Brilliant Solutions

The Tipton Draft

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.


Criteria Updates

To keep you up to date with the changes going on in our business area, here’s what has changed lately.

  1. Legal charge on main residence
    Where an applicant is using sale of main residence as their repayment vehicle, there must be £400k equity available in any properties based within the M25. This is reduced from a previous requirement of £500k.

  2. RIO retired status
    Applicants do not need to be retired at the point of application.

  3. Lending in retirement: life policy for mortgage shortfalls
    For death stress calculations, where a life policy covers the shortfall this will be accepted as proof of the mortgage remaining affordable to the remaining party.

  4. Employment & income criteria
    Employed applicants will now only be required to provide an up to date P60 and 2 months’ payslips with an application.

  5. Zero hours employment
    Zero hours contracts within the tourism sector will now be considered as per standard zero hour contracts policy.

  6. Continuous employment
    A minimum continuous employment history of 12 months will now be accepted.

  7. Fixed term contractors
    There is no longer a requirement for 2 years employment history. Applicants must have a minimum of 6 months remaining on their current contract.

  8. One bed flats
    Second time ownership one bed flats will be considered as standard on our residential product range. New build one bed flats are restricted to 85% LTV.
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