Tipton & Coseley Building Society RIO - Fixed 3 Year

Are You Considering the RIO – 3 Year Fixed Scheme? What are the Eligibility Requirements, Features, Interest Rates & Scheme Options? Discover If This Equity Release Plan Is For You.

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Tipton & Coseley Building Society RIO - Fixed 3 Year Review

RIO – 3 Year Fixed Key Details

Type Rate APR
Tipton & Coseley Building Society Fixed 3.19% 4.70%

Scheme Incentives

  • Free Valuation
  • Legal Fees Contribution

Scheme Offers

  • Free Remortgage Legals Package**
  • Interest-Only Mortgage
  • Maximum LTV – 60%
Tipton & Coseley Building Society RIO – Fixed 3 Year

I think you’ll agree with me when I say:

It’s REALLY hard to choose the best equity release scheme with all the choices available.

Or is it?

Is the Tipton & Coseley Building Society RIO - Fixed 3 Year, equity release scheme the best?

Don’t let your equity release dream become a nightmare!

Luckily, we’re here to guide you on the in’s and out’s of equity release, as you deserve only the best.

However, not all plans are suited to each individual. You need to look for one that will serve your home, your lifestyle, and the reason why you’re considering equity release in the first place.

As leading experts in the field, we’ve delved into hours of research, unpacked all the equity release plans on the market (we’ve reviewed over 250 schemes!), and discovered the best in the business.

Could the Tipton & Coseley Building Society RIO – Fixed 3 Year be the right equity release plan for you?
We’re here to help you:
Tipton & Coseley Building Society is one of the leading equity release providers on the market and might just be the answer you’ve been looking for.
Can you truly go wrong with Tipton & Coseley Building Society?
Let’s find out!

What's Equity Release?

We've summed up the most important information about the topic in this quick video.

An equity release mortgage is, in a nutshell, a loan plus interest that is paid back to the lender when the homeowner passes away or goes into permanent care. The homeowner’s family usually pays back the cash released, and the interest incurred, from the sale of the home in question.

Learn More: What’s Equity Release?

How Does Equity Release Work?

Equity release is available for individuals or couples over 55, with the youngest homeowner’s age determining the amount of equity that can be released. It is important to note that some equity release schemes may require the homeowner to be 60 or older.

Learn More: How Does Equity Release Work?

How Much Can You Release?

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Most popular reasons for releasing equity

Who Are Tipton & Coseley Building Society?

A little bit about them.
Learn a bit more about them here.

Scheme Background

Tipton & Coseley, a mutual Building Society since 1901, provides savings, mortgages and investment services to its members, including retirees with verifiable income.

Tipton & Coseley range of mortgage products also includes a specialist ‘later life lending’ mortgages affords elderly homeowners, with verifiable income access to Retirement Interest Only Mortgages (RIO’s) on their property.

With branches across the West Midlands existing and future members of The Tipton enjoy honest and professional customer service at all time.

Eligibility & Requirements

The Tipton & Coseley Interest Only Mortgage (RIO) is developed exclusively for homeowners over the age of 55 who need access to the equity in their house to improve their retirement lifestyle.

This RIO mortgage could be used to refinance or to help with a home purchase.

Tipton & Coseley takes a responsible approach to lending in retirement, assessing each applicant individually on joint applications so that they can continue the mortgage solely during the term if their partner pre-deceases them.

The Tipton RIO Mortgage is accessible on both a single and joint life basis, with the youngest homeowner being 55 years old. There is no upper age limit.

This RIO mortgage has a minimum loan of £150,000 and a maximum loan of £1,000,000. Please call the Equity Release Supermarket team on Freephone – 0800 802 1051 to check qualification and receive your customized quotation for mortgage applications over £1,000,000.

There is no set minimum acceptable income level. However, after eligibility is established, Tipton will use a 4.49 times income multiplier to determine the maximum loan amount.

Eligible income for homeowners acceptable to Tipton & Coseley is mostly pension income, but investment and rental income will be included where demonstrated by yearly statements and/or SA302’s.

Tipton’s retirement mortgage requires a minimum property valuation of £75,000, although this increases to £250,000 for residences along the M25 corridor. Furthermore, the property must be the homeowner’s primary residence and must be located in England or Wales.

Adverse credit, such as arrears, defaults, and CCJs, is permissible depending on the amount, duration, and level of credit registered. To confirm your eligibility, please call the Equity Release Supermarket team at 0800 802 1051.

Minimum Property Valuation

Tipton & Coseley Life plan updates are still in the works. We will give an update soon.

Property Location Requirements

Tipton & Coseley Life plan updates are still in the works. We will give an update soon.

Single vs Joint

Tipton & Coseley Life plan updates are still in the works. We will give an update soon.

Minimum Release

Tipton & Coseley Life plan updates are still in the works. We will give an update soon.

Scheme Features

This Tipton & Coseley RIO Mortgage provides an initial tax-free lump sum cash release for immediate usage, with the option of making monthly repayments to Tipton of merely interest.

There is no maximum period; it will last as long as the last remaining homeowner lives. No repayment strategy, such as endowment, investment, or repayment basis, is required. The loan is a lifelong interest-only mortgage with no predetermined termination date.

The maximum loan-to-value (LTV) on an interest-only mortgage is 60 percent of the property worth, subject to income qualifying. A minimum of 40% equity must stay in the property, with a maximum of 25% of the property value being used for capital raising reasons.

In contrast to equity release programs, there are no safeguards in place with this mortgage product if the borrower is unable to make payments. Because this is a residential mortgage, there are no safeguards in place if something unforeseen occurs, prohibiting the homeowner from making payments. In order to use this program, homeowners must be satisfied that their income will be substantial and consistent enough to meet their payment commitments.

The homeowner is responsible for making all monthly interest payments as they become due until the RIO mortgage is paid off. This means that if the homeowner does not keep up with payments, their home may be at jeopardy.

If a single applicant dies before the end of the term, the mortgage must still be repaid, usually through the sale of the home. On joint applications, the mortgage will be continued in the survivor’s name.

Tipton & Coseley are not members of the Equity Release Council, hence their plans do not follow the same code of behavior as other equity release schemes, such as the no negative equity guarantee.

The Tipton RIO Mortgage always has fixed early repayment charges (ERCs). Early repayment penalties are set for the duration of the fixed or variable term deal (e.g. 3 years).

All Tipton & Coseley RIO mortgage products include a free valuation up to £400,000 as well as a fee-assisted remortgage package that includes free legals.

Valuation Features

Tipton & Coseley Life plan updates are still in the works. We will give an update soon.

Early Repayment Feature

Tipton & Coseley Life plan updates are still in the works. We will give an update soon.

Equity Release Council Status

Tipton & Coseley Life plan updates are still in the works. We will give an update soon.

Joint Application Features

Tipton & Coseley Life plan updates are still in the works. We will give an update soon.

Scheme Options

This Tipton Retirement Mortgage allows any homeowner to spend their tax-free wealth whenever they see fit, but unlike roll-up equity release programs, they may also make monthly interest-only repayments to control the future sum as they see fit.

Each year, up to 10% of the original loan amount can be repaid without penalty.

Tipton will accept applications for retiree home purchases, remortgage business, and unencumbered properties.

With the Tipton RIO Mortgage, additional financing may be available, but availability and approval are not guaranteed. The available amount is closely tied to the homeowner’s capacity to afford the larger loan amount and will thus go through the same affordability verification process.

The mortgage can also be moved to a new residence as long as suitable security is provided.

Within the Tipton & Coseley RIO mortgage product range, fixed and reduced rates are typically available. They are, however, subject to change, so call the Equity Release Supermarket team on Freephone 0800 802 1051 for the most up-to-date interest rates.

If a special offer expires, it will revert to the lender’s standard variable rate, unless another deal is chosen before or at the expiration date.

Please call the Equity Release Supermarket team at 0800 802 1051 today for more information or to seek a quote on the Tipton RIO Mortgage.

Repayment Options

Tipton & Coseley Life plan updates are still in the works. We will give an update soon.

Inheritance Protection

Tipton & Coseley Life plan updates are still in the works. We will give an update soon.

Application Fees

Tipton & Coseley Life plan updates are still in the works. We will give an update soon.

Cashback Options

Tipton & Coseley Life plan updates are still in the works. We will give an update soon.

Footnotes

Tipton & Coseley Life plan updates are still in the works. We will give an update soon.

Editor’s Rating: 4.85

Tipton & Coseley Building Society's Other Equity Release Schemes

Are you looking for a specific equity release scheme?

These are some of the schemes offered by Tipton & Coseley Building Society.

Not what you're looking for?

Have a look at all the equity release schemes available on the market, with our easy to use table!

Contributors: Nicola Date, Katherine Read
Reviewed by Francis Hui

Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.

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HOW MUCH EQUITY CAN YOU RELEASE?

Most people are using equity release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.

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How Much Can You Release?

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Rachel is an experienced finance journalist and editor with a particular interest in personal finance and consumer affairs. She has vast experience writing about money issues, property, insurance, and consumer affairs, and you’ll find her articles regularly featured in top media and newspaper publications.
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John is passionate about education and has made it his life-long mission to assist UK citizens on their future financial options, with a specialist interest in equity release, and SovereignBoss is the natural extension of this passion.
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Having held various high-level roles across the industry, Francis is truly an expert in aiding UK citizens in their financial decisions and risk analysis. His unique insight and statistical knowledge make him the perfect person to help you take your financial future to the next level.
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Written by
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Since joining the editorial team at SovereignBoss, Katherine has become focused on bringing transparency to finances and opportunities for those approaching retirement age. She writes on the topics of equity release, home reversion, and mortgages.
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Written by
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Nicola is a financial writer for SovereignBoss and is passionate about the opportunities that equity release can open up for homeowners. Her extensive business experience and deep understanding of the industry means that she’s always up-to-date with the latest developments.

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