Searches down across all major lending categories as market adjusts
Mortgage searches fell 7% in May on a monthly basis and by 15% annually compared to May 2025, according to the latest Mortgage Market Snapshot from Twenty7tec.
Total mortgage searches reached 1,590,911, falling across all major lending categories. Residential searches totalled 1,341,508, down 7% on a monthly basis and a 16% decrease year on year. Residential purchase searches fell by 5% to 626,029, while first-time buyer searches decreased by 4% to 152,355.
Borrowers looking to remortgage saw the lowest drop. Residential remortgage searches fell to 563,124, down 9% compared with April and 21% lower than May 2025. Buy-to-let remortgage searches also declined by 9% month on month.
Total BTL searches fell by 9% to 249,403, while BTL purchase searches were 22% lower than the same period last year.
Although search activity softened, mortgage product availability increased during the month after falling previously in April.
Continued complexity of cases
The latest criteria search data also highlights the continued complexity of cases being worked on by advisers. Joint Borrower Sole Proprietor enquiries returned to the top of the rankings, alongside searches relating to visa applicants, non-UK nationals, adverse credit and self-employed borrowers.
Nathan Reilly, chief customer officer at Twenty7tec, said: “After the heightened levels of activity seen earlier in the year, May’s data suggests the market has entered a more cautious phase.
“One of the most interesting aspects of this month’s report is the continued demand for complex lending criteria. Joint Borrower Sole Proprietor enquiries returned to the top of the rankings, alongside searches relating to visas, foreign nationals, adverse credit and self-employed applicants. These remain some of the most common questions advisers are seeking answers to, reinforcing the increasingly specialist nature of mortgage advice with a human touch.
“May’s figures do not necessarily point to a market in decline, but rather one that is continuing to adjust following the heightened activity seen earlier in the year.”
