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Newcastle loan can count on the family

A new mortgage from Newcastle Building Society lets homebuyers borrow well over what would normally be possible on their salary by allowing family members to guarantee the loan.

Its guarantor mortgage is designed to tackle the finan-cial barriers faced by young professionals trying to buy a property.

Newcastle says many professionals are on a typical starting salary of £15,000 and two-thirds of them are unable to purchase an averagely priced flat or maisonette in about half of all regions in England and Wales.

It provides the example of a newly qualified accountant on that typical salary who would normally be offered a maximum loan of £60,000. But if the borrower wishes to buy a home worth £100,000, the Newcastle mortgage allows the £40,000 shortfall to be guaranteed, usually by a parent or close relative.

The guarantor can be released from the scheme at any time during the period of the loan when the borrower is in a position to cover the full amount as their career progresses and income increases.

It is available on a fiveyear fixed rate of 5.99 per cent and Newcastle will negotiate a procuration fee with the introducers.

Chief executive Robert Hollinshead says: “Getting on the first rung of the property ladder is very difficult, not only in the South-east but also in areas like North Yorkshire and Warwickshire.”


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