We are happy to announce further enhancements to our Lending into Retirement and Retirement Interest Only (RIO) mortgage offering
We are happy to announce criteria changes to our Lending into Retirement and Retirement Interest Only (RIO) mortgage offerings. This follows several recent updates to our criteria applicable to customers applying for one of our Later Life mortgage products.
The latest criteria changes will see further support to 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 our RIO range, with our standard Lending into Retirement products available from any age where the mortgage term extends into retirement.
In addition, to our recent enhancements allowing Lending into Retirement applicants to tailor the term and repayment strategy of their mortgage, we are also amending our 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 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”.