Tipton brings back 6.5x income mortgages as it cuts selected rates

The lender has brought back its high income multiple proposition, which was last available in early June. The product is a two year discounted mortgage for house purchases at up to 80% LTV, priced at 5.59% with a £999 arrangement fee.

Under the proposition, eligible borrowers who can demonstrate greater borrowing capacity may be able to borrow up to 6.5 times their income.

Elsewhere in the range, the society has reduced selected rates for expat residential borrowers. A two year discounted mortgage at 90% LTV has been cut by 21 basis points to 5.69%, while the previous £1,499 arrangement fee has been removed.

The lender has also introduced a three year fixed rate at 5.69% for expat residential purchases at 70% LTV, alongside additional fixed rate options at 80% and 85% LTV.

For expat buy to let borrowers, the society has launched a two year fixed rate at 5.64% up to 70% LTV. Its limited company buy to let range now starts at 4.69% fixed for two years at 60% LTV.

Becky Wheeler, Head of product and sales operations at Tipton & Coseley Building Society, said: "We appreciate the market is challenging at the moment as brokers contend with frequent product changes and price fluctuations.

"Our commitment is to maintain a competitive position by sharpening our rates where we can and introducing products across a broader range of LTV bands. This creates choice and could enable clients to act more quickly on their homebuying plans."