Lender - Tipton & Coseley Building Society

About Us

Documents

Proc Fees

Product	Gross Fee paid by lender	Net fee paid to regulated broker	Net Fee paid to non-regulated & client referral service
All Products	0.80%	0.40%	0.225%
Product Transfers	0.20%	0.15%

This is great for helping clients maximise their income when purchasing or remortgaging their residential property.

To achieve the maximum 6x income the following minimum requirements need to met:

Here are some key lending points:

Shared Ownership – Up to 95% LTV including new build flats. 5 Year fixed calculator provides enhanced affordability.
No Credit Scoring & Missed Payments – Can be accepted on standard product range. Limit of status 2 if within the last 2 years although higher statuses considered over 2 years ago or within the last 2 years for utilities and communications accounts.
Interest Only – Accepted with no minimum income requirement. Up to 70% on pure interest only and 85% on part & part. Minimum equity required of £200k for downsizing.
CIS Contractors – Treated as employed, income used is last 26 weeks x 2.
Self-Employed – Can use latest year’s income if within a 20% increase of previous year.
2nd Homes – Permitted up to 85% LTV, can be pure interest only with no minimum equity requirement. Can be let on short term basis.
Up To 5.5x Income – Where client selects a discount product. Available up to 85% LTV. Combined income required of circa £65k to achieve full 5.5x income. No buyer type restrictions.

JBSP – Available on our standard product range. Up to 4 applicants accepted with all 4 incomes used. Joint borrowers can reside in the property. Clients(s) residing in the property not required to have own income source. Can be on interest only, part & part or capital repayment subject to standard policy requirements.
Visas – Tier 1 & Tier 2 visas acceptable up to 80% LTV. LTV limit does not apply where any other applicant has ILR or is British. Must have been in the UK for 12 months with 24 months remaining on the visa.
Lending Into Retirement – Accepted up to 80% LTV and age 95. Permitted incomes include; pension annuities, SIPP pots and rental income.
Properties – Annexes accepted where utilities are shared and size is proportionate to main property. Coach houses accepted.