The number of remortgages applied for in the month was 12% lower than the March figures while purchase applications were also down. Both were up on the levels recorded in March 2013, however.
The average value of a remortgaged property grew 6% in the month of April to reach £299,375.
As lenders prepared for the impact of the Mortgage Market Review on their direct channels the number of products available to brokers grew by 5% to hit 7,942. Meanwhile, the number of products in the direct channels fell by 2%.
Despite the rise of the Help to Buy scheme the average deposit needed to get onto the housing ladder continues to grow. In April the average buyer had a deposit of £65,150, up from £61,325.
Brian Murphy, head of lending at Mortgage Advice Bureau, said: “It’s a promising sign that confidence appears unshaken among younger borrowers. We have seen the average age of buyers seeking a mortgage slowly falling over the last twelve months, which is a symptom of greater opportunity and movement in the market.
“A degree of slowdown was inevitable in the run-up to MMR, particularly given the exceptionally busy start to 2014. With applications up 29% year-on-year, the mortgage market remains open for business and in far better shape than it was a year ago.
“MMR has made getting advice an integral part of securing a mortgage, and we are already seeing the consequences with a significant shift in the focus of new products from direct to intermediary channels.
“With lenders targeting different consumers and taking different approaches on affordability, seeking a view on products from across the market will become the best way to find one that suits your needs.”