Residential remortgage searches increased by 11% year-on-year as other areas of the market remained softer, Twenty7tec has stated.

The latest Twenty7tec Mortgage Market Snapshot report found that a total of 1,556,758 mortgage searches were completed during August, marking a 13% decrease month-on-month. However, this figure rose by 1% year-on-year.

Residential searches followed a similar pattern, falling 13% between July and August, but rising by 3% annually.

While remortgaging activity fell by 12% month-on-month, it increased annually by 11%, which is the strongest growth across the market.

Twenty7tec said the latest figures add to evidence that remortgaging is becoming an “increasingly important part” of current mortgage market activity.

The latest report follows statistics from the FCA and the Bank of England earlier this week, which showed that remortgages accounted for 31.2$ of gross mortgages to owner-occupiers in Q2, up 3.1 percentage points on the previous quarter.

This is also the highest share since Q1 2024.

Head of lender at Twenty7tec, Nakita Moss, stated: "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."

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