Mortgage customer read more"When I was looking for my mortgage I wanted a lender who was reputable and trustworthy. I was recommended to Tipton & Coseley by a member of the family."Mrs Main
arrangement fee
£999
This can be paid up-front or added to the mortgage. Bear in mind that if you add the fee to your mortgage, you'll pay interest on it at the same rate as your mortgage and as a result will pay more interest over the term of your mortgage.
booking fee
no fee
This fee must be paid when you apply for your mortgage.
initial rate
5.89%
5.89% fixed rate until 28 February 2027
followed by our SVR
8.59%
Our Standard Variable Rate (or SVR) reflects our cost of lending using a number of factors, including the Bank of England Base Rate. As the SVR is a variable rate it can change at any time.
the overall cost for comparison is
7.9%
APRC
Fixed until 28/02/2027 . Early Repayment Charges apply. . This product may be withdrawn at any time.
Product key features
- Who's the product for?
- Product related fees
- Mortgage amounts
- Mortgage repayment terms
- Early Repayment Charges
- Mortgage tariff of charges
- Representative example
Who's the product for?
Affordability can be assessed using earned income up to retirement age. Our lending into retirement products allow you to borrow into retirement, or if you are already retired. Once you reach retirement, affordability for the remainder of the term will be calculated using verifiable income from a pension or other sustainable source, such as investments or rental income.
With our lending into retirement products, affordability can be assessed in a number of ways:
- If the term does not extend past age 79 (for males) or age 83 (for females), then our standard affordability assessment can be applied. Please note, if you have an interest only application you will still need to meet our standard interest only criteria in terms of repayment vehicles.
- Where the term extends past these ages if both applicants are retired but cannot prove affordability in sole name, applications will be considered where there is enough equity available to downsize to a two-bedroom flat/house within 25 miles of the mortgage property.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Product related fees
There is an arrangement fee of £999. This fee can be taken off the mortgage amount, or you can add the fee to the amount you borrow. If you choose to add the arrangement fee to your mortgage you will pay interest on the fee at the same rate as your mortgage. If you choose to take the arrangement fee off the mortgage, this will be deducted from the amount you borrow and so, you will need to pay the arrangement fee to your solicitor at completion.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Mortgage amounts
There is a minimum mortgage amount of £50,000.
This product has a maximum amount of £1,000,000.
We have a minimum property value of £100,000 which increases to £250,000 for properties located within the M25 corridor.
The maximum loan to value is 75%.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Mortgage repayment terms
The minimum repayment term is 5 years and the maximum term is 40 years. Maximum term will depend upon individual circumstances, for example applicant age and leasehold property restrictions.
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. You can overpay up to 10% of the original mortgage amount each calendar year without charge. However, if the overpayment exceeds 10%, the mortgage is repaid in full, or switched to another product before the end of the product term then the full amount of the Early Repayment Charge will apply.
The Early Repayment Charge will be calculated at:
- 4% of the amount repaid until 29 February 2024;
- 3% of the amount repaid until 28 February 2025;
- 2% of the amount repaid until 28 February 2026; and
- 1% of the amount repaid until 28 February 2027.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Mortgage tariff of charges
The mortgage tariff of charges details the various fees and charges that may apply during the term of your mortgage. To view these, please click here.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Representative example
A mortgage of £175,000 payable over 20 years initially on a fixed rate until 28 February 2027, currently 5.89% and then our SVR, currently 8.59%, for the remaining term would require an initial payment of £1,278.31 followed by 37 monthly payments of £1,249.77, and 202 monthly payments of £1,499.25. The total amount payable would be £351,043.30 made up of the mortgage amount plus interest (£175,368.30) with a £999 arrangement fee, a mortgage valuation fee of £375, legal fees of £150, a telegraphic transfer fee of £25 and mortgage exit fees of £125.
The overall cost for comparison is 7.9% APRC representative.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Tools and tips to get you moving in retirement
tools and guides
FAQs
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- How long is my mortgage offer valid?
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Once we have made an offer to you, this will be valid for 6 months.
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- How much is a valuation fee?
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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.
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- What types of property do you lend on?
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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.
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- Can I get a mortgage if I'm self-employed or sub-contracted?
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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.
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We're here to help
- Discuss affordability
- Help you understand our criteria
- Find the best mortgage for you
- Answer any outstanding queries
Zoe, from our mortgage team is happy to help
0121 557 2551*
Our lines are open:
*Calls from landlines are charged at the standard rate. Calls from mobiles may vary.
| Monday - Tuesday | 09:00 - 17:00 |
| Wednesday | 09:30 - 17:00 |
| Thursday - Friday | 09:00 - 17:00 |
| Saturday | 09:00 - 12:00 |
| Sunday | Closed |
Mortgage customer read more"I stay with the Society as I always receive excellent customer service and I enjoy the personalisation"Miss Savell-Boss
Your home may be repossessed if you do not keep up repayments on your mortgage.