A freedom of information request made to the FCA revealed that for the first quarter of 2019, the latest data available, only 241 RIOMs were sold.

Utilising the FCAs quarterly product sales data for mortgages, it is possible to gauge how RIOMs are performing compared to other mortgage products.

According to the FCAs figures, 276,364 mortgages were sold in the first quarter of 2019. This means that of all the mortgages sold in that period, approximately 0.08 percent were RIOMs.

While it is undoubtedly beneficial that there are more options available for retiree borrowers, it appears that more work and convincing will be needed before these new products are truly embraced.