This is down from 281,731 over previous two months.
The latest Mortgage Charter data released by the Financial Conduct Authority (FCA) shows that over the same two-month period at the end of 2025, 48,000 borrowers decided to switch to an alternative deal after previously locking into a new rate up to six months ahead of their current mortgage rate’s maturity.
More than 31,000 of borrowers made this decision in December as rates fell, the highest amount in a single month since August.
According to Moneyfacts, the average five-year fixed rate fell from 5.01% in November to 4.91% in December.
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Temporary relief
Around 13,000 households chose to either temporarily switch to an interest-only mortgage or extend the term of their loan to reduce their monthly payment over the two-month period.
Interest-only switching was highest in November, at 4,715 mortgages. This is the highest amount seen since the start of the year, when just over 5,000 switched to interest only in the short term.
Households obtaining a term extension fell to a year low of 1,750 in December.
