The lender’s later life products are now available to applicants using earned income up to retirement age.

This means once the client reaches retirement, affordability for the remainder of the term will be calculated using verifiable income from a pension or other sustainable source, such as investments or rental income.

Death stress calculations will be used should either borrower reach age 80 during the mortgage term.

Applicants can also choose to split their term to reflect their changing financial position following retirement.

Affordability can be assessed separately against their current earned income, and future pension provision enabling a proportion of the mortgage to be secured over an extended term.

Jason Newsway, director of sales and marketing at the Tipton, said: “The later life market is a key area of focus for the Tipton and we will continue to develop our product offering in this area to ensure it meets the changing needs of older customers.

“The change announced today clearly enhances our later life mortgage offering and now means our product range caters for those looking to borrow up to retirement, into retirement and when in retirement.”