Around 280,000 mortgages locked into a new deal up to six months ahead of maturity in the three months to January, the latest Mortgage Charter uptake data shows.
This compares with around 377,000 mortgages in the previous three months, according to the figures compiled by the Financial Conduct Authority.
In addition, the number of mortgages that after locking into a new deal up to six months before maturity, subsequently locked into an alternative deal, decreased from around 102,000 in August to October to 27,000 in the three months to January.
Data also found that around 164,000 mortgages have temporarily reduced monthly payments as part of the new rules from the FCA.
The monthly payments on around 236,000 mortgages were reduced between July 2023 and January this year as people switched to temporarily paying interest-only or extending their mortgage term.
This figure represents 2.7% of regulated mortgage contracts.
Data also shows that only 744 term extensions were reversed, which the FCA says could indicate that borrowers who are seeking a temporary reduction in payments are more likely to opt for an interest-only period.
In the three months to January, 186 properties were repossessed within 12 months of missing the first payment.
Firms report that these were for customer-driven reasons, for example voluntary possessions or abandoned/vacant properties.
