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September second busiest month for mortgage searches

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  • 05/10/2022
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September second busiest month for mortgage searches
Mortgage searches in September came to over 1.5 million, up nine per cent on the prior month and second busiest month since March 2022.

According to Twenty7tec’s report for September, 27 September was its busiest ever day for mortgage searches, with over 100,000 searches. Twenty7Tec said that this was 20 per cent higher than previous highs.

Around 51 per cent of searches were for purchase and the remaining 49 per cent were for remortgage. This excludes product transfers.

The report said that at the end of the month there were 7,356 products available, which the firm said was the lowest total it had ever reported.

First-time buyers accounted for 16.3 per cent of total mortgage searches, which is the lowest level since May 2020.

 

‘Magnitude of mortgage activity’

Fixed rate deals dominated searches, and green mortgages showed an uptick with four of the top six days ever for searches in this category reported in September.

The firm also said that it had recorded its four busiest ever days for producing European Standardised Information Sheet (ESIS) documents in the last four days of September.

Twenty7Tec added that eight of its 10 busiest days for remortgage ESIS documents were in September.

Searches for self-employed, retired and properties valued at over £1m also reported their busiest days in September.

James Tucker (pictured), founder and CEO of Twenty7tec, said: “It’s hard to explain the magnitude of mortgage market activity in September 2022 as we set so many records on our platform and as an industry.

“The first half of the month was busy, but the second half was far busier as the market reacted to the mini Budget and withdrew products just as demand sky-rocketed in light of the stamp duty changes and the need for more searches because of the daily changes in product availability.

“One thing is clear to me: the market coped admirably well at the volume of change and demonstrated the kind of fortitude that got us through prior challenges so well.”

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