Overall mortgage activity slows during August
Residential remortgage searches rose 11% year on year in August, but overall mortgage search activity slowed during the summer, according to the latest Twenty7tec Mortgage Market Snapshot.
It found that 1,556,758 mortgage searches were completed in August, down 13% compared with July but up 1% year on year.
Residential searches were down 13% month on month but were 3% higher than the same period last year.
The number of residential remortgage searches was also down compared to July, with a 12% fall to 616,150. However, that figure was 11% higher year on year.
Recent mortgage lending statistics published by the FCA and Bank of England also show the strength of remortgaging, accounting 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.
The need for clear advice
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.”
