Message from Richard Groom, Head of Mortgages Sales (Intermediary & Direct)
Tipton & Coseley Building Society
Following a recent soft-launch, I am pleased to advise that the availability of our 100% Family Assist product has now been extended nationally through our key business partners. A summary of this FTB product is detailed below, there is also a link to the associated page on our website.
New Family Assist – FTB product.
- PDT01 3.99% discounted rate – 1.00% 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.
Geographical Restrictions
England & Wales – Minimum £75,000 value/Maximum advance £250,000 (increasing to £250,000 minimum value and £400,000 maximum advance within M25)
Additional information for the family assist product can also be found on our website – http://www.thetipton.co.uk/home/mortgages/pdt01
