Message from The Tipton
Further to our emails last week, I would advise that we have now improved our 95% and 100% FTB Discounted Products. These are standard products and sourcing companies have been advised of these changes directly.
Click here to download an updated copy of the intermediary product guide.
New Core Mortgage Products
FTB Purchase
- D478: 3.89% Discounted Rate until 28 February 2018 – No Arrangement fee or Booking Fee
Family Assist
- PDT02: 3.49% discounted rate – 1.50% discount from our SVR for the term of the mortgage
- Maximum 100% LTV
- No Arrangement fee or Booking Fee
- No Early Repayment Charges
Family Assist Product Terms
- A collateral charge will be taken against a family members’ property for which independent legal advice from a third party firm must be taken. Proof of legal advice given to the family member will be required as a condition of the mortgage. Any advice will be at the borrowers expense. The collateral charge will be 35% of the new mortgage amount and includes arrears, interest and charges.
- A standard mortgage valuation must be completed on the property being offered as security in order to ensure that there is at least 40% equity to support the charge. The borrower will be responsible for this additional cost which must be paid on application. The valuation on the family members’ property will be charged at our normal scale fee. A list of scale fees is available on request.
- As a condition of the mortgage, the family member must take independent legal advice from a third party firm. This advice will be provided at your expense.
I would confirm the following have now been withdrawn: D477, PDT01
Kind regards
Richard Groom
Head of Mortgages Sales (Intermediary & Direct)
Tipton & Coseley Building Society
Mobile: 07768 174421
Direct Line: 0121 521 4028
