The amount of providers in the RIO market also rose over this time from 18 to 21, which is the highest number Moneyfacts has recorded so far.

Meanwhile the average rate charged on all RIO deals – fixed and variable products – has fluctuated during the pandemic. Back in February rates were typically 3.50% – a figure which plummeted to 3.25% in September but has since gone back up to 3.59% as of 20 November.

However, despite this growth Moneyfacts said RIOs still accounted for a very small proportion of mortgages even though it has now been more than two years since they were reclassified by the FCA as mainstream products.

Eleanor Williams, finance expert at Moneyfacts.co.uk, said: “It seemed to take some time for providers to react to the FCA’s directive in March 2018 to support older borrowers’ mortgage needs, and our records show that only two providers had launched a total of five RIO products by July 2018, rising to 12 providers with 38 deals available in February 2019.

“However, competition in this sector has increased recently; there are now 21 providers active – the highest we have recorded so far – with three lenders entering this section of the market since February 2020. Equally, the number of products available has increased by 38 to 112 since prior to the onset of the Coronavirus pandemic in February, demonstrating that there is now a higher level of choice for potential borrowers.”

Williams said that while rate changes might be disappointing for consumers the average 3.59% rate still compared favourably to the average standard variable rate mortgage which was currently at 4.44%.

She added: “Overall, provision of RIO mortgages seems to have weathered the storm of the Coronavirus pandemic slightly better than the standard residential mortgage sector, as we see growth in both the number of products and number of providers lending in this arena, seeming to show that lenders have the appetite to offer products for those later in life.”