Home » Tipton increase max LTV for capital raising

Tipton increase max LTV for capital raising

by administrator

Tipton & Coseley Building Society has increased its maximum LTV for capital raising to 80%.

The higher LTV threshold applies in cases where the borrower is not using the money released for commercial purposes.

Cash raised can be used for home improvements, to buy additional land, to purchase a freehold, to extend a lease, to repay an equity loan, to give money to family or to pay for a wedding.

At the same time, the Tipton will also now consider capital raising for debt consolidation up to a maximum of 75% LTV or a total sum of £50,000 whichever is the lower.

Debt consolidation applications will only be considered on a capital repayment basis, where the borrower has not previously consolidate their debts.

These latest criteria changes come into force with immediate effect.

Tipton sales and marketing director Jason Newsway says: “These latest criteria changes are being introduced following feedback from our brokers who wanted us to offer more choice and a simplified process to those customers looking to remortgage and release equity from their property.

“We have responded with a number of positive changes to our lending policy and simplified our underwriting process, all designed to provide a wider choice of lending solutions and make it easier to do business with us.”

Original Article

Related Posts