The Tipton launches 6.5x income mortgages

Tipton & Coseley Building Society is enabling mortgage applicants to enhance their borrowing up to six and a half times income.

The Tipton has a choice of high income multiple residential mortgages for customers who can demonstrate a greater borrowing capability.

Products are available up to 80% LTV for purchase and remortgage, starting at 5.75% for a two year discount with a £999 arrangement fee.

The Tipton’s high income multiple mortgages are typically issued on a repayment basis, however the lender says it will look at interest-only in certain cases.

Andy Millard, head of intermediary distribution at the Tipton, said: “While our standard approach is to offer up to five times income, there will be occasions when customers need further help in securing the home they want, or just wish to make swifter progress up the property ladder.

“Our High Income Multiple products use straightforward affordability without the typical caveats of minimum income requirements or having to work within specified professions, thereby making them accessible to people from all walks of life.

“The Tipton adopts a personalised underwriting approach, so we can take full account of the applicant’s circumstances when determining how much we might lend.

“Where there is a proven need, offering income multiples up to this level, especially without onerous terms, can make all the difference to a buyer’s plans.”