The Intermediary speaks to Andy Millard, head of intermediary sales at Tipton and Coseley Building Society about the mutual’s support for brokers, its flexibility in underwriting and the products and criteria that differentiate it from other lenders.
How would you describe the Tipton Building Society?
As a mutual, the Tipton has the benefit of being big enough to offer our proposition across England and Wales, whilst also being small enough to provide manual underwriting for every case.
The Society operates in three main strategic pillars of lending; first time buyers, established borrowers, and later life borrowers to provide lending solution for customers at all stages of life.
How do you support brokers?
We have a team of business development managers, who spend their time with brokers discussing all things Tipton and the wider market.
We have found brokers are particularly interested on our views and what we are anticipating next.
Being able to provide wider insight and hold educated conversations with brokers often adds value to the subsequent discussion’s brokers have with their clients.
It can add additional context to the market and product pricing, as well as considering other options outside of the traditional fixed rate mortgage.
How do you differentiate from other lenders?
Our main differentiation is our ability to manually underwrite and offer additional options over and above traditional high street lenders.
Rather than using credit scoring systems to get ‘computer says no’ responses, we will credit search applicants, this gives us the flexibility to find a solution for the broker, that helps meet their client’s needs.
Why is manual underwriting so important to what you offer?
At the Tipton, we offer a broad proposition and operate in niche market areas.
As a result, this means that the cases we receive won’t always fit many lenders standard criteria, and this is where manual underwriting can really help.
A common sense approach means that each case is assessed on its own merits and gives us the opportunity to consider many different elements to a case.
Name two products where you think you have the edge on other lenders?
Our Family Assist product, allows clients to borrow up to 100% LTV and is designed for those who can satisfy affordability checks alone, but are unable to save a deposit.
While any borrower deposit is optional, the Society will require security from a family member, in the form of either a collateral charge on a family members’ property or a family member depositing into a specified savings account with the Tipton.
The total value of the security must cover 20% of the purchase price or property value (whichever is lower).
The other is more criteria than product, our interest only offering on our standard product range allows borrowing up to 70% LTV with no minimum income required.
We will consider applications up to age 70, using sale of the mortgage property as a repayment vehicle (£200,000 minimum equity is required).
Who should brokers contact at the Tipton?
Brokers have a number of options, from our field-based BDMs to our dedicated telephone BDM desk.
Full details can be found on our website at www.thetipton.co.uk/intermediaries. We offer telephone, live chat or email communications, allowing brokers to choose how they do business with us.
We do find it is best to talk cases through upfront as they may be more complex in nature and our team can guide brokers on packaging requirements.
