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Drop in mortgage searches as product availability wanes – Twenty7Tec

  • 07/07/2022
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Drop in mortgage searches as product availability wanes – Twenty7Tec
There were 1,200 fewer mortgage products available in June, while the number of home loan searches against properties valued at over £1m fell by over 14 per cent, according to Twenty7Tec.

The mortgage sourcing technology provider said searches of purchase mortgage deals fell 12.3 per cent to 778,909 and searches for remortgage products fell 6.3 per cent at 575,879 in June; the total number of mortgage searches during the month was 1,354,788.

First-time buyer product searches stayed the same, accounting for 19 per cent of all mortgage product searches.

Mortgage searches for properties worth less than £250,000 and homes valued at over £1m both fell by over 14 per cent.

But searches for green mortgages rose in June 2022. The month saw four of the top 15 ever busiest days for green mortgage searches, although they only accounted for 0.06 per cent of total monthly mortgage searchers.

Green buy-to-let mortgages are growing in popularity and accounted for one-third of the total green mortgage market searches in June.

Twenty7Tec said the market appeared to have peaked for product availability, with three months of fewer products available at the end of the month compared to May.

There were 1,200 fewer mortgage products available than the previous month, which represents a 6.8 per cent drop after a 3.8 per cent drop the month before.

There are now 118 fewer products in the 75 per cent maximum loan to value bracket, which accounts for around five per cent of the market.

James Tucker (pictured), founder and CEO of Twenty7Tec said the market was now operating at 81.6 per cent of the pre-pandemic product volumes.

He said: “I don’t think that we can ignore the drop in total mortgage products available as a signal to the market. It’s now been three months on the trot of fewer products available and advisers and lenders both need to think about all the forces driving that activity.

“In better news, we appear to finally have lift-off in the green mortgages sector where customers and particularly buy-to-let mortgages are seeking a better rate as a result of their improved EPC ratings on their properties.”


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