Tipton & Coseley Building Society has increased its maximum LTV for raising capital to 80%.
The higher LTV threshold applies in cases where the borrower does not use the released money for commercial purposes.
Money raised can be used to improve the home, buy additional land, buy freehold, extend a lease, pay off an equity loan, give money to family, or pay for a wedding.
At the same time, the Tipton will also now consider raising capital for debt consolidation up to a maximum of 75% LTV or a total sum of £50,000, whichever is lower.
Debt consolidation requests will only be considered on the basis of repayment of capital, when the borrower has not consolidated his debts before.
These latest criteria changes are effective immediately.
Jason Newsway, Tipton’s Director of Sales and Marketing, said: “These latest criteria changes are being introduced following feedback from our brokers who wanted us to provide more choice and a streamlined process for clients wishing to remortgage and release the equity in their property.
“We responded by making a number of positive changes to our lending policy and simplifying our underwriting process, all designed to provide a wider choice of lending solutions and make it easier to do business with us.”