Information on retirement interest only mortgages - April 2023

Please provide the below information on Retirement Interest Only Mortgages: 

1. How many have been taken out since they were launched by month?
2. Can you please provide an age breakdown of retirement interest only mortgage holders in the following age categories: 25-49, 50-64, 65-74, 75-90, 90+

The following explanation should be taken into account when considering the information provided in Annex A:

• The data is provided on new sales of retirement interest only mortgages, as reported to the FCA by regulated firms through their product sales data (PSD001). The data is provided from August 2018 (when the FCA began collecting the data following the change to our policy rules explained below) to December 2022 (which is the most recent available data).
• Following consultation in CP17/32, Retirement Interest-only Mortgages Instrument 2018 (FCA 2018/16) made changes to the FCA Handbook in order to improve access to mortgage borrowing for older consumers. This instrument came into force on 23 March 2018. The instrument FCA2018/28 making the reporting change came into effect on 29 June 2018 and therefore the earliest reporting we have is for August 2018.
• Please note we do not collect data on the stock of retirement interest only mortgages provided to consumers by FCA regulated firms. We are therefore unable to provide an age breakdown of all retirement interest only mortgage holders.

However, we have provided a breakdown of the product sales data by month and age of the main mortgage borrower, applying the age bands requested of 25 to 49, 50 to 64, 65 to 74, and 75 to 90. An additional age band of 91 has been added to capture sales where the age of the main mortgage borrower exceeded 90. No sales have been recorded where the age of the main mortgage borrower was under the 25 to 49 years age band. 

• The data is provided in a table, with the age bands outlined in the columns at the top of the table, and the months outlined in the rows on the left.
• The data may be different from other data published by the FCA on retirement interest only mortgages due to resubmissions reported by regulated firms.