Tipton & Coseley Building Society has changed its criteria to allow lending on new-build properties.
With immediate effect, the mutual will consider applications for new-build houses up to 90 per cent loan to value (LTV), new-build flats including one-beds up to 85 per cent LTV and second-time owner flats including one-beds up to 95 per cent LTV.
This move comes following the launch of Deposit Unlock, a reinsurance-backed scheme to provide a lending option for new-build properties at 95 per cent LTV.
Additionally, the Tipton has reduced its minimum loan from £150,000 to £100,000. Earlier this month, the mutual increased income multiples to 4.49 for both joint and individual borrowers.
Jason Newsway, sales and marketing director at the Tipton, said: “We continue to listen to brokers about their customer’s needs.
“These latest criteria changes are therefore designed to help make it easier for customers to secure a mortgage whether that is for a new-build house or flat and second-time owner flat.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
