Tipton & Coseley Building Society has reduced rates across parts of its buy-to-let range and reintroduced high income multiple mortgages as it looks to broaden options for brokers and borrowers.
The mutual has cut rates on selected products by up to 0.22% and reduced arrangement fees, with the changes focused largely on its expat buy-to-let and limited company buy-to-let propositions.
Within its expat range, the society is offering a five-year fixed rate at 5.68% up to 80% loan-to-value (LTV) for house purchase cases, with the arrangement fee reduced to £900. It has also added a new two-year fixed rate at 5.82% up to 60% LTV.
For limited company borrowers, a five-year fixed rate at 80% LTV has been reduced from 5.89% to 5.67%, also carrying a £900 arrangement fee.
Remortgage products across the ranges include a free standard valuation on properties valued up to £400,000. For higher value properties, the society is offering a £350 valuation contribution alongside £250 cashback towards legal costs.
Alongside the buy-to-let changes, Tipton has reintroduced high income multiple mortgages for residential purchase and remortgage customers.
The products are available up to 80% LTV, with pricing starting from 5.65% on a two-year discounted rate. No arrangement fee is payable.
The high income multiple proposition allows borrowers to access up to six-and-a-half times income, compared with up to five times income available through the society’s standard mortgage products.
Becky Wheeler, head of product and sales operations at Tipton & Coseley Building Society, said: “We are continuously looking to improve our offering for borrowers and ensure our mortgages remain competitive in what is a very fast moving and unpredictable market.
“These latest changes see us focus primarily on our buy-to-let and high income multiple ranges, so we can provide brokers and their clients with plenty of choice.
“This sits along great service and an elevated user experience for brokers following the recent introduction of our online mortgage application portal.”
The latest changes follow a series of product updates across the mortgage market as lenders continue to adjust pricing and criteria in response to changing funding costs and borrower demand.
