The lender said this would be available on all its later life products, including retirement interest-only (RIO) mortgages.

Director of sales and marketing Cammy Amaira said: “After listening to our customers and intermediaries, we’re making it easier for people to borrow against retirement properties.

“Traditionally, lenders have steered away from this area, but we view retirement properties as integral to our strategy of helping older borrowers.”

In June the Tipton began offering RIO mortgages with no end date or upper age limit throughout England and Wales.

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