Information on retirement interest only mortgages

Reference Case Number: FOI9602

Freedom of Information: Right to know request:

1) For each calendar year starting January 2018 and ending on 31st December 2021, can you please advise how many retirement-only mortgages have been issued.

2) Can you please provide the monthly number of retirement interest only mortgages issued between 1st January 2022 and 31st July 2022.

3) If you are able to provide the same data as Q2 for 1st August - 31st August 2022 then please do so.

4) For 2021 (January 2021 - 31st December 2021), can you provide demographic data of people taking out retirement interest-only mortgages. If you could provide data by age, gender and rough geographical location that would be helpful.

FCA response:

1) For each calendar year starting January 2018 and ending on 31st December 2021, can you please advise how many retirement-only mortgages have been issued.

The below table shows the annual sales of retirement interest-only (RIO) mortgages for the period 2019 to 2021:

Year of Account Open Date	Number of Retirement Interest-Only Mortgage Sales
2019	1,420
2020	1,677
2021	2,743

We would like to explain we do not hold annual information for 2018 as data collection by the FCA for RIO mortgages only commenced in August 2018.

2) Can you please provide the monthly number of retirement interest only mortgages issued between 1st January 2022 and 31st July 2022.

The below table shows monthly sales of RIO products for the period 1 January 2022 – 30 June 2022:

Year of Account Open Date	Month of Account Open Date	Number of Retirement Interest-Only Mortgage Sales
2022	January	232
	February	247
	March	289
	April	218
	May	237
	June	280
Total		1,503

This information is not held for July 2022 as data for RIO sales for this period will not be available until November 2022.

3) If you are able to provide the same data as Q2 for 1st August - 31st August 2022 then please do so.

This information is not held as data for RIO sales for the period 1 July 2022 – 30 September 2022 will not be available until November 2022.

The below table shows sales of RIO products in 2021 by age of main borrower:

Main Borrower Age Band	Number of Retirement Interest-Only Mortgage Sales
60 or under	130
61 - 65	429
66 - 70	877
71 - 75	823
76+	484
Total	2,743

The below table shows sales of RIO products in 2021 by region:

Postcode Region	Number of Retirement Interest-Only Mortgage Sales
Central & Greater London	129
East Midlands	201
Eastern	216
North East	118
North West	297
Northern Ireland	41
Scotland	502
South East	266
South West	426
Wales	135
West Midlands	185
Yorkshire and The Humber	220
Unknown Region	7
Total	2,743

We do not hold information on the gender of borrower as the FCA does not collect this information.

Date of Release: 11/10/2022

Information on retirement interest only mortgages - October 2022

Freedom of Information: Right to know request:

FCA response:

More information

Data