August searches fell 13% month-on-month, but remortgaging bucked the trend
Remortgage lending is climbing toward a multi-year high as a wave of expiring fixed-rate deals pushes more UK borrowers back into the market, according to new lender search data.
Residential remortgage searches rose 11% year on year in August, according to Twenty7tec's latest Mortgage Market Snapshot, even as overall search activity slowed for the month. Twenty7tec recorded 616,150 residential remortgage searches in August, 12% fewer than in July but 11% higher than a year earlier.
Total mortgage searches across the platform reached 1,556,758 in August, down 13% from July but 1% higher year on year. Residential searches followed the same pattern, falling 13% month on month while remaining 3% higher than the same period last year.
Regulatory data confirm the trend
The search data align with this week's regulatory figures. Gross mortgage advances rose 11.1% quarter on quarter in Q2 2026 to £77.4 billion, according to the Bank of England's Mortgage Lenders and Administrators Statistics, and were 31.7% higher than a year earlier.
Owner-occupier remortgaging accounted for a growing share of that lending. The share of gross advances for remortgages rose 3.1 percentage points from the previous quarter to 31.2%, its highest level since the first quarter of 2024. The outstanding value of all residential mortgage loans rose 0.8% from the previous quarter to £1,760.6 billion, and was 3.1% higher than a year earlier. New mortgage commitments increased 1.4% from the previous quarter to £79.2 billion.
The rising remortgage share follows a pattern flagged by the trade body UK Finance. According to UK Finance's Mortgage Market Forecast 2026, external remortgaging activity is expected to rise by approximately 10% in 2026 as roughly 1.8 million fixed-rate mortgages come up for renewal. This figure has not been independently verified against UK Finance's primary release.
Criteria searches point to affordability focus
Joint Borrower Sole Proprietor remained the most-searched criteria area on Twenty7tec's platform in August, followed by enquiries relating to visa applicants and non-UK foreign nationals. Searches on satisfied defaults and maximum age at the end of the mortgage term also featured prominently.
Buy-to-let searches remained the weakest segment in Twenty7tec's August data, the company said, without providing a specific percentage change for that category.
Nakita Moss, head of lender at Twenty7tec, said the monthly decline did not tell the full story of the month's activity. "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," Moss said.
