This applies to all later life fixed rates, including Tipton’s retirement interest only (RIO) products.

This rate cut follows the building society’s recent change to downsizing criteria for later life mortgages.

Richard Groom, head of mortgage sales at Tipton & Coseley, said: “The Tipton has a great reputation for supporting the needs of later life customers.

“This latest rate cut combined with our recently announced downsizing criteria change for later life mortgages clearly demonstrates our commitment to this market.

“What’s more we will continue to listen to brokers and their customers to ensure we stay at the forefront in later life lending.”