Tipton announces enhancements to its 100% Family Assist Mortgage
Tipton & Coseley Building Society has announced two enhancements to its 100% Family Assist mortgage, with a reduction in the collateral charge and an alternative option of depositing cash into a savings account.
The enhancements have been made after listening to broker feedback calling for more help for first-time buyers.
Its Family Assist collateral charge has been reduced from 35% to 20% on a family member's property. The property owner will be required to take independent legal advice.
As an alternative to the collateral charge, the parent or family member can deposit 20% of the loan value in cash into a Tipton deposit savings account. The deposit will accrue interest and the parent or family member will be able to claim back the deposit once the balance reduced to 80% LTV – subject to terms and conditions.
This latest enhancement follows a series of new lending capabilities announced by the Tipton. These include its first RIO mortgage and a Holiday Let product which allows borrowers to rent out their property with Airbnb.
Cammy Amaira, Director of Sales & Marketing at Tipton & Coseley Building Society said:
'First-time buyers continue to face a triple whammy of increasing property prices, lack of affordable housing and large deposit requirements. At the Tipton, we recognise these continuing pressures and have enhanced our Family Assist mortgage in response. The enhanced product allows family members to assist prospective borrowers by either securing a charge against their main residence, or depositing cash into a Tipton savings account that will accrue interest and ultimately be returned to them’.
To learn more about our Family Assist product please call our intermediary helpdesk on 0121 521 4000 visit click here