Newcastle Intermediaries has reduced rates on its joint mortgage sole proprietor range by up to 0.59 percentage points.

Joint mortgage sole proprietor mortgages (JMSP) are available for those aged 18 to 80.

JMSPs works by increasing the borrowing power of the purchaser by combining the income of both the borrower who will occupy the house, and the non-occupying family member.

A five year fix at 3.60% (5.1% APR), a 0.59 percentage point reduction on its current rate, is available at a maximum of 95% LTV, comes with no fees to pay, free valuation, £500 cashback and 10% overpayments per annum with an early repayment charge of 5% until 30/09/2020, 4% until 30/09/2021, 3% until 30/09/2022, 2% until 30/09/2023 and 1% until 30/09/2024.

A 0.45 percentage point rate drop on a two year fix, now available at 3.40% (5.3% APR), and 95% LTV, comes with no fees to pay, free valuation, £500 cashback and 10% overpayments per annum with an early repayment charge of 2% until 30/09/2020 and 1% until 30/09/2021.

Stuart Miller, customer director at Newcastle Intermediaries, said: “These rate reductions across our joint mortgage sole proprietor products further support first time buyers onto the property ladder. We recognise that a significant number of people are able to provide financial support to help family members on their home owning journey.

“We’ve built additional flexibility into the product so that family members can come off the mortgage when the occupier can demonstrate they can support repayments themselves.”