Furthermore, a maximum 25-year term will apply for applications on its standard later life range.
No maximum term will be applied on its retirement interest-only (RIO) products.
For those with a pension, the Tipton can now take into account income from pension pots that are not currently being drawn.
This will be subject to receiving confirmation from the borrower’s pension provider of the value and level of drawings that pension holders are entitled to withdraw.
Richard Groom, head of sales at the Tipton, said: “These latest criteria changes are designed to help provide more options and flexibility for borrowers in later life.
“Later life borrowing is clearly a growing market and the Tipton is committed to supporting those who are approaching retirement or are already retired.”