Information on mortgage prisoners May 2023

We are looking to find out the following up to date information:

• The age demographic of mortgage prisoners (specifically the number aged 50+ and over 55)
• The volume (total number of accounts) and value of balances
• Loan to Value information
• Where closed book loans are held
• Property types

For question 1, the age demographic of mortgage prisoners is not held. While the 2021 Mortgage Prisoner Review included some information on the demographics of closed book borrowers who were unable to switch and might benefit from doing so, it did not include the precise information requested. Though you may like to note the table at paragraph 6.13 of the review shows the median age of this population of borrowers, split by repayment type. Further, figure 11 in Annex 2 of the report shows the distribution of this population of borrowers by age of main borrower and repayment type.

For question 2, the review estimated there were 47,000 mortgages in closed books held by borrowers who were unable to switch and might benefit from doing so. Paragraph 1.9 in Annex 2 of the review estimated the total outstanding balance of those mortgages at around £5.5bn.

For question 3, table 5 and Figure 3 of Annex 2 of the review contain information on the LTVs of this population of borrowers.

For question 4, we hold the information you have asked for, but we are prohibited from disclosing it to you, as it constitutes ‘confidential information’ for the purposes of section 348 of the Financial Services and Markets Act 2000 (FSMA), which the FCA has received in the discharge of its public functions. We are therefore exempted from the duty to disclose this information under section 44 of FOIA. For more information on why this exemption applies, please see Annex A below.

For question 5, the information on property types is not held.