Mortgage Market Report – March
March 2025
Mortgage Market Activity
08.04.25
Twenty7tec, the leading adviser tech provider, has announced mortgage market statistics for March 2025 as follows:
The data:
In March 2025, compared to February 2025:
- Purchase mortgage searches were down 2.4%
- Remortgage searches were up 13.8%
- Buy To Let purchase mortgage searches were down 3.43%
- Buy To Let remortgage searches were up 12.97%
- Residential purchase mortgage searches were down 2.23%
- Residential remortgage searches were up 15.43%
- Searches by First Time Buyers were down 2.25%
In March 2025, compared to March 2024:
- Purchase mortgage searches were up 2.34%
- Remortgage searches were down 5.48%
- Buy To Let purchase mortgage searches were down 12.25%
- Buy To Let remortgage searches were down 2.82%
- Residential purchase mortgage searches were up 3.93%
- Residential remortgage searches were down 6.63%
- Searches by First Time Buyers were up 10.46%
Searches for fixed mortgage products in March 2025:
- Two-year fixed mortgages accounted for 40.95% of all fixed product searches compared to 51.51% in March 2024
- Three- to five-year fixed mortgages accounted for 36.33% of all fixed product searches compared to 28.41% in March 2024
- Five- to ten-year fixed mortgages now account for 22.72% of all fixed product searches compared to 20.08% in March 2024
In addition, Twenty7tec has seen significant growth in certain areas, particularly in mortgage submissions and affordability searches. APPLY submissions are up by 14% year-on-year (YOY), while mortgage illustrations have increased by 3% YOY.
Moreover, affordability usage and searches have hit a new high, with a 75% year-on-year increase.
Nathan Reilly, Director at Twenty7tec, 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.”
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