Mortgages

Tipton & Coseley enhances capital raising criteria

Rozi Jones
|
2nd August 2021
pound money house mortgage growth
"We have responded with a number of positive changes to our lending policy and simplified our underwriting process"

Tipton & Coseley Building Society has announced a series of criteria changes designed to help customers looking to remortgage and raise additional funds.

The Tipton is increasing its capital raising to a maximum of 80% LTV for any non-commercial reason.

Capital raising can now be used for home improvements, to purchase additional land, to purchase a freehold or extend a lease, to repay an equity loan, and for family gifts or weddings.

At the same time, the Tipton will also now consider debt consolidation to a maximum of 75% LTV or £50,000 whichever is the lower. Debt consolidation applications will need to be considered on a capital and repayment basis, and where there is no evidence of a previous history of debt consolidation.

Jason Newsway, sales and marketing director at the Tipton, said: “These latest criteria changes are being introduced following feedback from our from our brokers who wanted us to offer more choice and a simplified process to those customers looking to remortgage and release equity from their property.

"We have responded with a number of positive changes to our lending policy and simplified our underwriting process, all designed to provide a wider choice of lending solutions and make it easier to do business with us."

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