The data found that on a yearly basis purchase mortgage searches had increased by 2.34%.

Remortgage searches were up 13.8% in March compared to February and compared to the same period last year they decreased by 5.48%.

The figures also show that buy-to-let (BTL) purchase mortgage searches were down 3.43% compared to February. On an annual basis, BTL purchase mortgage searches were down 12.25%.

BTL remortgage searches were 12.97% higher on a monthly basis and decreased by 2.82% when compared to the same period last year.

Searches by first time buyers were down 2.25% in March compared to February and were up 10.46% compared to March 2024.

Meanwhile, two-year fixed mortgages accounted for 40.95% of all fixed product searches last month compared to 51.51% in March last year.

Three- to five-year fixed mortgages accounted for 36.33% of all fixed product searches in March compared to 28.41% in the same period last year.

And five- to 10-year fixed mortgages now account for 22.72% of all fixed product searches in March compared to 20.08% in March last year.

Twenty7tec says it has seen growth in areas such as mortgage submissions and affordability searches.

APPLY submissions also increased by 14% year-on-year in March 2025.

In addition, affordability usage and searches have hit a new high, with a 75% year-on-year increase.

Twenty7tec director Nathan Reilly says: “March’s mortgage market certainly was a mixed picture, with remortgage activity seeing a noticeable uptick of 13.8% overall compared to February, likely due to more customers looking to refinance amid ongoing speculation around rate cuts later in the year.”

“On the purchase side, searches – including those from first-time buyers – dipped slightly by 2.4%, but we’re still seeing encouraging growth compared to this time last year, with first-time buyer search volumes over 10% higher than in March 2024.”

“It’s also interesting to note the shift in fixed-term product preferences. The share of two-year fixed searches made up just 40.95% of activity, down from 51.51% a year ago, while interest in three- to five-year fixes has grown, increasing from 28.41% to 36.33%.”

“Could this be indicating that borrowers are looking for a balance between flexibility and medium-term certainty?”

“We’re also continuing to see strong adviser engagement with our affordability tools, and APPLY submissions remain strong – a sign that advisers are staying active and responsive in what remains an ever-changing market.”