Twenty7tec records nearly 1.9 million mortgage searches in September, with remortgage searches driving a sharp post-summer rise in adviser activity
Twenty7tec's latest Mortgage Market Snapshot shows the post-summer rebound was concentrated almost entirely in existing homeowners reviewing their deals, reshaping adviser workloads in the process.
Twenty7tec recorded 1,912,458 mortgage searches in September 2026, up 23% from August and 15% higher than the same month last year. Residential activity rose 22% month on month and 19% year on year. The most significant movement came from remortgaging.
Twenty7tec's September data showed 860,951 residential remortgage searches, a 40% monthly rise and 44% ahead of the same month in 2024. Remortgaging now accounts for a dominant share of search activity on the platform. The data suggests existing homeowners reviewing their borrowing have become the defining feature of the current market.
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What is driving the rise in remortgage searches?
Rates are elevated, policy direction remains uncertain, and a growing cohort of borrowers are reaching the end of their fixed deals. All three are pushing clients back to their advisers.
"Remortgaging is doing a huge amount of the work. Searches increased 40% in a month and are 44% higher than this time last year," said Nathan Reilly (pictured above), chief customer officer at Twenty7tec. "When we see growth on that scale, it tells us that existing homeowners reviewing their borrowing are becoming an increasingly important part of adviser workloads."
The Monetary Policy Committee's decision set the tone for September. The Bank of England held the base rate at 3.75%, with three MPC members dissenting in favour of a rise. The Bank also reported that quoted two-year fixed mortgage rates were running around 95 basis points above pre-energy-shock levels. A number of major lenders moved their fixed rates up by as much as 0.3 percentage points in September.
Bank of England figures on effective mortgage rates published at the end of September added further context. The effective rate on newly drawn mortgages rose from 4.45% in July to 4.60% in August. The rate on the outstanding stock reached 4.00%.
Why is purchase activity still lagging as the remortgage market recovers?
Affordability constraints and subdued transaction volumes are keeping buyers on the sidelines, while existing homeowners drive the market's momentum. Residential purchase searches reached 617,709 in September, up 8% from August but only 1% higher year on year. First-time buyer searches rose 3% month on month to 138,791 but remained 4% below September the previous year.
HMRC figures showed seasonally adjusted residential transactions were 2% lower year on year in August. Separately, Bank of England data showed house purchase approvals falling to 54,900, their lowest since 2023.
Buy-to-let (BTL) recorded a more substantial monthly increase. Overall BTL searches rose 27% to 295,007, while BTL remortgage searches increased 34%.
The annual picture remained divided. Overall BTL activity was 4% lower than September 2024, and BTL purchase searches were 21% down year on year. BTL remortgage searches, by contrast, were 4% higher. For BTL specialists, the annual purchase shortfall underscores how dependent the segment has become on refinancing business rather than new acquisitions.
September's remortgage search data shows that the remortgage pipeline is the most active part of the market right now. Advisers who engage clients approaching their deal end date are better positioned than those waiting for new purchase enquiries to return.
