Tipton mortgage levels rise 119%

THE Tipton & Coseley Building Society has said mortgage applications for the first half of the year have risen by 119% compared with the same period last year.

The Tipton said its range of discounted mortgages had proved so popular with customers that its level of mortgage applications for the period January to July totalled £33.7m.

The applications include £6.8m worth of applications in May, £8.5m in June and £7.8m in July.

Although available to new borrowers throughout the Midlands, the mutual said the discounted mortgage range had been particularly popular with members in Dudley, Wolverhampton, Walsall and Sandwell.

Chris Martin, The Tipton’s chief executive, said: “We are committed in going the extra mile for our local customers and it is clear they appreciate our efforts, as these figures show.”

The Tipton’s two year discount rate mortgage range currently starts at 2.99% for borrowers with a 25% deposit while borrowers with a 20% deposit have a 3.24% rate available to them and 3.99% for deposits of 15%. These rates include a 2.00% discount, a 1.75% discount and a 1% discount respectively. Early repayment charges apply until September 30, 2012 and a 0.4% arrangement fee is payable.