Tipton & Coseley enhances RIO and lending into retirement criteria

Tipton & Coseley Building Society has announced criteria changes to its lending into retirement and RIO mortgage offerings.

Related topics:  Later Life
Rozi Jones
1st November 2021
Jason Newsway Tipton
"We will continue to work closely with brokers and their customers to ensure they have access to products which meet their needs."

The latest criteria changes will see The Tipton further support those planning towards retirement by considering 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.

In addition to the recent enhancements allowing lending into retirement applicants to tailor the term and repayment strategy of their mortgage, 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.”

More like this
Subscribe
to our newsletter

Join a community of over 30,000 intermediaries and keep up-to-date with industry news and upcoming events via our newsletter.