MS26/1: Later Life Mortgages Market Study

We have launched this market study to examine whether change is needed to enable the lifetime and retirement interest only (RIO) mortgage sector to meet consumers’ changing needs, driven by effective competition in the market. 

Read our Terms of Reference (PDF)

Our Terms of Reference explains our rationale for this market study, its scope, the issues we’ll explore, the potential outcomes our work might lead to, and next steps. 

This study is relevant for a range of parties, including:

• Current and potential providers of lifetime and RIO mortgages.
• Firms who provide funding to providers.
• Intermediaries who are, or could be, involved in the distribution of these products. 
• Consumers who could benefit from using these products in future.
• Existing lifetime and RIO mortgage customers. 
• Relevant industry and consumer bodies.

Update on the Terms of Reference

We published our Terms of Reference on 20 March 2026, and invited stakeholders’ views. We received feedback from firms, trade associations, consumer groups and charities, industry experts, and academics. We welcome this feedback and thank respondents for their engagement. 

After considering these views, we have not made changes to the Terms of Reference. However, we wish to clarify the market study’s scope in two areas.

Next steps

We intend to publish our interim findings in Q4 2026. We have sent firms Requests for Information, are undertaking other analysis, such as consumer research, and continue to engage with firms, industry and consumer groups, and other stakeholders. Depending on our findings, we will consider potential remedies alongside policy proposals developed as part of the Mortgage Rule Review.