Tipton and Coseley Building Society
The Tipton was founded in 1901 as ‘Tipton and District Permanent Benefit Building Society’. – becoming The Tipton and Coseley Building Society in 1972. They are a small, regional society based in the West Midlands and as is common with small building societies, the Tipton prides itself on providing a personal service where mortgage eligibility is considered on an individual basis.
The Tipton offers a number of fixed and discounted rate RIO mortgages with terms of 3 and 5 years and whole of term discounted rate mortgage within the Society’s ‘later life lending range’.
Homeowners must be 55+ and receiving a verifiable pension income. For joint applications, both applicants must be over 55 and each must be able to individually satisfy affordability.
Tipton will lend up to 60% of the property’s value and up to 25% of the amount borrowed can be used for capital raising purposes – such as holidays or helping your children onto the property ladder. The minimum loan is £50,000 and the maximum £1,000,000.
Do the high street banks offer lifetime mortgages?
The ‘big 6’ high street banks - that is Halifax, Barclays, Lloyds, HSBC, Santander and Royal Bank of Scotland (RBS) don’t currently offer lifetime mortgages or other equity release plans themselves.
Recently, Nationwide entered the lifetime mortgage market but instead of offering its own range of plans, it refers its members to Pure Retirement
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