Tipton & Coseley adds second tier to Credit Plus mortgage range
Residential purchase rates for Tier 1 start at 5.47% for a 2-year discount mortgage at 80% loan-to-value (LTV), with a £1,499 fee.
Tipton & Coseley Building Society has added a second tier to its Credit Plus mortgage range for borrowers with more complex credit histories.
The second tier has been widened to include borrowers with arrears, late payments, county court judgments (CCJs), debt management plans and defaults.
Residential purchase rates for Tier 1 start at 5.47% for a 2-year discount mortgage at 80% loan-to-value (LTV), with a £1,499 fee.
The equivalent Tier 2 product is priced at 5.84% with a £999 fee.
Both tiers also include a 2-year fixed rate option at 80% LTV, as well as remortgage products.
Andy Millard, head of mortgage distribution at Tipton & Coseley Building Society, said: “Across the UK, applicants’ credit histories are becoming increasingly challenged due to rising living costs.
“Not every client fits the standard mould, however this shouldn’t exclude them from pursuing their homeownership goals.
“Nor should it leave them solely reliant on specialist adverse credit lenders, where product pricing is often prohibitive.”
Millard added: “At the Tipton, we manually underwrite each case and take a bigger picture approach to our lending.
“We look beyond single blips or incidents and factor in people’s overall financial circumstances when making our decisions.
“With broader criteria across Credit Plus and distinct product tiers, we’re ready to assist more borrowers in this market segment and help brokers in presenting competitive choices to their clients.”
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