Newcastle expands shared ownership proposition to for-profit providers

Newcastle for Intermediaries has extended its shared ownership proposition to offer the scheme through a panel of registered for-profit shared ownership providers.

The lender first introduced its shared ownership proposition to the market in 2022, offering a range of products that support first-time buyers and other borrowers with limited affordability. 

The range is available to new home buyers and those looking to remortgage with a maximum household income of up to £80,000 (£90,000 in London), and a maximum loan amount of 95% LTV of the borrower’s share. 

Both two and five-year fixed rate options are available, and the proposition now offers £200 cashback on selected products.

Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said: “Since Help to Buy ended, we’ve seen significant growth in demand for shared ownership mortgages, particularly within the for-profit market. With the Government's ambitions home building target to deliver 1.5 million more homes in the next five years, this trend is set to continue.

“That’s why we’re delighted to extend our shared ownership proposition to for-profit registered providers – a move that broadens choice for our broker partners and their clients. By working together with both not-for-profit and for-profit providers we can deliver even more flexible, affordable pathways onto the property ladder.

“The changes underline our ongoing commitment to innovation and responsible lending, and we look forward to expanding our list of preferred registered providers as the popularity of shared ownership continues to grow.”