January recorded the highest volume of product amendments, with 99,107 products changed across 315 lender updates.
March saw the second-highest level of activity, with 89,688 product amendments from 558 updates, representing the highest number of individual lender update events during the period.
Product activity remained consistent throughout the following months, with 50,005 amendments recorded in February across 329 updates, 57,497 amendments in April across 357 updates, and 48,379 amendments in May across 314 updates.
June saw a further 59,114 product amendments from 335 lender updates, while July recorded 47,121 amendments across 302 updates.
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Twenty7tec encourages market surveillance
Recent product changes have included rate reductions, pricing increases, new product launches and amendments to lending criteria.
Alongside rate changes, lenders have continued to update product specifications, including affordability models, income multiples, loan-to-value (LTV) limits and eligibility criteria. New propositions have also been introduced across the buy-to-let (BTL), bridging and specialist lending markets.
With product pricing, availability and criteria continuing to evolve, mortgage products are undergoing frequent updates as lenders respond to changing market conditions.
Twenty7tec has announced it is giving all users of its RESEARCH platform a two-month free trial of ADAPT.
ADAPT is a market surveillance tool from Twenty7tec that is integrated within its RESEARCH platform. It monitors mortgage products after an adviser has sourced a recommendation and automatically alert them if a product is withdrawn or if there are changes to rates, fees or lending criteria.
Nakita Moss, head of lender, said: “The mortgage market continues to move at pace, and our own data demonstrates just how much activity advisers are dealing with. This year alone, we’ve recorded more than 2,500 lender update requests, resulting in over 450,000 individual product amendments. That’s an extraordinary amount of market movement for firms to monitor manually while continuing to deliver great client outcomes.
“Advisers need confidence that they’re always working with the most up-to-date information and so ADAPT was built to provide that confidence. We want every RESEARCH user to experience the value of proactive market surveillance.”
