Recent data indicates a significant decline in mortgage searches in May 2026, reflecting a cautious approach in the current mortgage market. This downturn is particularly relevant for potential borrowers, landlords, and brokers.
TL;DR: Mortgage searches fell year-on-year in May; this decline impacts first-time buyers and landlords looking for buy-to-let mortgages.
What Are the Key Figures for the Mortgage Market?
According to Twenty7tec, the total number of mortgage searches in May 2026 experienced a notable decrease compared to the previous year. Residential searches accounted for a significant portion of the total, marking a decline from last year. Notably, searches for residential remortgages dropped significantly year-on-year. Meanwhile, those looking to purchase a residential property also saw a decrease in searches.
How Are First-Time Buyers Affected?
First-time buyer searches have been particularly hard hit, reflecting a decline compared to the previous year. This trend suggests that many potential first-time buyers may be hesitating due to current market conditions, which could be influenced by rising interest rates and economic uncertainty.
What About Buy-to-Let Mortgages?
Buy-to-let searches also experienced a downturn, indicating that landlords may be reassessing their investment strategies amid a more cautious lending environment. This trend suggests a shift in the market that could affect future investment decisions.
What This Means for Borrowers in the Mortgage Market
The drop in mortgage searches signals a shift towards a more cautious market phase. Borrowers, especially first-time buyers and landlords, may find it increasingly challenging to secure favorable mortgage terms. Brokers should prepare for a potentially slower market as clients reassess their borrowing needs and options. Meanwhile, despite the decline in search activity, mortgage product availability has increased, suggesting lenders are still keen to offer competitive options. For current rates, check out our current mortgage rates.
Frequently asked questions
Why have mortgage searches decreased?
The decrease in mortgage searches is attributed to a cautious market phase, influenced by economic uncertainties and rising interest rates.
What should first-time buyers do in this market?
First-time buyers should stay informed about current mortgage rates and consider their options carefully, as market conditions may affect their purchasing power.