Borrowing uncertainty caused by the ongoing economic challenges and changes to mortgage pricing that have resulted from the Iran War drove a surge in mortgage searches in March, hitting their highest level yet in 2026.
Total searches hit 2,150,593 in March, according to the latest Mortgage Market Snapshot from Twenty7tec, up 19% on February and 17% year on year.
Swap rates and mortgage pricing have been hit by a combination of volatility in energy markets, geopolitical tensions and changing inflation expectations, prompting borrowers to rethink their finances.
Remortgaging searches up by a third
The searches are largely driven by remortgaging, with residential remortgage searches hitting 907,610 in March, up 32% month on month and 37% higher than the same period last year.
But, despite ongoing affordability challenges, purchase activity has also risen, suggesting that underlying demand remains resilient. Residential purchase searches reached 725,485, up 8% on February and 5% year on year.
First-time buyer searches also increased, up 5% month on month to 173,752. However, first-time buyer activity remains slightly below last year’s levels.
In the buy-to-let market, there was also strong growth. Total searches hit 343,746, up 18% from February and 12% year on year, with landlords continuing to reassess their borrowing strategies in response to evolving economic conditions.
Nathan Reilly, Chief Customer Officer at Twenty7tec, said: “The data highlights how closely borrower behaviour is linked to wider economic signals.”
“The increase in search volumes reflects a market reacting to a mix of improving momentum and ongoing uncertainty. On the global side, volatility in energy markets and wider geopolitical tensions have continued to influence inflation expectations and mortgage pricing, while here in the UK borrowers are still navigating affordability pressures.”
He said that the report also highlights a shift in the types of cases advisers are handling. Searches relating to applicants on visas were top of criteria queries in March, reflecting a growing number of complex borrower scenarios and a broader mix of client profiles entering the market.
