Tipton & Coseley Building Society
Lender Documents
Proc Fee
| Product | Gross Fee paid by lender | Net fee paid to regulated broker | Net Fee paid to non-regulated & client referral service |
|---|---|---|---|
| All Products | 0.80% | 0.45% | 0.225% |
This is great for helping clients maximise their income when purchasing or remortgaging their residential property. To achieve the maximum 6x income the following minimum requirements need to met:
- Very good credit history
- Low commitments
- Income circa £40k (basic) per applicant
- Long term
- Up to 6x income multiple
- Max LTV 85%, £500k
- Purchase rates from 3.14%
- Remortgage rates from 3.24%
- Remortgage free legals & valuation
- Fixed arrangement fee of £1,499
Here are some key lending points:
Residential
- No credit scoring
- CIS treated as employed
- Up to 6x income multiple
- Family concessionary purchase with gifted equity
- Can consider missed payments
- Can allow small CCJs and Defaults
- No minimum income requirement for interest only
- Later life lending products for retired clients
- Retirement properties accepted (min value £200k)
- Second homes can be let on short term rental whilst not in family use
- Like for like re-mortgage product available for mortgage prisoners
- Lending up to 100% using Family Assist product or 95% on standard products
Buy to Let
- ICR from 125% at pay rate
- 5 year fixed products stressed at pay rate
- 1 Applicant must earn £20,000
- Expats accepted including FTB
- LCBTL purchasing using intercompany loan or transferred equity from personal name considered
Proc Fee 0.45%
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