Twenty7tec has released its latest mortgage market statistics for March 2025, revealing a mixed picture across purchase and remortgage activity.
Compared to February 2025, remortgage searches rose by 13.8%, while purchase mortgage searches dipped by 2.4%.
Buy-to-let remortgage searches also increased by 12.97%, whereas buy-to-let purchase searches fell by 3.43%.
Residential remortgage searches were up 15.43%, while residential purchase searches dropped 2.23%.
Searches by first-time buyers declined slightly by 2.25%. Year-on-year comparisons show purchase mortgage searches up 2.34% compared to March 2024, while remortgage searches were down 5.48%.
Notably, first-time buyer searches rose 10.46% year-on-year. The data also highlights a shift in fixed mortgage product preferences.
2-year fixed mortgages accounted for 40.95% of all fixed product searches in March 2025, down from 51.51% in March 2024.
In contrast, 3- to 5-year fixed products rose to 36.33% from 28.41%, and 5- to 10-year fixed products increased to 22.72% from 20.08%.
Twenty7tec also reported a 14% year-on-year increase in APPLY submissions and a 3% rise in mortgage illustrations. Affordability tool usage saw a significant 75% year-on-year increase.
Nathan Reilly, director at Twenty7tec, said: “March’s mortgage market certainly was a mixed picture, with remortgage activity seeing a noticeable uptick of 13.8% overall compared to February, likely due to more customers looking to refinance amid ongoing speculation around rate cuts later in the year.
“On the purchase side, searches – including those from first-time buyers – dipped slightly by 2.4%, but we’re still seeing encouraging growth compared to this time last year, with first-time buyer search volumes over 10% higher than in March 2024.
“It’s also interesting to note the shift in fixed-term product preferences. The share of 2-year fixed searches made up just 40.95% of activity, down from 51.51% a year ago, while interest in 3- to 5-year fixes has grown, increasing from 28.41% to 36.33%.
“Could this be indicating that borrowers are looking for a balance between flexibility and medium-term certainty?
“We’re also continuing to see strong adviser engagement with our affordability tools, and APPLY submissions remain strong – a sign that advisers are staying active and responsive in what remains an ever-changing market.”
