Newcastle Intermediaries has enhanced its Shared Ownership proposition with the introduction of products for re-mortgage and staircasing to its range.
The lender introduced its Shared Ownership proposition to the market late last year, offering a range of products that support first time buyers or other borrowers with limited affordability.
The latest enhancements to the lender’s Shared Ownership portfolio, will allow existing Shared Ownership borrowers to re mortgage to Newcastle Building Society. The introduction of staircasing will also provide Shared Ownership buyers the opportunity to increase their share in the property up to 100% of the value in increments of 5%.
As part of the updated range, a five-year fixed rate at 6.50% (7.0% APRC) is available, and comes with a £999 product fee. Also available is a five-year fixed rate at 6.70% (7.1% APRC) with no product fees and a free standard valuation. Both products come with 10% overpayments and early repayment charges of 5% until 31.01.2025, 4% until 31.01.2026, 3% until 31.01.2027, 2% until 31.01.2028 and 1% until 31.01.2029.
The products are available to those with a maximum household income of up to £80,000 (£90,000 in London), with a maximum loan amount available being 95% LTV of the borrower’s share.
Franco Di Pietro (pictured), head of intermediaries at Newcastle Building Society, said: “Given the current mortgage market and inflationary pressures, innovative solutions that help address borrowers’ affordability challenges are even more crucial to enabling people to achieve the dream of homeownership.
“Since launch we have supported many borrowers onto the Shared Ownership scheme. The introduction of our remortgage and staircasing proposition will provide brokers and their clients the opportunity to support even more Shared Ownership customers.”
