Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.

Tipton & Coseley Resumes Lending at Up to 6.5x Income

Tipton & Coseley Building Society has reintroduced high income multiple lending, allowing customers to borrow up to 6.5 times their income. The building society last offered this lending option in early June.

High income multiple mortgages are available for customers who can demonstrate greater borrowing capability. Under this scheme, Tipton & Coseley will lend up to 6.5x income. A two-year discount mortgage is available at up to 80% loan to value (LTV), priced at 5.59% for new purchases, with a £999 arrangement fee.

The lender has also made changes across other mortgage categories. Selected rates have been reduced, including for expat residential borrowers. A 21 basis point reduction brings the rate on a two-year discount at 90% LTV down to 5.69%, and the previous £1,499 arrangement fee has been removed. For those preferring a fixed rate, a three-year term at 5.69% is available for expat residential purchases at 70% LTV, with further fixed rate options at 80% and 85% LTV.

Expat buy-to-let mortgages have also been updated, with a two-year fixed rate of 5.64% now available at 70% LTV. Limited company buy-to-let mortgages now start from 4.69%, fixed for two years at an LTV of 60%.

These changes may be relevant to letting agents and inventory clerks monitoring mortgage product updates for landlords and expat clients.