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House purchase mortgage searches soar as Twenty7Tec records busiest month

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  • 08/04/2021
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House purchase mortgage searches soar as Twenty7Tec records busiest month
Almost 70 per cent of all broker searches in March were for purchase deals pushing remortgage activity into the side lines, according to Twenty7Tec’s latest mortgage market report.

 

Purchase searches increased by 31 per cent to 1,064,391 in March with remortgage searches rising by 10 per cent to 477,270.

Within 12 months, the ratio of purchase to remortgage business has almost reversed according to Twenty7Tec’s analysis.

The sourcing system saw a 27 per cent rise in standard residential mortgage searches month-on-month and a 24 per cent increase in the volume of fixed-rate product searches compared to February.

Searches for let-to-buy deals rose by 31 per cent month-on-month while Help to Buy searches rose by 28 per cent.

March was the firm’s busiest month on record for mortgage searches and document production. On its busiest day in March an ESIS document was generated every 4.9 seconds.

James Tucker (pictured), chief executive of Twenty7Tec, said: “March 2021 continued the upward trends that we have all experienced over recent months.

“An extension of the UK stamp duty relief scheme, the promise of a guaranteed 95 per cent LTV market and increasing confidence in the market, in vaccines and in life beyond our homes have all combined to sustain growth in our market.

“Is there any respite on the horizon? It doesn’t look as if things will slow down for a few weeks yet although the stamp duty relief ending on the £250,000 to £500,000 [part of the price] range will dampen demand a little.”

 

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