The Tipton and Coseley Building Society has cut the cost of borrowing for first-time buyers following a review of its 100% loan-to-value Family Assist mortgage.
Family Assist allows customers to borrow up to 100% of the property’s purchase price with a collateral charge taken out on a family member’s home as additional security.
The variable rate has been cut from 3.49% to 3.19% which includes a 1.8% discount for the entire term. No product fees apply to the mortgage.
A valuation of the purchase property and family members’ property are required, charged at the Tipton’s normal scale fees.
Chief executive Richard Newton said the recent rate improvement reflected the society’s ongoing commitment to provide competitive products.
