"These latest criteria changes are therefore designed to help make it easier for customers to secure a mortgage whether that is for a new build house or flat and second time owner flat."
The Tipton will now consider mortgage applications for new build houses up to 90% LTV, new build flats (including one bed) up to 85% LTV and second time owner flats up to 95% LTV.
At the same time, the Tipton has reduced its minimum loan for 95% LTV products to £100,000, down from £150,000.
Earlier this month, the Tipton announced it would accept applications on both its 95% LTV discount rate purchase and fixed rate mortgage products based on income multiples of 4.49. This criteria change increased the income multiples for both joint and individual borrowers.
Jason Newsway, sales and marketing director at the Tipton, said: “We continue to listen to brokers about their customer’s needs. These latest criteria changes are therefore designed to help make it easier for customers to secure a mortgage whether that is for a new build house or flat and second time owner flat.”
