Mortgage searches fell 15% year-on-year in May to about 1.59 million, data from Twenty7tec showed.
This was also 7% lower than April’s figure.
Residential searches were 16% lower than last year and 7% lower month over month to 1.34 million.
Residential remortgage searches fell 21% year-on-year to 563,124.
Searches by those looking to buy a residential property fell 11% year-on-year to 626,029.
Meanwhile, searches for first-time buyers fell 14% to 152,355.
Buy-to-let searches fell by 13% year-on-year and 9% month-on-month to 249,403 in May.
Meanwhile, searches for buy-to-let mortgages fell even more sharply, down 22% compared to last year.
Buy-to-let remortgage searches are down 8% year-on-year.
Despite weak search activity, the availability of mortgage products increased during May after declining in April, Twenty7tec found.
Research data on standards also shows the complexity of the cases counselors see.
Joint Borrower Sole Proprietorship (JBSP) queries returned to the top of the rankings, along with searches related to visa applicants, non-UK nationals, negative credit and self-employed borrowers.
“Following the high levels of activity we saw earlier in the year, May data suggests the market has entered a more cautious phase,” says Nathan Reilly, chief client officer at Twenty7tec.
“One of the most interesting aspects of this month’s report is the continued demand for complex lending standards.
“JBSP inquiries are back at the top of the rankings, alongside searches related to visas, foreign nationals, negative credit and self-employed applicants.
“These continue to be some of the most common questions that advisers are seeking answers to, reinforcing the increasingly specialist nature of mortgage advice with a human touch.
“May’s numbers do not necessarily indicate a market in decline, but rather one that is continuing to adjust after the increased activity we saw earlier in the year.”
