The switch to fix product will allow customers to take out a variable discounted product over a three-year period.
Then 12 months before the end of the product, customers can choose to change to a fixed rate product with the lender’s existing customer range without an early repayment charge (ERC).
If the Tipton do not have a fixed rate account to offer customers then customers can move to another lender without incurring ERCs.
The Tipton currently offers two purchase products, one with an initial rate of 4.54 per cent, which is a 3.1 per cent discount from the lender’s standard variable rate (SVR) of 7.64 per cent.
The maximum loan to value (LTV) is 75 per cent with a £99 arrangement fee.
The other product has an initial rate of 4.84 per cent, which is a 2.8 per cent discount on the lender’s SVR.
The maximum LTV is 90 per cent with a £999 arrangement fee.
Remortgage deals include one with a 4.59 per cent initial rate, with a maximum LTV of 75 per cent with a £999 arrangement fee.
The other deal has a 5.09 per cent initial rate and maximum LTV of 90 per cent with a £999 arrangement fees.
The remortgage deals also include up to £350 valuation fee contribution and fees assisted legals.
Jason Newsway, sales and marketing director at the Tipton, said: “With much uncertainty in the mortgage market over the direction of fixed rates, the Tipton has responded by providing customers with some alternative solutions.
“These products provide customers with flexibility securing a discounted variable rate with the option of switching to a fixed rate deal during the last 12 months without incurring any early repayment charges.”
