Remortgage searches rose 15.61% in August, despite an overall summer slowdown in mortgage activity, according to figures from Twenty7tec.
Total mortgage search volumes fell to 1,558,230 in August, the lowest since June 2024, and down just 1% from last year.
First-time buyer (FTB) searches dropped by 10.51% from July, pointing to softer demand from those entering the market.
Remortgage searches climbed 15.61% compared to August 2024, continuing a recent trend as more households chose to secure a new deal instead of buying.
Uncertainty over property tax reforms was a factor, with many buyers pausing their plans.
There were 26,933 mortgage products available in August, the highest ever recorded, with over 900 products added in a single month.
10-year fixed rate deals made up just 12.41% of product searches, down from 22.62% in August 2024 and from 36.71% in June 2022.
Buy-to-let (BTL) remained a key part of the market, but activity shifted towards refinancing.
Non-FTB purchase searches were down 12.36% from July, and BTL remortgage searches fell 16.55%.
BTL accounted for 17.04% of all searches in August, up from 16.76% in July and 14.67% in April.
Nakita Moss (pictured), 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.”
Moss added: “On the surface, activity looks quieter, but underneath there is still a great deal of movement shaping the market.”
