Twenty7tec has reported a significant drop in mortgage search activity in November, as borrowers waited for Budget clarity and paused purchase plans.
Total searches reached 1,405,878, down 14.64% compared with October and 3.81% lower than a year earlier.
Purchases saw the sharpest decline. Residential searches fell to 1,167,382, a 14.64% monthly drop and 2.91% year on year.
Non–first time buyer purchase searches were down 17.01% compared with October and 13.77% lower than last year.
First-time buyer searches slipped 10.69% month on month and 11.83% annually, continuing a pattern of reduced activity driven by affordability pressures and recent policy shifts.
Buy-to-let activity also weakened. Total buy-to-let searches fell 13.47% month on month and 8.01% year on year, with purchase searches dropping to 80,268 – the lowest figure recorded this financial year and 14.54% below the financial year average.
Remortgage searches, which had been holding steady, also eased as landlords focused on refinancing rather than expanding portfolios.
Remortgaging remained the most resilient part of the market overall. Residential remortgage searches reached 533,653, down 12.52% month on month but up 12.51% year on year.
Total remortgage searches stood at 691,861, falling 14.51% month on month but rising 7.93% compared with last year.
The annual increase reflects a steady flow of customers reaching the end of fixed terms and seeking stability after the Budget.
Product availability, however, hit a record high. Twenty7tec recorded 29,200 mortgage products on 20th November – the highest number ever seen on the platform – highlighting that lenders continue to compete actively despite a more cautious borrower outlook.
The combined data shows that purchase activity dipped well below financial year averages following the Budget, while remortgaging carried much of the market’s momentum.
Nathan Reilly, commercial director at Twenty7tec, said: “November’s slowdown reflects borrowers taking a cautious stance ahead of the Budget.
“Many chose to wait for clarity before committing to new purchases, which pushed activity below financial year averages.
“Remortgaging remained strong year on year as people focused on payment stability. Advisers now have an important role in helping clients understand their options as confidence settles and decisions resume.
“Record product availability at 29,200 shows strong lender appetite, giving advisers more room to shape options for clients once confidence picks up. This is also a moment when CRM use really matters.
“Clients who paused their search will reappear quickly once they feel more certain, and advisers who have maintained warm, well timed contact will be best placed to support them.
“Good CRM tools help advisers track intent, reach out at the right moment and stay visible to clients who may soon be ready to move again. In a stop–start market, those touchpoints can make a real difference to outcomes.”
