Britain’s homeowners are increasingly choosing to refinance rather than move, with remortgage activity now almost matching home purchase levels, according to new figures from Twenty7tec.

The mortgage technology firm reported that in July advisers carried out 885,774 remortgage searches compared with 938,060 purchase searches, bringing the ratio of remortgage to purchase activity to 94% – up from 75.4% in the same month last year. The gap between the two was the narrowest on record, at just 52,000 cases.

This marks a significant shift from 2021, when remortgaging represented only 56% of purchase volumes, a figure shaped in part by pandemic conditions. In the first half of 2025 alone, advisers have handled 5.96 million remortgage cases, setting the sector on course for one of its busiest years in recent history.

Nathan Reilly, director at Twenty7tec, said: “Rising costs, rate uncertainty and stretched affordability are all reshaping homeowner behaviour – and the data shows it.

“Homeowners are increasingly choosing to stay put and refinance rather than take on the financial and logistical challenges of moving.

“Many are opting to reinvest in their current property instead. Higher mortgage rates have also made upsizing harder, particularly for those who locked in ultra-low deals just a few years ago.”

CHANGING DEMOGRAPHICS

The trend is also linked to demographic shifts, with first-time buyers entering the market later in life and prioritising rate security, lower monthly payments or equity release over climbing the property ladder.

The data showed remortgage searches are already up 290,000 compared with 2021, despite five months of 2025 still to run. The ratio of remortgage to purchase activity has now risen for three consecutive years.

Reilly added: “The remortgage market is on the up, and advisers need to take note. They need to be maximising opportunities by speaking to their clients much earlier in the mortgage cycle, utilising their CRM systems to their full potential, not just building on client relationships but supercharging them.

“For lenders, making product switching quick and frictionless is vital – and that means working closely with advisers to ensure the right data flows seamlessly.

“In a market where more people are staying put, the winners will be those who use data intelligently to keep the customers they’ve already won.”