A tale of two halves: Remortgage searches rise 7% as purchase activity stalls

July’s mortgage market presented a tale of two halves, with remortgage activity continuing to strengthen while purchase and buy-to-let searches eased as borrowers navigated affordability pressures and the usual summer slowdown, the latest data from Twenty7tec shows.

Twenty7tec’s recorded 1,790,196 mortgage searches during July, up 1% on June and broadly unchanged from the same month last year. Rather than signalling a significant rise or fall in demand, the figures point to a market where different borrower groups are moving at noticeably different speeds.

The clearest momentum came from remortgaging. Residential remortgage searches increased 7% month-on-month and 5% year-on-year, reaching 700,628.

The purchase market remains more cautious. Residential purchase searches were 3% lower than June, while first-time buyer searches fell 4% during the month. However, first-time buyer activity remained slightly ahead of July 2025.

Buy-to-let search volumes remain slightly below last year, reflecting a landlord market that continues to assess borrowing costs, taxation, regulation and the longer-term case for property investment.

Joint borrower sole proprietor arrangements remained the most searched lending criteria during July, alongside visa applicants, foreign nationals and borrowers with previous credit issues.

Nakita Moss, head of lender at Twenty7tec, said: “July’s data suggests the mortgage market remains on a steady footing. Total search activity edged up by 1% compared with June and remained broadly in line with the same month last year, showing advisers and borrowers continue to engage despite ongoing economic uncertainty.

“Remortgaging was the standout story this month, with searches up 7% month on month and 5% year on year. As more borrowers reach the end of existing fixed-rate deals and lender competition remains strong, advisers have an important role to play in helping clients navigate an increasingly competitive market.”