Customers get a boost on their homebuying budget of up to 25%
The Tipton and Coseley Building Society and mortgage lender Ahauz have announced a partnership to help first-time buyers.
With the new partnership, customers will be able to get up to 25% of the property value from Ahauz as a second charge mortgage, and Tipton will offer a first charge mortgage at a lower LTV.
While customers can get a boost on their homebuying budget of up to 25%, both lenders already assess affordability accounting for the two mortgages.
Since its launch in September, Ahauz has seen significant demand for its equity loan product especially in existing properties. The equity loan tackles both low deposits and the limitations of what people can borrow on account of their income.
Read more: New lender Ahauz launches equity loans for first-time buyers.
Karthik Srivats, co-founder of Ahauz, is glad to have an established institution like the Tipton working with them “to help a generation trapped in renting.”
“We have been impressed with how Tipton perceives our equity loan and its potential to be scaled across all properties, not just new builds. This is already another challenging year for first-time buyers, and we hope that more lenders follow Tipton’s steps of adding to customer choice,” Srivats said.
“The Ahauz team really looks forward to working with Tipton and our broker partners in helping many customers to secure the home they want.”
Becky Wheeler, marketing and product manager of the Tipton and Coseley Building Society, said that they are proud to support first time buyers and Ahauz’s equity loan proposition is a great partnership that helps them provide lending solutions for those looking to take their first steps on the property ladder.
“In an era of rising property prices and cost-of-living increases, it is even harder for first-time buyers to raise a large deposit. We look forward to working with the Ahauz team and our broker partners offering innovative solutions to first-time buyers,” Wheeler added.
