Remortgage searches surge 37% year on year according to Twenty7tec as October mortgage activity slows

05 November 2026

Twenty7tec's latest Mortgage Market Snapshot reveals continued strength in remortgaging, while purchase activity remains subdued ahead of new Government housing measures.

Residential remortgage searches increased 37% year on year in October, despite overall mortgage search activity falling 5% compared with September, according to the latest Twenty7tec Mortgage Market Snapshot.

A total of 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 figures reflect a market increasingly driven by existing homeowners reviewing their mortgage options, rather than new purchases.

The 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 declined from 54,800 to 53,400. The effective interest rate on newly drawn mortgages also increased to 4.63%, highlighting the changing borrowing environment facing homeowners.

Nakita Moss, Head of Lender at Twenty7tec, commented:

“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.”

Residential purchase searches reached 592,572, down 4% month on month and 1% year on year, while first-time buyer searches remained broadly stable at 138,315, increasing 1% annually.

The figures come as the Government's October Budget announced the £4.7 billion Your First Home scheme, designed to support approximately 70,000 first-time buyers through government-backed equity loans and deposits starting at 2.5%.

Moss added:

“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.”

Buy-to-let searches also declined, reaching 273,330, down 7% both monthly and annually. BTL purchase searches were 25% lower than October 2025, while BTL remortgage activity remained 2% higher year on year, reinforcing the contrast between new borrowing and existing mortgage commitments.

Moss concluded:

“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.”

The full October Mortgage Market Snapshot is available to download from Twenty7tec.