The lender will now accept 100% of non-contractual income streams.

Retirement interest-only rates have reduced by up to 50bps.

Equity Release Group advisers will now have access to three new products in the Royal London Equity Release product range.

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.