Mortgage News
Tipton BS makes criteria changes
Tipton & Coseley Building Society has made a series of changes to its income criteria to support house purchase and remortgage customers during the lockdown.
Bonus and overtime payments for key workers will continue to be considered, based on their last 12 months average earnings. Also, applications for zero-hour contract key workers will be considered.
The society will also consider applications from furloughed staff. Mortgage offers will depend on the Tipton being able to re-validate an applicant’s income and employment prior to completion.
Furthermore, self-employed applicants need to demonstrate three months income along with their SA302s. Mortgage offers will also be subject to re-validation prior to completion.
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Desktop valuations
The Tipton is also offering desktop valuations on all house purchases, remortgages and buy-to-let mortgages up to 70 per cent loan to value (LTV).
Richard Groom (pictured), head of sales at the Tipton said: “Despite the current lockdown, the Tipton is still actively helping key workers, the self-employed and people who have been furloughed to obtain a mortgage.
“We therefore hope these latest income criteria changes and introduction of desktop valuations will help brokers and their customers through this challenging period.”