Around 341,000 mortgages locked into a new deal up to six months ahead of maturity between February and April this year, according to the latest Financial Conduct Authority Mortgage Charter figures.

This compares to the three months prior to that when around 280,000 mortgages between November 2024 and January 2025 locked into a new deal six months ahead of maturity.

The latest data shows that the number of mortgages that, after locking into a new deal up to 6 months before maturity, subsequently locked into an alternative deal, increased from around 27,000 in November 2024 to January 2025 to around 52,000 in February to April 2025.

It also reveals that around 178,000 mortgages have temporarily reduced monthly payments via the new FCA rules.

Between July 2023 and April 2025, the monthly payments on around 257,000 mortgages were reduced as people switched to temporarily paying interest-only or extended their mortgage term.

This represents around 2.9% of regulated mortgage contracts.

The data shows that only 950 term extensions were reversed, which could indicate that borrowers seeking a temporary reduction in their payments are more likely to opt for an interest-only period.

Meanwhile, 217 properties were repossessed within 12 months of missing the first payment.

Firms report these were for customer-driven reasons, for example voluntary possessions or abandoned/vacant properties.