Landlord purchase mortgage searches fall 22%

Buy to let purchase mortgage searches fell 22% year on year in August, while searches for landlord remortgages dropped 8%.

Twenty7tec recorded 70,452 buy to let purchase searches and 161,157 remortgage searches during the month.

Combined, they totalled 231,609, down 12% from August last year.

Both categories recorded 14% fewer searches than in July.

Residential remortgage searches rise

Nakita Moss, the firm’s head of lender, 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.”

She added: “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.”

Borrowers seek mortgage options

The platform recorded 616,150 residential remortgage searches in August, 12% fewer than in July.

Separate FCA and Bank of England figures highlighted by the firm show remortgages accounted for 31.2% of gross advances to owner-occupiers in the second quarter, the highest share since the first quarter of 2024.

Joint Borrower Sole Proprietor was the most searched-for criteria area on Twenty7tec, followed by visa applicants and non-UK foreign nationals.

Satisfied defaults and maximum age at the end of the mortgage term also featured among the most common criteria enquiries.

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