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Boosting deposits and supporting affordability

By 11th November 2021May 30th, 2023Blog, Mortgages

Supporting home ownership is at the heart of a building society’s purpose. It’s why we put so much time, thought and effort into designing ways that can help first-time buyers. We now have a range of products that can assist with boosting affordability and securing deposits.

From family assisted mortgages to straight-forward high LTV lending, we have a variety of product solutions, which we combine with pragmatic, common-sense manual underwriting that brokers can use to support their client’s dream of home ownership.

We now offer;

• Joint Mortgage Sole Proprietor mortgages that mean one family member can be added to the loan to support a single occupying borrower. The ownership of the property remains solely in the name of the occupying borrower, however they can use the income of a family member to increase their borrowing capacity to acquire the mortgage. It’s ideal for family whose income will rise in the future and for a short time need the support of a family member to get onto the property ladder.

• A Deposit Unlock scheme that helps borrowers secure a New Build home up to a value of £600,000 with a deposit of just 5%. It’s an alternative to both the recently launched Government mortgage guarantee scheme and the Help to Buy scheme, which will end in 2023 and is available to both employed and self-employed borrowers.

• Exclusive mortgage products to support the launch of the Government-led ‘First Homes’ scheme. The scheme offers a minimum of a 30% discount to help aspiring local first-time buyers. The scheme is also designed to support key workers, frontline health workers or armed forces veterans onto the property ladder.

• High LTV products available up to 95% LTV for purchase and remortgage with a variety of two and five year rates, including several with no product fees to maximise borrower choice and flexibility. A 10% overpayment allowance per annum is made available on all products, which supports your clients who require the flexibility to make lump sum overpayments. Selected products also offer a free standard valuation and cashback to support with any legal or moving fees.

• Family Gifted Deposit scheme where any money gifted to the applicant to buy a property can equate to some, or all, of their deposit. Gifted deposits are given with the understanding that the money doesn’t need to be repaid.

Our product ranges are our commitment to helping intermediaries and our mutual customers achieve their home-owning ambitions. Newcastle Building Society are proud to have been helping people own their homes for over 150 years and we aim to continue supporting home ownership in conjunction with our intermediary partners.

If you would like to find out more about how we can help, contact your dedicated Business Development Manager or visit our website.

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