Newcastle for Intermediaries has announced rate reductions of up to 55 basis point s (bps) across its shared ownership mortgage range.

The lender, which entered the shared ownership market in 2022, said the updated range is designed to support borrowers seeking to purchase a new home or remortgage. The refreshed offering includes cashback incentives and enhanced flexibility, including staircasing options and positive overpayment terms.

Among the new products is a fixed rate deal at 4.75% until 31 August 2027, with a 6.7% APRC. The mortgage carries a £999 product fee, permits up to 10% in overpayments each year, and imposes early repayment charges of 2% until August 2026, falling to 1% in the final year of the term. Selected products in the range also offer £200 cashback.

Eligibility criteria include a maximum household income of £80,000, rising to £90,000 for borrowers in London, with loans available up to 95% of the customer’s share of the property. As with all shared ownership schemes, the borrower part-owns the home and pays rent on the portion retained by the housing association or other provider. Newcastle’s proposition allows borrowers to staircase in 5% increments up to full ownership.

Michelle Ash (pictured), national account manager at Newcastle Building Society, said: “Shared Ownership plays a vital role in addressing the affordability challenges many buyers face today. Our Shared Ownership proposition is one way Newcastle Building Society is trying to make home ownership more accessible and more affordable, especially in today’s market.

“By lowering rates, we’re reaffirming our commitment to helping mortgage brokers support their clients with flexible, sustainable solutions that open the door to a better financial future.”