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About Tipton & Coseley Building Society?
Tipton & Coseley Building Society (Tipton) is a UK building society based in Tipton, West Midlands which was established in 1868. They offer a range of products and services to its members, including savings accounts, mortgages, and insurance.
The society’s mission is to enable their members to own their homes at all stages of life. They offer a range of products based on specialist lending criteria. Tipton operates a manual underwriting process, meaning each application is considered by a real person, which means a lack of credit history or historical late payments do not automatically result in a declined application.
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Tipton & Coseley Building Society mortgages
Tipton offer residential mortgages throughout England and Wales.
They have a useful affordability calculator on their website which can calculate the potential maximum loan available to you, other affordability mortgage calculators are available.
Tipton have a common-sense approach to their manual underwriting and do no not credit score their mortgage applications, giving you a higher chance of approval.
Tipton aims to help their members that are buying or remortgaging a property. Their range includes:
- Mortgages into retirement
- Holiday home mortgages
- Family assist mortgages
- Joint borrower sole proprietor mortgages
- Contractor mortgages
- Self-employed mortgages
- Interest only mortgages
Are Tipton & Coseley Building Society rates cheap?
Tipton aims to offer competitive residential mortgages, however, the whole of the market needs to be considered.
It is important to review the whole mortgage market, your current and future situation to decide if a Tipton & Coseley Building Society mortgage is competitive and suitable for you.
With any mortgage, it is important to check the initial interest rate, revert rate, fees charged, flexibility of the product and so on. A mortgage advisor can do this for you and recommend the most suitable deal for you.
Can I change my Tipton & Coseley Building Society rate?
If you are an existing customer, you may be able to switch your mortgage product if it is ending or has already ended.
Tipton normally sends a letter to you a few months before your initial product ends. If you have not received a letter, you should contact Tipton or a mortgage advisor.
Rate switching / product transfer can be a way to secure a lower interest rate on your mortgage, and potentially save money on your monthly repayments. However, you should review your situation and investigate if remortgaging to another lender is better for you.
An independent mortgage advisor can advise you on all products available in the market and find the best option for you, which may not be staying with your current lender.
How long does it take to get approved by Tipton & Coseley Building Society?
The average time it takes to get a mortgage offer with Tipton & Coseley Building Society is normally around four weeks. However, this duration can be longer for more complex deals.
A mortgage broker experienced in working with Tipton could be able to get a mortgage offer quicker than going direct, as the advisor will know how they work and will be aware of what information is required and can chase if the application has stalled.
Tipton declined me a mortgage, what now?
If you have been declined a mortgage from Tipton, it’s worth speaking to a mortgage advisor as they could help you find another lender willing to give you a mortgage.
Firstly, you should find out why they declined and inform your new mortgage advisor of this. Mortgage advisors have relationships with different lenders and can often match potential borrowers with the right lender for their situation.
This is especially useful for people with bad credit, more complex income, or non-standard situation or property.
If you would like to check your credit profile, you can use Experian, Equifax, Transunion or Check My File, which offers a free trial.
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Conclusion
The Tipton & Coseley Building Society is a UK building society based in Tipton, West Midlands that offers a range of products and services to its members, including savings accounts, mortgages, and insurance.
The Tipton & Coseley Building Society aim to offer competitive residential mortgage rates and has a common-sense approach to manual underwriting, which may give applicants with a lack of credit history or historical late payments a higher chance of approval. The society also has a range of products aimed at helping members who are buying or remortgaging a property, including mortgages for retirement, holiday homes, families, self-employed individuals, and contractors.
The average time it takes to get a mortgage offer from the Tipton & Coseley Building Society is normally around four weeks, but this duration can be longer for more complex deals. Mortgage applicants who have been declined by the society may be able to find another lender willing to give them a mortgage by speaking to a mortgage advisor.
If you would like to speak to a mortgage advisor so that you can find the best mortgage. Please complete the contact box below and I Need Advice will find you a mortgage advisor who can review the whole market and recommend the right mortgage for you.
Please note, although the information on this page is correct at the time of writing, lenders change their policy on a regular basis so please use it as a guide only.
To find out up to date information about lenders and mortgage advice in general, contact a qualified mortgage adviser.
The information on this page is not tailored to any individual readers and should not be considered financial advice under any circumstances.
If you are seeking advice about a mortgage, you should consult a qualified professional.
