The company revealed that mortgage searches were usually 8.89 per cent higher on the day of the rate hike in comparison to the day before.
Average daily searches prior to and after the decision are flat, with 67,501 the day before and 67,756 the day after. On the day that the Bank of England announces its decision, this increases to 73,575.
Remortgage searches rise by 12.6 per cent in the week after the rate decision compared to the week before. The long-term average for remortgage searches has been 29,115 since 1 January 2022. On decision day, this increases by 14.23 per cent to 33,259.
The average daily buy-to-let search figure since 1 January 2022 is 9,252, but rises to 14,980 on decision day.
Nathan Reilly, director of customer relationships at Twenty7tec, said: “We’ve run the stats and have seen that there’s a 10 per cent hike in mortgage search activity the week after the announcement compared to the week before.
“If the market has called it right, mortgage advisers are going to be busier than usual from Friday. And lenders will, of course, be busy thinking about how to modify products. The vast majority of lenders now make adjustments within the first 24 hours of a rate rise. Our team will be working hard to ensure that advisers and house buyers get the very best information as soon as we hear from the Bank of England.”
