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.
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.”
