to those with a maximum household income of up to £80,000 (£90,000 in London). These flexible options also offer buyers the ability to purchase between 25% and 75% of the property.
Brian Murphy, head of lending at the Mortgage Advice Bureau, said: “With a more limited range of lenders offering Shared Ownership mortgages, the introduction of Newcastle Intermediaries’ proposition is a welcome arrival, and should enable brokers to better support more of their clients, such as first time buyers, onto the property ladder.
“The fact that Newcastle Intermediaries has also consulted with Shared Ownership specialists on the development of its range is encouraging and reflects their strong commitment to meeting the requirements of their broker partners.”
Stuart Miller (pictured), chief customer officer at Newcastle Building Society, added: “We’re committed to helping people in our communities achieve home ownership and providing as many options to buyers as possible.
“With the Help to Buy scheme closed to new applications on the 31st of October, 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.”
