Charles Derby Mortgage Bureau"Thank you for your help and assistance in this case, it takes me back to the good old days of everything being manually underwritten."Peter Matthews
arrangement fee
no fee
This fee can be paid upfront or added to the mortgage amount. If the fee is added to the mortgage then interest will be payable on the fee at the same rate as the mortgage.
booking fee
no fee
This fee must be paid on application. We are unable to accept payment of the fee by credit card.
initial rate
2.99%
2.99% fixed until 30 September 2024
followed by our SVR
4.94%
The overall cost for comparison is
4.4%
APRC
Fixed until 30/09/2024 . Early Repayment Charges apply. . This product may be withdrawn at any time.
Product key features
- Family Assist mortgages
- Flexible LTV
- Mortgage amounts
- Mortgage repayment terms
- Early Repayment Charges
Family Assist mortgages
At the Tipton, we know how hard it is for some of your clients to get a foothold on the housing ladder due to ever-increasing property prices and the need for large deposits.
In response to these challenges, we introduced our Flexible LTV Family Assist mortgage which lends up to 99% LTV.
Your clients have a number of options for securing the mortgage with the help of a family member. We must have 20% of the property value or purchase price (whichever is lower) as security. We can do this by having up to a maximum of 10% borrower deposit plus a collateral charge against a family member’s property which alongside the deposit will total 20% of the value of the loan. Alternatively, a family member can pay the difference between 20% and the borrowers deposit into our Family Assist saving account and accrue interest.
Collateral Charge Option
A collateral charge provides a sensible alternative for parents and family members who want to help relatives onto the property ladder, but who are not in a position to gift a cash sum.
To secure the 99% LTV mortgage, we would use the difference between any borrower deposit and 20% of the value of the loan against the family member’s property, as long as the property has 40% equity at the point of application. Exercising the collateral charge would be a last resort, enforced only when all other options for maintaining repayments had been explored.
A standard valuation will be needed on both the purchase property and the family member’s property, this will be at your client’s expense. Your client will also need to pay for their own legal costs and their family member’s independent legal advice. This is needed for us to consider the mortgage.
We will need the client’s family member’s written consent for us to carry out a credit check against them. They will not be included in affordability assessments and no further income assessments will be carried out against them.
Savings Deposit Option
After listening to feedback from our broker network, we now offer a savings deposit option for parents or family members looking to help relatives onto the property ladder. Again, the amount to be deposited into the savings account by a family member will be the difference between any borrower deposit and 20% of the loan amount.
The savings deposit option is designed for family members who want to earn interest on their deposit, rather than gifting it to the relative. On depositing into our Family Assist savings account, the sum would accrue interest at our current rate and could be withdrawn once the borrower reaches 80% LTV.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Flexible LTV
Our Family Assist products require us to have 20% security, this is calculated on the purchase price or property value (whichever is lower). This is usually taken in the form of a collateral charge on a family members property or them depositing into our specified savings account.
With our Flexible Family Assist product, the 20% security can be made up of a maximum of 10% borrower deposit and either the collateral charge or savings options detailed above, in any ratio best suited to the borrower!
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Mortgage amounts
There is a minimum mortgage amount £100,000 and a maximum mortgage amount of £250,000 for properties located outside the M25 corridor.
There is a minimum mortgage amount of £250,000 which increases to £400,000 for properties located inside the M25 corridor.
The maximum loan to value this product offers is 99% of the purchase price.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Mortgage repayment terms
There is a minimum repayment term of 5 years and a maximum repayment term of 35 years.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Early Repayment Charges
Early Repayment Charges apply during the product term. Up to 10% of the original mortgage amount can be overpaid each year without charge, however, if the mortgage is redeemed or switched to another product during the product term, then the Early Repayment Charge will apply.
The Early Repayment Charge will be calculated at:
- 4% of the amount repaid until 30 September 2021;
- 3% of the amount repaid until 30 September 2022;
- 2% of the amount repaid until 30 September 2023 and;
- 1% of the amount repaid until 30 September 2024
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Resources to start them on their way
tools and guides
FAQs
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- How do I register with you?
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Our registration process is simple. There's no need to pre-register if you're sending us a decision in principle. We'll require a completed registration form to accompany your first submitted mortgage application. You can complete and sign the form and then email a scanned copy to us at newbusiness@thetipton.co.uk.
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- How do I submit business?
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We always recommend that you initially complete a decision in principle which allows us to have a look over your case to see if your clients meet our lending criteria, and there's no need to register with us before submitting a decision in principle.
You can access our online form from our decision in principle page. Alternatively you can download a pdf form to complete, we'll require a scanned copy to be emailed to newbusiness@thetipton.co.uk. You're able to sign on behalf of your client at this stage.
When we receive your completed decision in principle form, we aim to get back to you within 24 hours with an initial lending decision.
To submit an application using our online submission process you must have previously completed an online decision in principle.
We don't require you to enter any information you've previously provided in a decision in principle, so there's no time wasted duplicating data. If there's any supporting documents you need to send to us, you can attach these to the application using the attachment buttons in the additional information section.
At the end of the form ensure your electronic signature has been entered and click 'Finish' to send the application direct to your client for them to add their own electronic signature. The submission process will not be complete until your clients have signed the form. You're able to save a copy of the form for your own records.
Electronic signatures will enable us to begin processing your application however we'll require a completed Direct Debit form to be sent to us by post at our Tipton head office.
If you've previously completed a paper-based decision in principle for your client or if you'd prefer to complete our paper-based application, you can download copies of our PDF forms.
When you're ready to submit an application with us, complete the form and scan a copy into us at newbusiness@thetipton.co.uk. If you send an electronic copy, we'll require the original signed document to be posted to us to confirm your clients signatures on the application form.
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- What are your service levels?
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We aim to provide you with a lending decision within 24 hours of receipt of a completed decision in principle.
When we've received a fully packaged application we'll obtain any fees and instruct a valuation within one working day.
As we underwrite each case individually timeframes can change due to complexity and the amount of involvement needed in each case. Your mortgage Case Officer will give you more information when your application has been passed over to our Mortgage Processers.
On receipt of a fully packaged application we aim to get it to offer within 14 working days.
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- How do I get an ESIS?
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To obtain an ESIS please email us at newbusiness@thetipton.co.uk with the following details:
- Your company name along with your FCA number, email address and a contact telephone number;
- Your client(s) name(s);
- The product you're interested in;
- The mortgage amount and purchase price;
- The valuation type required;
- The term your clients would like their mortgage over;
- Details of any fees you are charging; and
- Details of selected payment route for procuration fee.
Once we have completed your ESIS we will send it to you via email.
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- Do you credit score?
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We don't credit score mortgage applications. All cases are underwritten on an individual basis by a real person. At decision in principle stage we'll complete a credit quotation and when a full application is submitted we'll carry out a full credit application that'll leave a footprint on your clients credit file.
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Here to help you...
- Discuss your potential decision in principle
- Provide you with updates on your existing decision in principle
- Explain our lending criteria
- Help you understand our Family Assist product
Faye is here to help you with your case
0121 521 4000*
Our lines are open:
*Calls from landlines are charged at the standard rate. Calls from mobiles may vary.
| Monday - Friday | 9:00 - 17:00 |
| Saturday - Sunday | Closed |
Your home may be repossessed if you do not keep up repayments on your mortgage.