Tipton & Coseley continues to support first-time buyers with 100% LTV product
At a time when many lenders have moved away from higher loan-to-value (LTV) lending, Tipton & Coseley Building Society has continued to offer its 100% LTV Family Assist product.
This includes for new-build homes, excluding flats.
The Tipton Family Assist product enables first-time buyers to borrow up to 100% of the purchase price or the property value, whichever is lower.
It is designed for borrowers whose family are in a position to help by means of offering the society additional security.
This could be in the form of a collateral charge of 20%, being secured against a family members’ property, or by putting 20% of the amount which is borrowed into the Tipton’s Family Assist savings account.
Richard Groom, head of sales at Tipton & Coseley Building Society, said: “This is a tough, time especially for first-time buyers who already find it hard to get onto the property ladder.
“The lockdown has exacerbated the problem as many lenders have withdrawn their higher LTV products from the market.
“At the Tipton, we are fully committed to first time buyers including those who want to buy a new home and intend to keep our 100% LTV Family Assist product in place.”