About 341,000 mortgages have been detained in a new deal up to six months before the due date between February and April of this year, according to the latest Financial Conduct Authority Mortgage Charter Figures.
Compared to the three months before, this is when around 280,000 mortgages were locked between November 2024 and January 2025 in a new deal six months before adulthood.
The latest data shows that the number of mortgages that, after a new deal up to 6 months before the due date, was subsequently locked up in an alternative deal, has increased from approximately 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 the monthly payments via the new FCA rules.
Between July 2023 and April 2025, the monthly payments at around 257,000 mortgages were reduced as people switched to temporary only interest or their mortgage site.
This represents approximately 2.9% of the regulated mortgage contracts.
The data shows that extensions of only 950 term were reversed, which could indicate that borrowers looking for a temporary reduction in their payments, rather for a period of interest only.
In the meantime, 217 properties were taken back within 12 months of missing the first payment.
Companies report that these were for customer -controlled reasons, for example voluntary assets or abandoned/empty properties.