The lender is offering a free EPC to all new lifetime mortgage customers, with cashback offered if the rating is B or higher.

Five-year fixed rate retirement interest-only products will see the largest reductions.

Reductions include the lender's flagship 40-year fixed rate product.

Mike Batty succeeds Mark Jones who will be retiring at the end of July.

The Society has introduced new lending into retirement and later life products to SimplyBiz members.

Kay has held previous roles at Key Group, Lloyds Banking Group, Prudential, and Towergate.

Fewer homeowners are turning to lifetime mortgages to fund living expenses or emergency purchases as cost-of-living pressures ease.

Repaying just £100 a month could help the typical customer reduce their total borrowing costs by almost £50,000 over 20 years.

The tool offers advisers access to summaries of their clients' products and performance.

Only 4% who were aware of the possibility said they would consider making contributions for someone else or have already done so.