Slight summer slowdown but remortgage searches climb 15.61%

03 September 2025

New data from Twenty7tec has revealed that remortgage searches have led the charge in an otherwise quiet August.

While purchase demand eased back, the leading mortgage data firm’s latest figures show remortgage activity continuing to rise as borrowers weigh up affordability, rates and the potential impact of proposed property tax reforms.

Overall activity slows

Twenty7tec identified that search volumes totalled 1,558,230 - the lowest since June 2024 - representing a modest 1% dip compared with last year, reflecting the typical seasonal summer slowdown.

First-time buyers were particularly feeling the heat, with searches falling by 10.51% compared to July, suggesting softer demand among those taking their first step onto the housing ladder.

In contrast, remortgage activity is picking up the pace in the opposite direction.

Searches leapt by 15.61% compared to August 2024, extending the trend seen in recent months as more households opt to secure a new deal rather than commit to a purchase. The shadow hanging over buyers concerned about future property tax reforms also remains an issue, prompting many to take pause and reassess their next move wisely.

Record product choice

Lender behaviour painted a different picture. There are now 26,933 products available to advisers and their clients, the highest number on record. August also marked the first time that more than 900 products were added in a single month, highlighting the fierce competition among lenders to attract borrowers.

Ten-year fixes reach record low

The type of products borrowers are searching for is changing too. Ten-year fixed deals now account for just 12.41% of searches, the lowest ever share. That is down from 22.62% in August 2024 and from a peak of 36.71% in June 2022. Instead, shorter-term fixes are proving more popular, with many borrowers prioritising flexibility in a shifting rate environment.

Buy-to-let trends

Buy-to-let searches remain a significant slice of the market but with momentum leaning towards refinancing. Non-first-time buyer purchase searches fell 12.36% compared with July, while buy-to-let remortgage searches were down 16.55% over the same period. Even so, buy-to-let accounted for 17.04% of all searches in August, up from 16.76% the month before and from 14.67% in April.

Nakita Moss, Head of Product at Twenty7tec, said:

“August often brings a dip in activity, but the year-on-year fall in purchases stands out. Borrowers are clearly being pragmatic: remortgaging in greater numbers, leaning towards shorter fixes, and holding back on moving until there is more certainty. At the same time, lenders are stepping up competition, with record levels of product choice. On the surface, activity looks quieter, but underneath there is still a great deal of movement shaping the market.”