Residential remortgage searches increased by 37% year-on-year in October, despite overall mortgage searches falling by 5% compared with September, Twenty7tec has revealed.

The latest Twenty7tec Mortgage Market Snapshot found that 1,825,082 searches were recorded during October, 12% higher than the same period last year, with residential remortgaging accounting for 820,865 searches.

The firm said the figures suggest a market existing increasingly driven by existing homeowners reviewing their mortgage options, rather than new purchases.

Twenty7tec said its findings follow the latest Bank of England figures, which showed remortgage approvals rising from 34,000 in August to 42,600 in September, while house purchase approvals dropped from 54,800 to 53,400.

Head of lender at Twenty7tec, Nakita Moss, 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."

The Mortgage Market Snapshot showed that residential purchase searches reached 592,572, falling 4% month-on-month and 1% annually, while first-time buyer searches remaining broadly stable at 138,315, increasing 1% year-on-year.

Buy-to-let (BTL) searches also fell 7% monthly and annually to 273,330 in October, with BTL purchase searches falling by 25% year-on-year.

Moss concluded: "The Budget's announcement could offer a welcome opportunity for aspiring homeowners, particularly those struggling to build a deposit, but saving for a deposit is only one part of the challenge. Affordability, eligibility and the wider cost of homeownership will still influence whether buyers can take that next step.

"Our criteria data reflects the complexity advisers are already navigating, with Joint Borrower Sole Proprietor, visa applicants and foreign nationals among the most searched areas. It demonstrates why access to accurate lending criteria and informed advice remains so important.

"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."

---