Tipton & Coseley BS broadens complex credit range
Tipton & Coseley Building Society has expanded its Credit Plus range to include more borrowers with complex credit.
The range launched last year as an alternative to specialist lending and available to people who fell outside mainstream criteria due to minor credit issues.
The mutual has revised the range to include people who have experienced arrears, late payments, county court judgments (CCJs), debt management plans (DMPs) and defaults. The expanded offering is available under a second tier within the range.
Rates start from 5.47% for a Tier 1 two-year discount mortgage at 80% loan to value (LTV) with a £1,499 fee. The corresponding Tier 2 product has a rate of 5.84% with a £999 fee.
Each offering also has a fixed rate alternative, also at 80% LTV, and the mutual offers remortgage products through its Credit Plus range.
Andy Millard, head of mortgage distribution at the Tipton & Coseley Building Society, said: “Across the UK, applicants’ credit histories are becoming increasingly challenged due to rising living costs.
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“Not every client fits the standard mould, however this shouldn’t exclude them from pursuing their homeownership goals. Nor should it leave them solely reliant on specialist adverse credit lenders, where product pricing is often prohibitive.”
He added: “At the Tipton, we manually underwrite each case and take a bigger picture approach to our lending. We look beyond single blips or incidents and factor in people’s overall financial circumstances when making our decisions.
“With broader criteria across Credit Plus and distinct product tiers, we’re ready to assist more borrowers in this market segment and help brokers in presenting competitive choices to their clients.”
