The latest data from Twenty7tec shows a clear pause in borrower behaviour in November, which the financial technology firm attributes to households and landlords waiting for budget clarity before making new commitments.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, with residential searches down to 1,167,382 – a 14.64% month-on-month decrease and down 2.91% year-on-year. Non–first time buyer residential purchase searches fell 17.01% compared with October and 13.77% annually.
First-time buyer activity fell to 265,605 in November, a 10.69% monthly drop, reflecting an 11.83% year-on-year decrease. Searches fell from 365,255 in May to 265,605 in November – a 27.29% drop that Twenty7tex says reflects growing caution around affordability and the wider economic picture.
Total buy to let searches fell 13.47% to 80,628 between October and November (8.01% year-on-year) – the lowest figure recorded this financial year. “Last month we saw remortgage holding firm, but that pattern shifted in November as buy-to-let remortgage searches fell 12.52% month on month and 5.08% year on year, showing that most landlords focused on refinancing existing stock rather than expanding portfolios,” Twenty7tec said.
Remortgaging was the most resilient part of the market. Residential remortgage searches reached 533,653, falling 12.52% from October but rising 12.51% year-on-year. Total remortgage searches fell 14.51% between October and November but were 7.93% higher than last year.
Product availability reached a significant milestone in November, with 29,200 available – the highest number ever seen on the platform.
“The combined data suggests that borrowers paused purchase decisions ahead of the budget, while those already facing expiries continued to refinance,” Twenty7tec said.
Nathan Reilly, commercial director, added:
“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.”
