And over the last 12 months, the number of providers offering RIOs has risen from 12 to 18.

The Financial Conduct Authority’s (FCA) gave the go-ahead for lenders to introduce RIOs in March 2018 to meet the increasing demand for mortgage borrowing among older consumers. But by July 2018 there were only two providers and five products.

Further analysis of the data shows the average rate has fallen from 3.50% to 3.47%.

RIOs work very much like a standard mortgage product in that borrowers make monthly interest payments, however, there is no set end date or term for the mortgage. Instead, payments continue until either the borrower dies or goes into long-term care, at which point the property is sold in order to repay the debt.

Eleanor Williams, finance expert at Moneyfacts.co.uk, said: “Historically, many older borrowers who had retired or were shortly due to do so, found it difficult to find a new mortgage deal.

“When the FCA reclassified RIOs as mainstream mortgages rather than equity release products in early 2018, a lifeline was thrown to many who may have previously felt trapped or not catered for.

“According to recent research from Ipswich Building Society, 60% of borrowers over the age of 50 felt that there were fewer mortgage products available to them compared to younger mortgage applicants, and more than half believed that they had fewer mortgage providers to choose from.

“Those looking to take advantage of a RIO mortgage deal should consider their next steps carefully. Lifetime mortgages and equity release products may also be available, and so seeking independent financial advice could be invaluable in ensuring you select the right product for your circumstances.”