Mortgage activity continued to moderate in May as search volumes declined across all major lending categories, according to the latest Mortgage Market Snapshot from Twenty7tec.
The data shows total mortgage searches reached 1,590,911 during May 2026, down 7% compared with April and 15% lower than May 2025.
Residential searches totalled 1,341,508, representing a 7% monthly decline and a 16% decrease year on year. Residential purchase searches fell by 5% to 626,029, while first-time buyer searches decreased by 4% to 152,355.
Remortgage activity recorded some of the sharpest declines during the month. Residential remortgage searches fell to 563,124, down 9% compared with April and 21% lower than May 2025. Buy-to-let remortgage searches also declined by 9% month on month.
The buy-to-let market experienced similar trends overall. Total BTL searches fell by 9% to 249,403, while BTL purchase searches were 22% lower than the same period last year.
Despite softer search activity, mortgage product availability increased during May after falling in April, suggesting lenders continued to adjust their product ranges as market conditions evolved.
The latest criteria search data also highlights the continued complexity of cases being worked on by advisers. Joint Borrower Sole Proprietor enquiries returned to the top of the rankings, alongside searches relating to visa applicants, non-UK nationals, adverse credit and self-employed borrowers.
Nathan Reilly, Chief Customer Officer at Twenty7tec, said:
"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. Joint Borrower Sole Proprietor 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."
The Mortgage Market Snapshot is a free monthly download using live search data from Twenty7tec's INSIGHT Pro platform to provide a real-time view of adviser activity and emerging trends across the UK mortgage market.
