Searches up by more than a third but new mortgages fall
Residential remortgage searches rose by more than a third (37%) year on year in October. However, overall mortgage search activity fell 5% compared with September, according to the latest Twenty7tec Mortgage Market Snapshot.
It recorded 1,825,082 searches during October, 12% higher than the same period last year. Residential remortgaging accounted for 820,865 searches, while residential purchase searches totalled 592,572, down 4% month on month and 1% year-on-year. First-time buyer searches remained broadly stable at 138,315, increasing 1% annually.
The figures reflect recent Bank of England figures, which showed remortgage approvals rising from 34,000 in August to 42,600 in September, while house purchase approvals declined from 54,800 to 53,400.
A market that remains active
Nakita Moss, head of lender at Twenty7tec, said: “October’s figures show a mortgage market that remains active, but not necessarily in the areas we might traditionally expect. Remortgaging continues to drive significant annual growth, with existing homeowners reviewing their options as mortgage pricing and financial circumstances change.
“The contrast with purchase activity is particularly interesting. While the overall market remains ahead of last year, we’re seeing a much more measured picture among those looking to buy, which reinforces the importance of understanding where demand is coming from rather than relying on headline figures alone.”
Buy-to-let searches also declined, down 7% on both a monthly and year on year basis to 273,330. BTL purchase searches were 25% lower than October 2025, while BTL remortgage activity remained 2% higher year on year.
Moss said: “October highlights a market moving at different speeds. Remortgaging remains resilient, purchase activity is more cautious and landlords continue to face their own challenges. As we approach the end of 2026, understanding these differences will be essential for lenders and advisers looking to respond to changing borrower needs.”
