Newcastle for Intermediaries has announced rate reductions across its shared ownership mortgage range to improve affordability for first-time buyers and those with smaller deposits.

The refreshed product range now starts from 4.55% fixed until 31 October 2027 and is available up to 90% loan-to-value, with a product fee of £999.

The lender confirmed that the updated proposition applies to both purchase and remortgage cases and includes an annual 10% overpayment facility.

Shared ownership borrowers with the Newcastle can also staircase in 5% increments, ultimately allowing ownership of up to 100% of their home.

The latest changes come shortly after the Newcastle extended its lending criteria to accept applications from For-Profit registered providers.

Lloyds Living has since joined the lender’s approved panel, marking a further broadening of its reach in the shared ownership sector.

Franco Di Pietro (pictured), head of intermediary mortgages at Newcastle Building Society, said: “We know how important shared ownership products are to brokers working with first-time buyers and those stretching every bit of their affordability, which is why we’ve reduced our rates starting from 4.55%.

“By reducing costs we’re making it easier for brokers to find the right solution for clients who want to put down roots while keeping their monthly outgoings under control.

“These rate reductions, coupled with the recent expansion to our panel of For-Profit partners, underline our commitment to giving brokers the tools they need to deliver great outcomes in today’s market.”