The Financial Conduct Authority’s (FCA’s) data showed this was higher than the 20,100 people who made use of the support in the previous quarter.
Among these, 15,200 people switched to an interest-only mortgage, up from 14,578 in Q1 and higher than 13,450 last year. The number of people who extended their mortgage term rose from 5,543 in Q1 to 7,173 in Q2. This was marginally higher than the 7,092 people who extended their mortgage term during the same quarter last year.
Some 381,364 people nearing the end of a fixed rate mortgage secured a new rate at least six months ahead of time, down from 499,271 in Q1. Further, 48,913 borrowers secured a new rate six months before their deal ended, then locked into an alternative deal, down from 52,394 in the previous quarter.
There was a rise in the number of properties taken into possession, at 34, up from 25 in Q1. This was lower than the 37 properties seized in Q2 last year.
Between July 2023, when the Mortgage Charter was introduced, and June this year, around 354,000 mortgage payments have been reduced through temporary switches to interest-only or extended mortgage terms. This makes up around 3.9% of regulated mortgages.
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Over the same time frame, 376 properties have been repossessed within 12 months of the first missed payment.
Damien Burke, head of regulatory practice at Broadstone, said: “Nearly a million borrowers took advantage of measures included in the FCA’s mortgage charter to proactively manage their mortgage costs by locking in a new deal up to six months ahead of maturity in the first half of 2026.
“With mortgage rates beginning to rise again, borrowers approaching the end of fixed rate deals should consider their options early so that they are able to secure the best rates available to them.”
He said the number of people using temporary measures to lower payments showed that “affordability pressures remain prevalent”.
