Information on interest only mortgages/ retirement interest only mortgages (RIOs) - March 2024

Please provide the following information:

1. Regarding interest only mortgages:

  a. most recent figures on the number of homeowners who are currently on interest only mortgages in the UK.

  b. how many interest only mortgages will mature (come to an end) each year from 2024 to 2033.

2. Regarding Retirement Interest Only mortgages (RIOs):

  a. the number of RIO mortgages sold in 2023, by quarter.

Please see Annex A for full details of your request.

Interest only mortgages

We can confirm that our records indicate there are 1,144,027 interest only mortgages; this includes both wholly interest-only mortgages and mortgages that are part interest-only and part capital repayment. These account for 12.8% of all outstanding regulated mortgages.

Data are sourced from FCA Product Sales Data (PSD007) for the period H1 2023 and are based upon on all outstanding regulated mortgages: this includes all first charge regulated mortgages (including lifetime mortgages) and all regulated second charge mortgages.

Please also note that all data refer to mortgages, not borrowers/homeowners.

The below table sets out a breakdown of outstanding regulated interest-only mortgages by year of maturity:

_{Source: FCA Product Sales Data (PSD007)}

_{Period: H1 2023}

Retirement Interest Only Mortgages (‘RIOs’)

The below table sets out sales of retirement interest-only mortgages in 2023:

_{Source: FCA Product Sales Data (PSD001)}