Twenty7Tec said searches for all types of mortgages were up during the month, with the number of first-time buyers looking for a mortgage rising 10 per cent when compared to April.
The company, provider of mortgage sourcing system MortgageSource and the mortgage search CloudTwenty7 platform, said the rise had been expected after April’s Easter-induced lull; although it added that searches were not as high as they had been in March.
But borrowers were chasing fewer mortgage deals in May as the total number of products fell for the second consecutive month. Twenty7Tec said the number of available products stood at 87.5 per cent of pre-pandemic levels.
Awaiting June’s mortgage search data
Between mid April and the end of May, the number of available mortgage products fell five per cent, while the month was the first month since November 2021 to end with fewer than 1,000 95 per cent loan to value deals.
May saw four of the 10 busiest ever days for self-employed mortgage searches, and a 34.6 per cent increase in the volume of mortgage searches on properties valued at over £1m.
Nathan Reilly, director of lender relationships at Twenty7Tec, said: “This year to date, we’ve seen a large uplift in the average number of mortgage searches being run by each adviser compared to the same period last year which also included the stamp duty deadline. We’re helping advisers become more efficient so that they can handle this extra demand, including using the APPLY system which removes a lot of the duplication of effort that advisers and homebuyers can otherwise experience.”
Reilly added: “June 2022 is going to be an incredibly interesting month for product availability after two consecutive months of product volumes dropping. That statistic is often a bellwether for mortgage market confidence.”
