Tipton & Coseley Building Society has made changes to its criteria by extending its maximum age for applications to 95.
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.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
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