Purchase mortgage searches were up 5.2% in May compared to the month prior, Twenty7tec’s latest mortgage market statistics reveal.

The data found that on a yearly basis purchase mortgage searches had decreased by 1.5%.

Remortgage searches were up 7.6% in May compared to April and compared to the same period last year they were up 23.1%.

The figures also show that buy-to-let (BTL) purchase mortgage searches were up 4.3% compared to April. On an annual basis, BTL purchase mortgage searches were down 11.7%.

BTL remortgage searches were 7.3% higher on a monthly basis and were up 5.6% when compared to the same period last year.

Searches by first time buyers were up 3.5% in May compared to the month prior and were up 13.9% compared to May 2024.

Meanwhile, two-year and under fixed mortgages accounted for 47.6% of all fixed product searches last month compared to 45.6% in March last year.

Three- to five-year fixed mortgages accounted for 31.9% of all fixed product searches in May compared to 34.1% in the same period last year.

And five- to 10-year fixed mortgages now account for 21.4% of all fixed product searches in May compared to 20.3% in May last year.

A new milestone was set on 13 May with advisers generating 30,120 ESIS documents in a single day, which represents nearly double the average daily volume seen so far this year.

Twenty7tec commercial director Nathan Reilly says: “May felt like a month where confidence picked up noticeably. Search volumes were up, remortgaging remained strong, and first-time buyer demand continued to grow.”

“The product landscape is the most competitive it’s ever been, and that’s good news for advisers and their clients.”

“It’s also interesting to see the return of shorter-term fixes as a dominant product choice. With so much speculation around interest rate direction, borrowers seem to be positioning themselves for flexibility.”

Last month, Twenty7tec hired Adam Newman and Stephen Rhodes to its sales leadership team.