Tipton & Coseley adds retirement properties to lending criteria
The Tipton & Coseley Building Society is extending its lending criteria for older borrowers to include retirement properties.
"Traditionally, lenders have steered away from this area, but we view retirement properties as integral to our strategy of helping older borrowers."
Lending against retirement properties is now available through the Tipton’s later life products, which includes its retirement interest-only mortgage.
In June, the Tipton became the first building society to offer retirement interest-only mortgages with no end date or upper age limit throughout England and Wales.
The Tipton has also removed the upper age limit for standard lending.
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.”
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
This week's biggest stories:
Santander
Santander launches 98% LTV ‘My First Mortgage’
First-time Buyer
Improved affordability sparks 20% rise in first-time buyers: NationwideÂ
Inflation
Further rate cuts dampened as inflation rebounds to 3.4%
Mortgage Rates
Two Big Six lenders increase mortgage rates as swaps rise
Interest Rates
Looser Fed policy stance could slow further rate cuts, policymakers warn
Vida
Vida launches high LTV 'Pathway' mortgage range
