Mortgage searches dropped by 15% year on year in May to around 1.59 million, data from Twenty7tec shows.

This was also 7% below April’s figure.

Residential searches were 16% lower than last year and 7% down month on month at 1.34m.

Residential remortgage searches were 21% lower year on year at 563,124.

Searches by those looking to purchase a residential property were down 11% year on year to 626,029.

Within that, first-time buyer searches fell by 14% to 152,355.

Buy-to-let searches were down by 13% year on year and by 9% month on month to 249,403 in May.

Within that, searches for buy-to-let purchase mortgages were down even more steeply, falling by 22% compared to last year.

Buy-to-let remortgage searches were down 8% year on year.

Despite softer search activity, mortgage product availability increased during May after falling in April, Twenty7tec found.

Its criteria search data also demonstrates the complexity of cases advisers are seeing.

Joint borrower sole proprietor (JBSP) enquiries returned to the top of the rankings, alongside searches relating to visa applicants, non-UK nationals, adverse credit and self-employed borrowers.

Twenty7tec chief customer officer Nathan Reilly says: “After the heightened levels of activity seen earlier in the year, May’s data suggests the market has entered a more cautious phase.

“One of the most interesting aspects of this month’s report is the continued demand for complex lending criteria. 

“JBSP enquiries returned to the top of the rankings, alongside searches relating to visas, foreign nationals, adverse credit and self-employed applicants. 

“These remain some of the most common questions advisers are seeking answers to, reinforcing the increasingly specialist nature of mortgage advice with a human touch.

“May’s figures do not necessarily point to a market in decline, but rather one that is continuing to adjust following the heightened activity seen earlier in the year.”