Tipton & Coseley Building Society has relaxed affordability criteria for its 95% loan-to-value products, which it says makes it “easier for joint and individual borrowers to secure a mortgage”.

The mutual says it will accept applications on both its 95% LTV discount rate purchase and fixed-rate mortgage products based on income multiples of 4.49, at an initial rate of 3.64%.

The new criteria comes into force with immediate effect.

It says this change increases the income multiples for both joint and individual borrowers.

They previously stood at an income multiple of 3.49 for a single borrower, and income multiples 2.74 for joint borrowers.

The firm says both products have a minimum loan size of £150,000 and a maximum loan size of £300,000, with an arrangement fee of £999.

The Tipton sales and marketing director Jason Newsway says: “These latest criteria changes are designed to help provide more options and flexibility for high loan to value borrowers.

“The Tipton remains committed to supporting borrowers at all stages of their life and this latest affordability change is designed to help those seeking a 95% LTV mortgage”.

The mutual offers loans to first time buyers, remortgagers, landlords, self-builders and those in the later years of their life.