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.”
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