Mortgage News
Tipton & Coseley flexes employment and affordability criteria
Tipton & Coseley Building Society has loosened its criteria on employment status and affordability across all of its mortgages.
The lender will now accept zero hours contracts, self-employed earnings as secondary income and applicants on probation in a new role.
The lender will take zero-hours contracts where the applicant can demonstrate a minimum 12 months’ track record of regular employment and earnings.
It will count all self-employed earnings as secondary income with a two-year track record.
Finally, applicants serving a probationary period for a new role will not have to pass their probation before their mortgage completes. If they’ve changed careers a minimum of two months’ employment may apply and this will be considered case by case.
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“We recognise that people have different types of employment status and contracts. These criteria changes are designed to meet their needs,” said Richard Groom, head of sales at the Tipton (pictured).