Retired couples who take out a later life product with Tipton & Coseley BS will now be able to downsize more easily in the event of the death of either borrower.

The Tipton & Coseley Building Society has brought in the option for the surviving borrower to purchase a two bedroom flat or house through the sale of their property within a five-mile radius of where their security is held, based on the income from just one person rather than each having to be assessed.

This does not apply to the lender’s retirement interest-only products, however.

Borrowers need to be over 55 and have a minimum equity of £200,000 – or £500,000 with the M25 – and up to 60 per cent LTV.

Tipton head of mortgage sales Richard Groom says: “We have once again listened to brokers by providing greater flexibility to our later life products.

“It also provides customers peace of mind knowing that they can downsize in the event of a joint applicant sadly passing away”.