Residential remortgage searches jumped 37% year on year in October, but buy-to-let purchase activity fell sharply, according to Twenty7tec.

Its latest Mortgage Market Snapshot recorded 820,865 residential remortgage searches during the month, while overall buy-to-let searches dropped 7% both month on month and year on year to 273,330.

Buy-to-let purchase searches were 25% lower than in October 2025, although buy-to-let remortgage activity was 2% higher year on year, Twenty7tec found.

Overall mortgage search activity fell by 5% compared with September, but remained 12% higher than a year earlier at 1.83 million searches.

Residential purchase searches reached 592,572, down 4% month on month and 1% year on year.

First-time buyer searches were broadly stable at 138,315, up 1% annually.

The findings follow Bank of England data showing remortgage approvals rose from 34,000 in August to 42,600 in September, while house purchase approvals fell from 54,800 to 53,400.

The effective interest rate on newly drawn mortgages also increased to 4.63%.

Twenty7tec head of lender Nakita Moss says: “October’s figures show a mortgage market that remains active, but not necessarily in the areas we might traditionally expect.

“Remortgaging continues to drive significant annual growth, with existing homeowners reviewing their options as mortgage pricing and financial circumstances change.

“The contrast with purchase activity is particularly interesting.

“While the overall market remains ahead of last year, we’re seeing a much more measured picture among those looking to buy.

“October highlights a market moving at different speeds.

“Remortgaging remains resilient, purchase activity is more cautious and landlords continue to face their own challenges.”