Raw water pump
I recently had this problem due to the heat exchanger being abour 95% clogged. This put pressure on the raw water pump, which was working fine, but all drain holes were rusted closed. The only route for the pump to relieve the pressure was back into the engine. Mine is a M25 with the "new" Sherwood pump. I found this by accident after having replaced the head gasket and trying to remove the crancase drain plug. I removed the pump for better access, still connected from the thru hull and engine, and noticed a drip between the seal and shaft. The pump works off the gears at the injector pump and that is where the water entered the engine.Check your heat exchanger, mine was clogged at the raw water inlet side and was not noticable until I removed it. A clogged mixing elbow could also have the same results. I was having steam from the exhaust and a little tempure rise at low speed. Were you having steam or little water from the exhaust? After replacing the pump, I now have more water from the exhaust than ever before.