Tipton reduces mortgage rates and launches new products

The Tipton & Coseley Building Society has updated its mortgage range, cutting existing rates by up to 0.14% across a number of lending categories.

Several new products have also been introduced, including a range of variable rates.

Among the changes are improvements to the Tipton’s expat buy-to-let mortgages, where rates now start from 5.44% for a two-year discount at 80% LTV.

Fixed rate alternatives include a five-year option at 5.68% and a three-year fix at 5.98%, both at 80% LTV.

For limited company buy-to-let purchases, a two-year fixed rate of 5.55% is available at 80% LTV, along with three and five-year fixed rate options. These products are both for applicants residing in the UK and expats living or working abroad. 

Elsewhere within the range, the Tipton has expanded its Credit Plus offering, which now starts from 5.49% for a two-year discount at 80% LTV. The rate on a two-year fixed rate has also been trimmed from 6.09% to 6.04%. Credit Plus mortgages are for borrowers with minor credit issues who would otherwise sit outside of standard lending policy.

Further rate reductions apply to mortgages for borrowers approaching or already in retirement.

A three-year retirement interest-only fix at 60% LTV is down from 6.04% to 5.90%. The same rate can be had for later life purchase with a maximum LTV of 70%.

On standard residential purchase products, there’s a 0.11% reduction to a three-year fix at 90% LTV, now priced at 5.99%, with no fees.

Andy Millard (pictured), head of intermediary distribution at the Tipton, said: “There’s a renewed sense of energy within the market and it’s important for us to maintain a competitive position, especially within those segments where our Society has proven expertise.

“We’ve made notable improvements across much of our mortgage range, so brokers can present more options to their clients and help them in achieving their goals.”