The Tipton & Coseley Building Society has extended its lending criteria for older borrowers to include retirement properties.
The change is designed to complement its existing range of later life products, by allowing lending against properties that apply age restrictions. Lending against retirement properties is now available through the Tipton’s later life products, which includes its retirement interest-only (RIO) mortgage.
Cammy Amaira, director of sales and marketing at Tipton & Coseley, 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 2018, the Tipton was the first building society to offer RIO mortgages with no end date or upper age limit throughout England and Wales.