The Tipton & Coseley Building Society have announced a broker update, available below. Contact us to see how we help brokers like you across the UK, Alternatively please visit their website or their up to date Product Guides.
Announcement
New Products
Great news, we have new products launching tomorrow! They already include our SVR increase which goes live on 1st December but we’ve absorbed the increase ourselves so the new products are priced the same or lower than before plus…… we’ve got fixed products again too!
Discount products start from 3.99% and fixed products from 5.89%.
Just in case you’d like a reminder here are a few policy highlights…….
- Up to 40 year term.
- No credit scoring – at any LTV!
- Up to 4 applicants per application.
- Clients in probation accepted if in a similar role previously.
- Gifted deposits accepted from close family including cousins as well as ‘close associates’ on a case by case basis.
- Interest only up to 70% LTV and part & part up to 75% LTV. Equity + portion on repayment must be £200k or higher.
- Missed payments considered. Status 1s & 2s only considered in the last 2 years and up to status 6 if over 2 years ago.
- Rental income accepted, average last 2 years SA302s used. BTL mortgage payment not deducted if portfolio self-financing at 140%.
- Later life lending up to age 95 and 75% LTV. Can use; state & private pensions, SASS and rental income, possible SIPP and investment drawdowns.
- Foster carer income accepted subject to 12 months continuous income. Income used is gross of last 12 months. Evidence of ongoing entitlement required.
- JBSP up to 90% LTV on standard products. Joint borrower can reside in the property. Interest only or part & part acceptable subject to standard interest only policy.
- CIS workers treated as employed. Salary used = gross 6 months income x 2. Must have 6 months with current contractor and 2 years history in a ‘similar industry.’
- Second homes / holiday homes accepted up to 75%, may be on interest only with no minimum equity. May be let on short term basis e.g. Airbnb when not in personal use.
- Fixed term contractors accepted with 12 months contracting history with gaps of up to 2 months in total and 3 months remaining on current contract or confirmation contact is, ‘likely to be extended.’ Income used day rate x 5 x 46.