The changes mean The Tipton will now consider clients earned income up to age of 75 and pension and other stainable income beyond these limits. Applications from clients aged 55 and over are accepted on the society’s RIO range, with their standard lending into retirement products available from any age where the mortgage term extends into retirement.

The Tipton is also amending its affordability criteria for joint applicants to consider the proceeds of a life policy to assess any shortfall in affordability in the event of the passing of the highest income earner.

Jason Newsway, director of sales and marketing at the Tipton said: “Once again the Tipton is adapting and responding to the changing needs of the market and our older customers. The later life and RIO mortgage market will be a key focus for the Tipton in 2022 so we will continue to work closely with brokers and their customers to ensure they have access to products which meet their needs”.