Newcastle Intermediaries has enhanced its shared ownership proposition by introducing re-mortgage and staircasing products to its range.
It says this will allow existing shared ownership borrowers to remortgage 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 January 2025, 4% until 31 January 2026, 3% until 31 January 2027, 2% until 31 January 2028 and 1% until 31 January 2029.
They 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.
Newcastle Building Society head of intermediaries Franco Di Pietro says: “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.
“The introduction of our remortgage and staircasing proposition will provide brokers and their clients the opportunity to support even more shared ownership customers.”
