Remortgage searches rise 11% year on year says Twenty7tec as August mortgage activity slows
Twenty7tec data shows remortgaging continuing to drive activity, while first-time buyer, purchase and buy-to-let searches remain softer.
Residential remortgage searches were 11% higher year on year in August despite an overall slowdown in mortgage search activity during the summer, according to the latest Twenty7tec Mortgage Market Snapshot.
A total of 1,556,758 mortgage searches were completed during August, down 13% compared with July but 1% higher year on year.
Residential searches followed a similar pattern, falling 13% month on month while remaining 3% higher than the same period last year.
The strongest annual growth came from residential remortgaging. Twenty7tec recorded 616,150 searches during August, 12% fewer than in July but 11% higher year on year.
The figures add to evidence that remortgaging is becoming an increasingly important part of current mortgage market activity.
Mortgage lending statistics published by the FCA and Bank of England this week show that remortgages accounted for 31.2% of gross advances to owner-occupiers in Q2, up 3.1 percentage points on the previous quarter and the highest share since Q1 2024.
Nakita Moss, head of lender at Twenty7tec, said: “August was undoubtedly quieter than July, but the monthly fall isn’t the whole story. Overall mortgage searches remained slightly ahead year on year, and residential activity was 3% higher.
“Remortgaging is particularly interesting. Our searches were 11% higher year on year, and the latest lending figures also show the share of advances going towards remortgaging has increased.
“For advisers, this means there is still a significant population of existing borrowers needing to understand what their next mortgage looks like. In a market where rates and products can change quickly, those conversations can be just as important as activity coming through the purchase market.”
However, the wider lending data suggests lenders are continuing to find ways to support borrowers with smaller deposits.
Joint Borrower Sole Proprietor remained the most searched-for criteria area on Twenty7tec during August, followed by visa applicants and non-UK foreign nationals. Searches relating to satisfied defaults and maximum age at the end of the mortgage term also featured among the most common criteria enquiries.
Buy-to-let remained the clearest area of weakness in Twenty7tec’s August data.
The full August Mortgage Market Snapshot is available to download from Twenty7tec.