Mortgages

Mortgages you can feel comfortable with

100% Family Assist

Whole of term discount rate

Call 0800 833853 for a decision in principle

Our Family Assist product enables you to borrow up to 100% of the purchase price and is an effective way of gaining a foothold on the property ladder.

1.75% discount from our SVR, currently 4.74%, for the term of the mortgage The overall cost for comparison is
2.99% variable 3.1% APRC

Additional security is required. This involves a collateral charge being secured against a family membersí property. The amount of charge is limited to 35% of the amount you are looking to borrow.

In order to secure this charge we will require the family membersí written agreement to complete a credit check. A standard mortgage valuation must also be completed on the property being offered as security in order to ensure that there is at least 40% equity to support the charge. You will be responsible for this additional cost which must be paid on application.

No income assessments or further underwriting are completed in connection with the family member. The amount you can borrow is determined by assessing your income and status only.

You will incur additional legal costs to secure the charge and as a condition of this mortgage, the family member(s) must also take independent legal advice from a third party firm. This advice will be provided at your expense.

Key features
Arrangement fee There is an arrangement fee of £999 that can be deducted from the advance or added to the mortgage.
Minimum loan The minimum amount that you can borrow is £75,000 increasing to £250,000 for properties located within the M25 corridor.
Maximum loan The maximum amount that you can borrow is £250,000 increasing to £400,000 for properties located within the M25 corridor.
Maximum loan to value 100%
Collateral charge A collateral charge will be taken against a family membersí property for which independent legal advice from a third party firm must be taken. Proof of legal advice given to the family member will be required as a condition of the mortgage. Any advice will be at your expense. The collateral charge will be 35% of the new mortgage amount and includes arrears, interest and charges.
Interest rate floor The interest rate is floored and cannot fall below 2.99%.
Mortgage repayment term The minimum term is 5 years and the maximum term is 35 years.
Overpayments Overpayments can be made without charge.
Early repayment charge No Early Repayment Charges apply.

Representative example:
A mortgage of £159,900 payable over 30 years on a discounted variable rate for the term of the mortgage, currently 2.99%, (equal to 1.75% discount from our SVR, currently 4.74%) would require an initial payment of £690.70 and 359 monthly payments of £677.49.

The total amount payable would be £244,809.61 made up of the loan amount plus interest (£84,009.61) with an arrangement fee of £999, a mortgage valuation fee of £250 on the purchase property, a mortgage valuation fee of £200 on the family membersí property, legal fees of £300, a telegraphic transfer fee of £25 and mortgage exit fees of £125.

The overall cost for comparison is 3.1% APRC representative.

Further information

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Certain fees may be levied during the term of your mortgage and you should familiarise yourself with the Tipton & Coseley mortgage tariff of charges.

The product detailed above may be withdrawn at any time without prior notice.

Page last updated: 16 March 2017



© The Tipton and Coseley Building Society 2009
The Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Our Financial Services Register number is 159601.

You can check this on the Financial Services Register, by visiting the FCA's website www.fca.org or by contacting the FCA on 0800 111 6768.

This site is intended for UK residents only.

Registered Office - 70 Owen Street, Tipton, West Midlands, DY4 8HG

We may monitor and record phone calls to ensure we have carried out your instructions correctly, to help us improve our service, to enable us to resolve complaints and to help investigate or prevent fraud or other crimes. Any recordings we make are the property of Tipton & Coseley Building Society.
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