Remortgage searches rise 11% year-on-year – Twenty7tec
A total of 1,556,758 mortgage searches were completed during August, down 13% compared with July but 1% higher year on year.
Residential remortgage searches were 11% higher year-on-year in August despite an overall slowdown in mortgage search activity during the summer, according to the latest Twenty7tec Mortgage Market Snapshot.
A total of 1,556,758 mortgage searches were completed during August, down 13% compared with July but 1% higher year-on-year.
Residential searches followed a similar pattern, falling 13% month on month while remaining 3% higher than the same period last year.
The strongest annual growth came from residential remortgaging.
Twenty7tec recorded 616,150 searches during August, 12% fewer than in July but 11% higher year-on-year.
Mortgage lending statistics published by the Financial Conduct Authority (FCA) and Bank of England (BoE) this week revealed that remortgages accounted for 31.2% of gross advances to owner-occupiers in Q2, up 3.1% on the previous quarter and the highest share since Q1 2024.
Nakita Moss, head of lender at Twenty7tec, said: “August was undoubtedly quieter than July, but the monthly fall isn’t the whole story. Overall mortgage searches remained slightly ahead year on year, and residential activity was 3% higher.
“Remortgaging is particularly interesting. Our searches were 11% higher year on year, and the latest lending figures also show the share of advances going towards remortgaging has increased.
“For advisers, this means there is still a significant population of existing borrowers needing to understand what their next mortgage looks like.
“In a market where rates and products can change quickly, those conversations can be just as important as activity coming through the purchase market.”
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