November brought a clear pause in borrower behaviour, with many households and landlords waiting for Budget clarity before making new commitments, the latest data from Twenty7tec shows.
Total mortgage searches fell to 1,405,878, a 14.64% drop compared with October and 3.81% lower than last year.
The slowdown was led by purchases. Residential searches fell to 1,167,382 – down 14.64% on a monthly basis and 2.91% year-on-year. Non–first time buyer residential purchase searches fell 17.01% compared with October and 13.77% year-on-year.
First-time buyer activity slipped 10.69% month-on-month and 11.83% year-on-year. Searches have fallen from 365,255 in May to 265,605 in November – a 27.29% drop that reflects growing caution around affordability and the wider economic picture.
Buy-to-let saw an even sharper pullback. Total buy to let searches fell 13.47% month-on-month and 8.01% year-on-year. Buy-to-let purchase searches dropped to 80,268, the lowest figure recorded this financial year. This is 14.54% below the financial year average of 93,927 and 13.29% down on the same period last year. Last month remortgage searches held firm, but that pattern shifted in November as buy-to-let remortgage searches fell 12.52% month-on-month and 5.08% annually, showing that most landlords focused on refinancing existing stock rather than expanding portfolios.
Yet remortgaging was the most resilient part of the market. Residential remortgage searches reached 533,653, falling 12.52% monthly but rising 12.51% year-on-year. Total remortgage searches stood at 691,861 – 14.51% lower month-on-month but 7.93% higher than last year. The sustained rise in year on year remortgage activity reflects the steady flow of borrowers reaching the end of fixed terms and seeking stability through the winter.
Product availability also reached a significant milestone in November. The market recorded 29,200 products on 20 November – the highest number ever seen on Twenty7tec's platform. This rise in choice sits in contrast to the slowdown in searches, showing that lenders are still competing actively even as borrowers take a more cautious approach.
The combined data suggests that borrowers paused purchase decisions ahead of the Budget, while those already facing expiries continued to refinance. The pattern is consistent across residential and buy-to-let, with purchases falling well below financial year averages and remortgaging carrying much of the market’s momentum.
Nathan Reilly, commercial director at Twenty7tec, said: “November’s slowdown reflects borrowers taking a cautious stance ahead of the Budget. Many chose to wait for clarity before committing to new purchases, which pushed activity below financial year averages. Remortgaging remained strong year on year as people focused on payment stability.
“Advisers now have an important role in helping clients understand their options as confidence settles and decisions resume. Record product availability at 29,200 shows strong lender appetite, giving advisers more room to shape options for clients once confidence picks up.
“This is also a moment when CRM use really matters. Clients who paused their search will reappear quickly once they feel more certain, and advisers who have maintained warm, well timed contact will be best placed to support them. Good CRM tools help advisers track intent, reach out at the right moment and stay visible to clients who may soon be ready to move again. In a stop–start market, those touchpoints can make a real difference to outcomes.”
