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Mortgage searches skyrocket 20 per cent while products tumble 17 per cent

  • 28/09/2022
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Mortgage searches skyrocket 20 per cent while products tumble 17 per cent
As the mortgage market reels in the aftermath of the Chancellor’s mini Budget, searches head north while product availability goes in the other direction, according to new research.

In its latest mortgage findings survey, Twenty7tec said yesterday saw a record number of daily mortgage searches. For the first time ever, the company handled over 100,000 queries in a day – a total of 101,620 searches.

Nathan Reilly, director of customer relationships said: “In the past week, we have set new records for the total number of daily mortgage searches as an industry.

“The 100,000 daily mortgage searches we saw on our platform yesterday was a 14.3 per cent increase on the previous day.”

Reilly added the record rise had been driven by the remortgage market, noting that remortgaging accounted for 54.6 per cent of the market yesterday, well ahead of its 45 per cent long-term average.


Supply tap turned off

Meanwhile, as Mortgage Solutions reported yesterday, the total number of mortgage products available in the market dropped significantly for the second day running.

Twenty7tec noted that, yesterday, it had seen the lowest number of products in the market since 15 March 2021, during the previous stamp duty holiday.

According to the company, there were 11,339 products in the market compared to 12,489 the day before and 13,717 two days ago – a 17.3 per cent drop in products in just two days.

However, Reilly confirmed that not all products had been hit equally.

He said: “Not all loan to value (LTV) ranges have been equally affected over the past two days. Lenders have withdrawn 19.95 per cent of their products where the maximum LTV is 95 per cent compared to just 6.5 per cent where the maximum LTV is 75 per cent.

“It’s different to where we were a couple of years ago in the midst of the pandemic as there are still products available at all LTV ranges for purchase and remortgage across the market.”

Despite, the record uplift in searches and drop in products, Reilly was optimistic that the situation would normalise in the next few days.

He said: “This is likely just a short-term pinch point that the market will price as and when things settle down over coming days. The simple fact is that there’s plenty of cash still available to lend.”

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