At the Tipton, we understand that for many clients their mortgage journey doesn’t end after they’ve brought their first home. Our wide selection means we’re on hand to support you and your client through the next step of their journey.
We will consider further advances for existing customers once they have held their mortgage with the Society for six months. Further advances are available for the following reasons:
- Capital Raising: available up to 80% LTV for the purchase of additional land or property, or release of equity for any non-commercial reason. Or, available up to 90% LTV for home improvements, to repay all/part of an equity loan, or transfer of equity; or
- Debt consolidation: available up to 75% LTV, on a capital and interest repayment basis only, and cannot exceed £50,000 or 50% of the applicants’ total earned income. Debt consolidation is not available for the repayment of adverse debt, gambling debts or business purposes.
Buy to Let mortgages
Another area established borrowers may wish to consider is buy to let mortgages. We will consider applications from Limited Companies, and British Ex-Pats living abroad who are purchasing properties in England and Wales. To find out more, please click here to view our lending criteria.
Holiday home mortgages
If your client is looking for a mortgage on a Holiday Home, we can help!
They must be owner occupier of their main residence, and this cannot be the same property as the Holiday Home. The property should be intended for their own use, and we will allow them the ability to short term let, including on an Air B’n’B basis at times when they do not occupy the property. The sole purpose of the property cannot be to permanently let the property – we will not accept applications on a holiday let basis.
The holiday home must not be within ‘close’ proximity of their main residence.
We will assess affordability on a residential basis, therefore the loan amount available will be dependant on your clients’ employment, income and expenditure details. We can consider regular rental/short-term letting income if they have received this for a minimum of two years and it is evidenced on their Self-Assessment Tax Returns.
Via BuildLoan, we are able to offer a range of self and custom build mortgages, for clients looking to create their dream home.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.