Remortgaging continued to underpin mortgage market activity in August despite a wider seasonal slowdown, according to the latest Mortgage Market Snapshot from Twenty7tec.

A total of 1,556,758 mortgage searches were completed during August, representing a 13% fall from July but a 1% increase compared with August last year.

Residential mortgage searches followed a similar pattern, falling 13% month on month but remaining 3% higher year on year.

Remortgaging recorded the strongest annual growth. Twenty7tec recorded 616,150 residential remortgage searches in August, down 12% from July but 11% higher than the same month last year.

The figures add to evidence that remortgaging is becoming an increasingly important component of mortgage market activity.

Mortgage lending statistics published by the FCA and Bank of England this week show that remortgages accounted for 31.2% of gross advances to owner-occupiers in the second quarter. This was up 3.1 percentage points from the previous quarter and represented the highest share since the first quarter of 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.”

The wider lending data also suggests lenders are continuing to find ways to support borrowers with smaller deposits.

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

Searches relating to satisfied defaults and the maximum age at the end of the mortgage term also featured among the most common criteria enquiries.

Buy-to-let remained the clearest area of weakness in Twenty7tec’s August data.