Mortgage FAQs

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Can I rent out my property?: If you have a mortgage with us and would like to rent out your property you will need to notify us. Please call us on 0121 557 2551 or fill in our online contact us form.

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How do I find out the current balance on my mortgage?

You may want to find out the current balance on your mortgage for a number of reasons. At the Tipton, there are a range of ways you can do this via our App or through contacting us directly.

Viewing your mortgage online
The Tipton app allows existing mortgage customers to view their current mortgage balance. You can download our app from the App Store or Google PlayStore. Click here to find out more.

Contacting us
Alternatively, you can contact us to request your current mortgage balance. This can be done by writing to our head office at 70 Owen Street, Tipton, DY4 8HG, calling us on 0121 557 2551 or completing our online contact form. We will be able to provide you with an estimated redemption figure. Please note, your redemption figure will include any early repayment charges or other charges included. If you are looking to redeem your mortgage, simply provide us with the date you wish to redeem it, and we can generate a full redemption statement for you.

Can I change the date of my mortgage repayments?

Yes. If at any point while you have your mortgage with the Tipton you wish to amend the date of your monthly direct debit, we will be happy to help.

How do I change my mortgage repayment date?

In order to change the date your mortgage payment direct debit is taken, simply call us on 0121 557 2551, email us at admin@thetipton.co.uk or write to us at our Head Office (Tipton & Coseley Building Society, 70 Owen Street, Tipton, DY4 8HG).

Things to consider

When deciding to change the date of your mortgage repayment, please keep in mind that you will need to give the Society a minimum of 10 days’ notice, to process the change.

Can I make overpayments on my mortgage?

If your mortgage is with us, you can make a mortgage overpayment by cheque, or electronically by BACS transfer. If you need more information, please call us on 0121 557 2551 or complete our online contact us form.

What is a mortgage overpayment?
A mortgage overpayment is where you choose to pay back more than your committed monthly repayments. This can be as and when you wish, or a regular overpayment.

Can I make mortgage overpayments?
You should check your mortgage product terms and conditions before you make an overpayment. Many mortgages will have Early Repayment Charges. This means that the lender will limit the amount you are able to overpay, if you exceed this limit you may incur Early Repayment Charges.

Benefits of mortgage overpayments
Making overpayments can help to reduce the amount of interest you pay back on your mortgage. It can also help you to pay your mortgage off sooner, so become mortgage free quicker!

While you can do this by reducing your mortgage term, an overpayment is not a set commitment, meaning that if you decide you wish to just pay your normal monthly repayment for a period, this is ok. However, if you lower your mortgage term the higher monthly repayment will be a commitment and must be paid regardless.

Calculating a mortgage overpayment
If you would like to know how much you can overpay on your mortgage, you can call your mortgage lender for an exact calculation.

However, if you wish to work this out yourself, you will need information regarding the fee structuring. For example, if you are able to overpay 10% of the amount owed each year, you will need to multiply the amount you owe by 0.1.

Examples of mortgage overpayments
Examples of calculating your mortgage overpayment are below:

You owe £100,000, you are able to overpay 10%. £100,000 x 0.1 = £10,000
You owe £100,000, you are able to overpay 5%. £100,000 x 0.05 = £5,000

You owe £250,000, you are able to overpay 10%. £250,000 x 0.1 = £25,000
You owe £250,000, you are able to overpay 5%. £250,000 x 0.05 = £12,500

What types of property do you lend on?

We will lend on most properties built using standard construction methods and materials (brick or stone walls with a tiled or slated roof). We can also consider the following property types (subject to valuation):

Timber framed walls with brick cladding;
Thatched roof properties;
Grade 2 listed;
Prefabricated reinforced concrete (PRC) repaired properties that have the benefit of a 30 year insurance backed guarantee and structural warranty.

However, we will not lend on flats and apartments in blocks above five storeys high and we will not lend on ex-local authority flats or maisonettes.

If you're unsure whether your property type fits our criteria, please contact us and a Mortgage Adviser will be happy to help. Call 0121 557 2551, visit a branch or complete our online form.

What can we help you with?

What documents do you need to apply for a mortgage?

To complete a mortgage application you will need:

Most recent P60;
Latest three months, salary fed bank statements;
Latest three months pay slips;
Last two years’ SA302s or limited company accounts (if self-employed) along with a tax year overview;
Accountants details (if self-employed);
Acceptable proof of address and personal identification;
Home improvement quotations (if applying for additional borrowing or remortgaging with additional borrowing included);
Coal Authority Report (for properties with a coal mine);
Offer notice (if you are purchasing under the Right to Buy scheme);
Employers contact details;
Proof of deposit;
Rent statement and landlords contact details (if renting);
Solicitors contact details;
Estate agents contact details; and
Tenancy Agreements for any buy to let properties you have.

Can I get a mortgage if I'm self-employed or sub-contracted?

If you are self-employed, we will need proof of trading for a minimum of two years and you must be able to provide proof of income over the same period.

We will consider long term sub-contractors on an employed basis as long as you can prove:

you have been contracted for a minimum six months with your current contractor and two years continuous employment history within a similar industry;
a consistent level of income each month;

We will also require your 'employer' to confirm your start date, your monthly earnings and that your services on a 'sub-contracting' basis will continue for the foreseeable future, so no fixed end date.

How much is a valuation fee?

A standard valuation report is used to calculate how much we will lend you. This is separate from any valuation or survey of the property you might want to commission for your own use. There are other homebuyers or structural survey options available to you at additional cost.

Some of our mortgages offer free valuations and the product pages will tell you if this is the case. Our mortgage valuation charges page will provide details of the costs incurred for both a standard valuation and the more detailed homebuyers report.

How much can I borrow?: One of our Mortgage Advisers will assess your affordability during your appointment, however you can use our online affordability calculator to get an idea of what you may be able to borrow. To book an appointment please call us on 0121 557 2551, visit one of our branches or complete our contact us form.

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What should I do if I am having difficulties paying my mortgage?: If you are experiencing difficulties in keeping up with your monthly repayments you should contact us as soon as possible so that we can ensure you get the right help and advice. You can contact us by completing our contact form, or calling our specialist team on 0121 557 2551.

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Why is my first repayment higher than the usual repayment?: Interest starts accruing on your mortgage from the day your mortgage completes. As we do not collect a payment during the month that your mortgage completes, your first monthly repayment will include this accrued interest and is therefore higher than your normal monthly repayments.

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