Tipton & Coseley Building Society has made a series of criteria changes designed to help customers looking to remortgage and raise additional funds.
The Tipton is increasing its capital raising to a maximum of 80% loan-to-value (LTV) for any non-commercial reason.
As well as this, capital raising can now be used for home improvements, to purchase additional land, to purchase a freehold or extend a lease, to repay an equity loan and for family gifts or weddings.
How did the remortgage market fare?
The Tipton will also now consider debt consolidation to a maximum of 75% LTV or £50,000 – whichever is the lower.
Debt consolidation applications will need to be considered on a capital and repayment basis, and where there is no evidence of a previous history of debt consolidation.
Jason Newsway, sales and marketing director at the Tipton, said: “These latest criteria changes are being introduced following feedback from our from our brokers who wanted us to offer more choice and a simplified process to those customers looking to remortgage and release equity from their property.
“We have responded with a number of positive changes to our lending policy and simplified our underwriting process, all designed to provide a wider choice of lending solutions and make it easier to do business with us.”